The Great Resignation has had many great nicknames. Renegotiation, reshuffle, and rethink have all been used to capture the shared sentiment of workers across America.
An article released by consulting firm McKinsey & Co. called it The Great Attrition, “a fundamental mismatch between companies’ demand for talent and the number of workers willing to supply it.” The article reports that workers need more than compensation to be fulfilled. In search of that fulfillment, people are either reshuffling, reinventing, or reassessing.
Ultimately, Americans are swapping their time and energy for something else.
Reshuffling employees are disinterested in the industry or company they currently work for and are quitting in search of opportunities elsewhere. Reinventing employees are quitting employment altogether to discover new—or multiple new—revenue streams in freelancing, part-time work, or entrepreneurship. People who are reassessing are those who have quit working entirely, making time for their loved ones, or urgent matters such as caretaking for children or elders.
“Stop Trying To Control How Often You Can See Us In The Office”
In an open letter to Apple executives, employees were adamant about their workspace preference. “Please get out of our way, there is no one-size-fits-all solution, let us decide how we work best, and let us do the best work of our lives.”
McKinsey has categorized participants of The Great Resignation into different personas, each reflecting a theme. The “do-it-yourselfers” value autonomy above all else, and are most likely 25 to 45 years old, performing self-employment, gigs, or part-time work.
A sense of purpose is what drives many who pursue entrepreneurship. Instead of working for a company under the supervision of a manager, many want a degree of flexibility, autonomy, and purpose that can only be found in the ups and downs of entrepreneurship.
“Lack Of Career Development And Advancement”
In a McKinsey survey asking why people quit, “lack of career development and advancement” topped the survey at a whopping 41% of responses, with “inadequate total compensation” and “uncaring and uninspiring leaders” as the second and third most common responses.
It’s interesting that many of the other common reasons for quitting have nothing to do with monetary compensation. “Lack of meaningful work” made up 31% of responses and “lack of support for health and well-being” made up 26% of responses.
“It’s not about anti-ambition. It’s about incredible ambition.”
With a “lack of career development and advancement” being a top reason for employees quitting, it’s no surprise that people are so eager that overworking and burnout have become widespread.
Starting a new business can be both scary and exciting. In times of fear, people seem to feel emboldened by the sense of not having much to lose. Home to some of the world’s most successful startups, it isn’t hard to discover a business law firm in California, where attorneys are familiar with the entrepreneurial spirit of the technology industry.
Keep in mind that no matter how much you hate your job, there is plenty at stake when starting a new business. Always proceed with due diligence and seek the counsel of a business lawyer.