In this episode we talk about the Great Resignation, why it’s happening and why it’s still going on, and how we can benefit from it.
The Great Resignation: Why We’re Quitting Our Jobs
Transcription
Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design the best lives. Hey guys, Jared from digital nomad quest, and today we’re gonna go over why everyone’s quitting their jobs and why the great resignation is continuing. So let’s talk about the great resignation and what that’s really about. So the great resignation was coined by this guy named Anthony clots in 2019. And he basically predicted that people were going to start voluntarily quitting their jobs in the near future. And lo and behold, it started happening in April 2021. April 2021, was basically a year after the start of the pandemic, and it’s when unemployment jumped by 10.3 percentage points to 14.7%, which is both the biggest spike and the highest rate since the Bureau of Labor Statistics first cap record in 1948. But it’s not over 4.5 million people still voluntary left their positions in November 2021 In the US, and if you look here, the highest quit rate was in leisure and hospitality. But all of this is not just in the US. It’s happening globally, as well. According to this Bloomberg article, they mentioned that Germany needs to attract about 400,000 foreign workers per year to mitigate the economic impact of its aging society. And the shortage of skilled workers is now so serious that is dramatically slowing down our economy. And then according to Washington Post’s in Asia, they wrote China’s is seeing its own version of the great resignation with a younger generation of workers more disenchanted by their prospects, and turned off by the relatively low wages in the manufacturing centers that powered China’s economic rise. So this is a global phenomenon that’s been happening for a while now, even from this August 2021. Report by Bankrate. They report that more than 55% of Americans in the workforce say they’re either somewhat or very likely to look for a new job in the next year. That means that this great resignation that people are talking about is still going on. And it’s going to keep continuing. Now, I wanted to go over why people might be quitting their jobs and how people may benefit from this. But before we begin, I wanted to thank today’s sponsor, moo, moo. If you’re looking to invest in stocks, options, and ETFs. To help you in your financial journey, mu is an advanced trading platform that offers commission free trading is based in Silicon Valley, and it’s a subsidiary of F ut you, there’s definitely going to be a longer learning curve with this app. But the level of data and trading features separates moving from other apps as advanced charting and research tools and customizable dashboards. They also have access to Hong Kong stocks and other international securities. So I’m partnering with movement to give you guys this exclusive deal. For a limited time, you’ll receive up to five stocks up to $3,500. Each Terms and Conditions apply when you open an account and deposit. So click the link in the description to claim your free stock. Alright, let’s get right back into it and talk about why people are quitting their jobs. Number one, I think people are looking for better opportunities. With so many people leaving their jobs, it really has a broader impact. And a lot of companies are making their jobs more appealing. Now, people are looking for better work life balance, more flexibility, and ultimately more pay with everyone quitting their jobs, the power has really shifted from the company to the employee. And with so many people willing to leave their jobs, companies are forced to make their jobs more appealing now.
So they’re giving higher salaries, time, flexibility, full time work from home, more vacation leave, and more people are demanding better pay, they want adjustable working hours, they want to be able to work from home, they want better job security. So more people are demanding these things. When companies began having people work from home during the pandemic, To everyone’s surprise, everything worked out fine. Companies still kept making money and nothing really changed. So this really made people question, why are we working the office? Why can’t we just work from home remotely. So now this has shifted from being a luxury to now being an expectation, I have friends who actually told their employers that look, if you’re going to make me go into an office, I’m going to quit my job, they’re now expecting remote work, especially when nothing has really changed and people are still making money, people are still doing their jobs. In fact, I think a lot of people would actually argue that they’re more efficient when they’re at home working. A lot of people hate that they have to give up a lot of time for commute. A lot of people are commuting an hour a day going to the office in an hour back. That’s a huge waste of time, a lot of people would definitely be more comfortable working from home not having to change out of their pajamas if they don’t want to and being able to sit in a comfortable office space that they’re used to. And aside from the work life balance and flexibility that people are demanding. They’re obviously demanding more pay. And this Washington Post article that quotes frankly, this is a Pay Issue. Wages will have to increase in these sectors to get people back into tough, low paid jobs. That’s no bad thing with this power shift. I think a lot of people are demanding more and expecting companies to really treat their employees well and open up a lot more benefits for their jobs. And it kind of brings me to point number two where I feel like people are reevaluating their life values. I think that the pandemic really made people think about what they really cared about in life and make people reassess what’s really important to them. So indeed, actually released a survey where they surveyed 1000 People who had left at least to their jobs since March 2020. 92% of people said that the pandemic made them feel like life is too short to stay in a job. They weren’t passionate about that I want people to be able to live a life without financial restrictions. I want people to learn how to build passive income, and become financially free so they can design their best lives. It’s something I struggled with in the past. And to be honest, this really relates to me, because, you know, I quit my job and travel the world for two years while building passive income with this kind of eye opener, right, I realized that I wanted to make money work for me, instead of trade time for money, I had to think about what I cared about in life, you know, I realized I was missing out on a lot of the life that was out there, right, I had been living in the Bay Area for so long, I wanted to see the world. But I was confined to the four walls of an office and I was trading time for money. So every day nine to five, just sitting in an office, just thinking there’s so much more out there. And like everyone’s saying, Now, you know, it made me reassess a lot of what I cared about. And then I took that leap of faith, of quitting of traveling and trying to make my side hustles. And passive income happened for me, and it’s really changed my life dramatically. So I’m really glad that a lot of people are realizing this fact, life is too short to be spending the entire time doing stuff that you don’t want to do. And I think the pandemic showed how short life can be I know some people who have lost their loved ones to COVID. And it’s just really sad. And it’s something to note that life is short. And going back to what I was saying about being a digital nomad, that life was something that a lot of people couldn’t imagine for themselves, it was not something that was normal, I decided to choose this different path. But now remote work is actually like the normal thing. So it kind of gives people more opportunity to think bigger and to think about what they truly care about. And what they truly are passionate about. Something I think other people are thinking about is that there’s not as much security as you think being an employee employees are replaceable, there’s going to be someone who can eventually replace you if anything happens, and especially when you were required to go into the office day to day, it really could affect your mental health, your physical health, you’re sitting at a desk for eight hours a day, not moving as much staring at a screen is not the healthiest thing. And work can definitely impact your personal relationships. Maybe you’re not spending enough time with family and things like that, because you want to earn money. And I feel like it brings me to point number three, a lot of people are actually quitting their jobs to go into business for themselves.
There’s an interesting article on inc.com, where they talk about a few different data points. The Labor Department data shows that there are now 500,000 More unincorporated self employed workers then there were at the start of the pandemic 9.4 4 million, the new applications for federal tax ID numbers jumped 56%, between 2019 and 2021. And two thirds of those were for businesses expected to employ nobody other than the founder. So there’s definitely stats showing that a lot of people are going into business for themselves. Another one is a percentage of people in the US who consider themselves as self employed went from 5.4% to 5.9%. And in September 2019, Etsy had 2.6 million active sellers. And now it’s at 7.5 million. And hopefully I’m helping with this rate, I’m sure there are way more stats showing that people are actually going into business for themselves. It’s really interesting to see. And I hope that a lot of my content is helping you guys trying to think of other side hustles and other ways for passive income. And just going into business for yourself. Something that’s been interesting for me is that my side hustle income has now surpassed my day job income by a decent amount, which is quite shocking for me and now really confirms that people can do this if they really truly want it. Now, it doesn’t mean that you have to quit and start a new business if you don’t want to, if you like your job totally stay in it. I’m a huge supporter of just figuring out what path makes sense for you. But I also want to talk about some things you can do to leverage the greater designation. So first off, you could be asking for raises, perks or even a promotion. Like I said, If you’re happy at your job, you don’t need to quit, you don’t need to go look for another role. Or you don’t need to go up and start your own business, you could be staying at your job and getting better perks. Just as I mentioned, a lot of companies are providing more benefits to their employees because more people are quitting and there’s less people to fill the roles they need to make it look more appealing. So if you want to, you might be able to ask for these different benefits that you might be looking for now is probably a better time than ever. Number two, you could be looking for a new role because of the shift in power to the worker. If you’re really not happy, you probably have a better probability of getting a new position now than ever. For example, if there are a ton of people looking for jobs, and you have a ton of competition and less roles to fill, it’s going to be way harder to beat out the competition. In the Bureau of Labor Statistics, it shows that 10 point 9 million jobs are open as of February 1 of 2022. So businesses in the US are still struggling to find workers. So if you are looking for a new position, this might be the time and then lastly, you might want to start your own business. First off in general money is gonna control you until you learn how to control it. So you got to learn about personal finance, about budgeting about side hustles about building your own businesses, because I think it’s important to have multiple streams of income work For you, they say that most millionaires have at least seven income streams. So start learning about personal finance, learning about how to start your own side hustle, because there’s so many that you can actually start with zero to low capital, you don’t have to quit your job and start these side hustles. When I first started out, I was working full time and building my side hustles. And actually, I’m currently still doing that, you know, I quit my job, and then started building passive income streams, but I decided to go back to day job. And I’ve been there for almost four years now, because I’m actually happy with what I’m doing. But here’s the thing, it’s my choice, right? Especially that the side hustles are exceeding the day job, I have the choice if I wanted to leave or not, it’s just that I actually enjoy what I’m doing. And I feel passionate about it. I’m learning a lot. So I’m actually staying in it, you ultimately want to make sure that you’re living a life true to yourself, whether it is staying in your position and getting more perks or choosing a new role or even going into business for yourself. With all that being said, it’s going to help you a lot to reduce those financial restrictions by really learning about personal finance, growing your income streams, saving and investing your money and really trying to create that financial freedom for yourself. So I hope you guys found this episode interesting. And hopefully it inspires you to think more on your path and what makes sense for you. We covered the great resignation, why it’s still continuing and what you can really do about it and leverage it. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
So they’re giving higher salaries, time, flexibility, full time work from home, more vacation leave, and more people are demanding better pay, they want adjustable working hours, they want to be able to work from home, they want better job security. So more people are demanding these things. When companies began having people work from home during the pandemic, To everyone’s surprise, everything worked out fine. Companies still kept making money and nothing really changed. So this really made people question, why are we working the office? Why can’t we just work from home remotely. So now this has shifted from being a luxury to now being an expectation, I have friends who actually told their employers that look, if you’re going to make me go into an office, I’m going to quit my job, they’re now expecting remote work, especially when nothing has really changed and people are still making money, people are still doing their jobs. In fact, I think a lot of people would actually argue that they’re more efficient when they’re at home working. A lot of people hate that they have to give up a lot of time for commute. A lot of people are commuting an hour a day going to the office in an hour back. That’s a huge waste of time, a lot of people would definitely be more comfortable working from home not having to change out of their pajamas if they don’t want to and being able to sit in a comfortable office space that they’re used to. And aside from the work life balance and flexibility that people are demanding. They’re obviously demanding more pay. And this Washington Post article that quotes frankly, this is a Pay Issue. Wages will have to increase in these sectors to get people back into tough, low paid jobs. That’s no bad thing with this power shift. I think a lot of people are demanding more and expecting companies to really treat their employees well and open up a lot more benefits for their jobs. And it kind of brings me to point number two where I feel like people are reevaluating their life values. I think that the pandemic really made people think about what they really cared about in life and make people reassess what’s really important to them. So indeed, actually released a survey where they surveyed 1000 People who had left at least to their jobs since March 2020. 92% of people said that the pandemic made them feel like life is too short to stay in a job. They weren’t passionate about that I want people to be able to live a life without financial restrictions. I want people to learn how to build passive income, and become financially free so they can design their best lives. It’s something I struggled with in the past. And to be honest, this really relates to me, because, you know, I quit my job and travel the world for two years while building passive income with this kind of eye opener, right, I realized that I wanted to make money work for me, instead of trade time for money, I had to think about what I cared about in life, you know, I realized I was missing out on a lot of the life that was out there, right, I had been living in the Bay Area for so long, I wanted to see the world. But I was confined to the four walls of an office and I was trading time for money. So every day nine to five, just sitting in an office, just thinking there’s so much more out there. And like everyone’s saying, Now, you know, it made me reassess a lot of what I cared about. And then I took that leap of faith, of quitting of traveling and trying to make my side hustles. And passive income happened for me, and it’s really changed my life dramatically. So I’m really glad that a lot of people are realizing this fact, life is too short to be spending the entire time doing stuff that you don’t want to do. And I think the pandemic showed how short life can be I know some people who have lost their loved ones to COVID. And it’s just really sad. And it’s something to note that life is short. And going back to what I was saying about being a digital nomad, that life was something that a lot of people couldn’t imagine for themselves, it was not something that was normal, I decided to choose this different path. But now remote work is actually like the normal thing. So it kind of gives people more opportunity to think bigger and to think about what they truly care about. And what they truly are passionate about. Something I think other people are thinking about is that there’s not as much security as you think being an employee employees are replaceable, there’s going to be someone who can eventually replace you if anything happens, and especially when you were required to go into the office day to day, it really could affect your mental health, your physical health, you’re sitting at a desk for eight hours a day, not moving as much staring at a screen is not the healthiest thing. And work can definitely impact your personal relationships. Maybe you’re not spending enough time with family and things like that, because you want to earn money. And I feel like it brings me to point number three, a lot of people are actually quitting their jobs to go into business for themselves.
There’s an interesting article on inc.com, where they talk about a few different data points. The Labor Department data shows that there are now 500,000 More unincorporated self employed workers then there were at the start of the pandemic 9.4 4 million, the new applications for federal tax ID numbers jumped 56%, between 2019 and 2021. And two thirds of those were for businesses expected to employ nobody other than the founder. So there’s definitely stats showing that a lot of people are going into business for themselves. Another one is a percentage of people in the US who consider themselves as self employed went from 5.4% to 5.9%. And in September 2019, Etsy had 2.6 million active sellers. And now it’s at 7.5 million. And hopefully I’m helping with this rate, I’m sure there are way more stats showing that people are actually going into business for themselves. It’s really interesting to see. And I hope that a lot of my content is helping you guys trying to think of other side hustles and other ways for passive income. And just going into business for yourself. Something that’s been interesting for me is that my side hustle income has now surpassed my day job income by a decent amount, which is quite shocking for me and now really confirms that people can do this if they really truly want it. Now, it doesn’t mean that you have to quit and start a new business if you don’t want to, if you like your job totally stay in it. I’m a huge supporter of just figuring out what path makes sense for you. But I also want to talk about some things you can do to leverage the greater designation. So first off, you could be asking for raises, perks or even a promotion. Like I said, If you’re happy at your job, you don’t need to quit, you don’t need to go look for another role. Or you don’t need to go up and start your own business, you could be staying at your job and getting better perks. Just as I mentioned, a lot of companies are providing more benefits to their employees because more people are quitting and there’s less people to fill the roles they need to make it look more appealing. So if you want to, you might be able to ask for these different benefits that you might be looking for now is probably a better time than ever. Number two, you could be looking for a new role because of the shift in power to the worker. If you’re really not happy, you probably have a better probability of getting a new position now than ever. For example, if there are a ton of people looking for jobs, and you have a ton of competition and less roles to fill, it’s going to be way harder to beat out the competition. In the Bureau of Labor Statistics, it shows that 10 point 9 million jobs are open as of February 1 of 2022. So businesses in the US are still struggling to find workers. So if you are looking for a new position, this might be the time and then lastly, you might want to start your own business. First off in general money is gonna control you until you learn how to control it. So you got to learn about personal finance, about budgeting about side hustles about building your own businesses, because I think it’s important to have multiple streams of income work For you, they say that most millionaires have at least seven income streams. So start learning about personal finance, learning about how to start your own side hustle, because there’s so many that you can actually start with zero to low capital, you don’t have to quit your job and start these side hustles. When I first started out, I was working full time and building my side hustles. And actually, I’m currently still doing that, you know, I quit my job, and then started building passive income streams, but I decided to go back to day job. And I’ve been there for almost four years now, because I’m actually happy with what I’m doing. But here’s the thing, it’s my choice, right? Especially that the side hustles are exceeding the day job, I have the choice if I wanted to leave or not, it’s just that I actually enjoy what I’m doing. And I feel passionate about it. I’m learning a lot. So I’m actually staying in it, you ultimately want to make sure that you’re living a life true to yourself, whether it is staying in your position and getting more perks or choosing a new role or even going into business for yourself. With all that being said, it’s going to help you a lot to reduce those financial restrictions by really learning about personal finance, growing your income streams, saving and investing your money and really trying to create that financial freedom for yourself. So I hope you guys found this episode interesting. And hopefully it inspires you to think more on your path and what makes sense for you. We covered the great resignation, why it’s still continuing and what you can really do about it and leverage it. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
