A historically large number of employees quit their jobs last year. Many experts and studies, such as the one from ResumeBuilder, expect this phenomenon termed the Great Reshuffle or Great Resignation to continue this year. Amidst this phenomenon, a significant number of people are dissatisfied and reconsidering their career choices. But all unhappy employees may not have the same regret.
To understand in-depth the specific aspects people regret about their careers across industries and stages of life, Skynova recently conducted a survey. A significant finding was that employees across industries and generations have similar regrets about their careers, but some vary by circumstance. The following are the findings in detail.
Financial Decisions Are the Biggest Source of Regret for Many Employees
The survey asked mid- and seasoned employees what they would have done differently in their careers if they had an opportunity. About 39% of respondents said they would have contributed more to 401(k) or similar retirement funds. About 37% said they would have negotiated their salaries more aggressively. Besides finance-related regrets, there were a few others that stood out. About 35% said they would have developed their skills, while 33% said they would have chosen a different career path.
Two opposite regrets appeared with almost similar frequency. About 17% of respondents regretted changing jobs too frequently, while 14% regretted not changing employers early in their careers. According to experts, the rule of thumb is to spend in a given position for an average of six years. But when employees are early in their careers, they are still experimenting and learning about their aptitudes and preferences. And this could take a few attempts to finally settle into a niche. If employees hadn’t switched much earlier in their careers, it could be possible that they would have prioritized stability over other considerations.
See more: Talking Careers and Finances With Trusted Peers Can Benefit Women: Here’s Why
Employees Rank Their Regrets Differently Based on Career Stage
The study found that the top five regrets of employees at different levels of experience were the same, with varying degrees. For example, 41% of people in their early careers with 1-5 years of experience ranked not having developed their skills sufficiently as the top regret. Only 31% of them regretted not contributing enough to their retirement funds. At the same time, 50% of employees in the later stages with 16+ years of experience rated insufficient contribution to retirement funds as the top regret. For them, not developing their skills came fourth (29%). For people with 6-15 years of experience, not developing their skills (38%) was as important as not having negotiated their salaries aggressively (38%).
Regrets based on career stage
Source: Skynova surveyOpens a new window
Further, regrets broken down according to generations showed similar patterns to regrets by career length. For example, 38% of baby boomers and 52% of Generation X regretted not having contributed to their retirement funds, while Generation Z did not bother much about it. For Gen Z, not having developed their skills was the top regret (42%).
However, when it came to industry-wise breakdown, there was more variance. For example, 39% of respondents in the education sector and 39% in the retail industry would have chosen a different career given an opportunity. In comparison, 45% in the IT and 38% in the government sectors would have developed their skills. Only 37% in the government sector would have chosen a different career given an opportunity.
Not Doing Enough Research Was the Biggest Pre-career Regret
The study wanted to know what mid- and seasoned career professionals would have done differently before starting their careers, if possible. The biggest regret of the respondents was that they did not do enough research about the jobs available before starting their careers. About 41% believed they would have benefited from knowing better about the job market so that they could have either prepared more strategically for their current career or changed their career entirely. Growing up, most young professionals may have limited exposure to the career options available, possibly affecting how they choose their careers.
Besides this, there were a few more pre-career regrets. For example, 10% regretted not attending college, while 8% regretted attending one. About 30% felt they hadn’t traveled enough, and 28% thought they should have spoken to teachers or counselors about possible career options.
Financial Considerations Are the Top Reasons to Quit in 2022
As the Great Resignation continues to affect companies, what are the key motivators behind an employee’s decision to quit? The study found that financial considerations elicited the most responses. About 71% of respondents selected not being paid enough as the top reason for planning to quit. This was followed by toxic work culture, with 40% citing it. About 36% cited heavy workload, and 35% cited either lack of strong leadership or a job that differed from their expectations as a primary reason to quit.
Top 5 reasons employees are considering quitting in 2022
Source: Skynova surveyOpens a new window
When broken down further according to career stage, salary was the top concern of all three stages. However, early-stage employees were the most dissatisfied among all. Regarding a toxic work environment, it was the seasoned employees who were most dissatisfied. The mid-career employees were most dissatisfied when it came to heavy workload, closely followed by mid-career professionals.
Breaking down the motivation for quitting according to generations, salary was again the top concern among all three generations. About 70% of Gen Z, 72% of Millennials, and 69% of Gen Z employees said they were not paid enough. The remaining motivators differed in ranking across the generations. For example, a toxic work environment was the second biggest motivator for Gen Z (52%) to quit. In comparison, it was a heavy workload for Millennials (36%) and a lack of strong leadership for Gen X (56%) employees. Lack of strong leadership did not rank among Gen Z employees’ top five motivators.
How Can Career-related Pain Points Be Prevented?
These pain points can be an eye-opener for both employees and employers. If you are a working professional, you can avoid a few mistakes while doing certain things, for example, networking, doing adequate research, and taking support from career counselors before choosing a career. It may also motivate you to contribute more to your retirement funds.
For an employer, these points should be a serious wake-up call. The Great Reshuffle doesn’t seem to be ending, and people may quit due to reasons from low salaries to toxic work culture and workplace drama. Hence, you need to take the necessary steps to retain employees by improving their experience, offering upskilling opportunities, providing the right compensation and appropriate benefits, and creating an engaging and supportive work environment.
Taking these steps will improve employee retention and attraction and lead to higher returns for the business.
What are your employees’ biggest career regrets? How are you supporting them in this regard? Let us know on FacebookOpens a new window , TwitterOpens a new window , and LinkedInOpens a new window .
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