The pandemic has put a lot of people out of work, due to mandatory closures, economic fallout, and other conditions associated with the virus outbreak. But something called the Great Resignation has also contributed to changing employment rates, as millions of workers have voluntarily left their jobs. But why? And is this a good thing, or a bad thing?
First, let’s look at the numbers. A surprising 4.3 million workers left their jobs in August of this year, followed by 4.4 million in September. And according to a report by Gusto, women are leading the way, as they are more likely to quit their jobs than men.
Reasons range from the gender pay gap to lack of affordable childcare. A lack of childcare options and the rise of homeschooling has prompted many families to make tough decisions. Since women are often the lower-earning spouses, couples who lack childcare often opt for the husband to continue at his higher-paying job.
In other cases, workers are leaving to pursue better opportunities elsewhere. The high number of job openings means many workers see an opportunity to move up to a higher-paying position, or to one with better hours or a preferable location.
If you’re feeling tempted to take the leap toward better opportunities, keep a few things in mind. Consider the cost versus value of your healthcare plan (current and prospective), because the cost of healthcare continues to rise rapidly.
Also, remember that benefits such as a company-sponsored retirement plan are essential to preparing for a stable future. As you consider a transition to new employment, schedule an appointment with us to discuss things like what to do with your old retirement plan. We can also help you determine a contribution plan based on your new salary.
And, of course, if your plans involve a move or other life-changing decisions, we can help you anticipate how these changes will impact your long-term financial plan.
