During the pandemic, the new term “The Great Resignation” entered cultural consciousness. It refers to the record number of people who quit their jobs in recent years and continue to leave today in droves.
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According to the Society for Human Resource Management, the number of people saying goodbye to their workplace exceeded 47.8 million in 2021, or about 4 million people each month. This is the highest number ever recorded in American history. As found by the Pew Research Center, many of the reasons given were feeling disrespected in the workplace, earning less than desired wages, and feeling like there was no possibility. of advancement.
But apparently not everyone has found greener pastures. According to a new survey by Joblist which polled 15,000 people currently looking for new gigs, 26% said they regretted leaving their old job. Among the reasons given was that it was too difficult to find a new position, even with unemployment at historically low levels and 10.7 million jobs open at the end of June, according to the United States Bureau of Labor Statistics.
The other obstacle to long-term happiness in new jobs is continued inflation. While workers might have felt empowered leaving their jobs at the height of the pandemic, when employers were doing a lot to attract talent, current inflation has put an end to the possibility of raising wages, according to Business. Insider.
They spoke to Elise Gould of the Economic Policy Institute, who shared: “Let’s say you had a bit of bargaining power in the fall because employers had to work a little harder to attract you and retain, and maybe you got higher salaries, maybe you got some sort of signing bonus. There is nothing structural in our economy that makes this last permanently, or even in the medium term.
Although the Joblist report doesn’t reach the 74% of respondents who thought changing jobs was beneficial, it turns out that some people even try to return to their old jobs. The industry term is known as “boomerang” and this can also have benefits for the employer. CNBC spoke with James Bailey, a professor at the George Washington University School of Business who specializes in leadership development.
As he shared, “The cost of onboarding new people as opposed to rehiring boomerangs is just too high,” he said. “Recruitment and training are expensive.
Clearly the tide is changing with former employees. One of the hardest hit sectors has been the service sector, particularly restaurant workers. But it’s one of the areas that’s seeing an upward trend in hiring and rehiring due to some interesting inflation-fueled dynamics.
As prices rise for food on menus, workers are lured by the higher tipping potential on restaurant checks, as Danny Meyer, founder of Union Square Hospitality Group, discovered. “For the first time [since the COVID pandemic struck]we’re actually on par in terms of talent count like we were in 2020 when we first had to stop doing business,” he told the ” Mad Money,” Jim Cramer.
For anyone who wants their old gig back, all hope is not lost. Job hub Indeed has some re-employment tips. First, they advise asking yourself if you really want to return to the position and if you are ready to be rehired, re-trained and brought up to the same standards. Additionally, you should consider whether your departure puts you on bad terms with the company – if so, you may want to give up on being in contact with them again. But if you gave two weeks notice and ended amicably, chances are you’re in good standing.
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Here are some more ideas from Indeed:
- Reach out to former colleagues to get their take on the situation and see if they can put in a good word.
- See if your job or similar jobs are open at the time you can note that you are interested and it could be a seamless transition for the company.
- Have answers ready for questions they might ask, like why you left originally and why you want to return to your job.
- Aim for an in-person meeting rather than communicating via email. It makes it more enjoyable and can remind them why you were so great working with you the first time around.
- Be prepared to compromise, for example if they offer a trial period or a part-time position before bringing you back full-time.
Indeed also offers a mock letter that you can use as a template to start the conversation with your former employer.
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