40% Of Workers Are Considering Quitting Their Jobs Soon Here’s Where They’re Going

In an article on the CNBC webpage, posted July 20, 2022, Morgan Smith writes that about 40% of workers are considering quitting their current jobs in the next 3-to-6 months, quoting a recent report from McKinsey and Co., which surveyed more than 13,000 people across the globe, including 6,294 Americans, between February and April, has found. 

“This isn’t just a passing trend, or a pandemic-related change to the labor market,” Bonnie Dowling, one of the authors of the report, says of the elevated quit rates. “There’s been a fundamental shift in workers’ mentality, and their willingness to prioritize other things in their life beyond whatever job they hold. … We’re never going back to how things were in 2019.” 

According to the report, about 48% of people who quit have pursued new opportunities in different industries. 

Dowling points to two factors driving this exodus: pandemic-induced burnout and better odds of securing a higher-paid role in a tight labor market. 

“A lot of people realized just how volatile, or unsafe, their industry was during the pandemic, especially those working on the frontlines,” Dowling says. 

At the same time, companies are still struggling to attract and retain employees — a pattern that had undoubtedly caused a lot of headaches for HR departments throughout the U.S., but has also opened the door for job-seekers to take advantage of new opportunities that might have been out of reach before the pandemic.

“More employers have opened up their aperture in order to meet the yawning talent gap that they’re facing,” Dowling adds. “They’re prioritizing skills over educational background or previous job experience, which is creating more opportunities across sectors for job-seekers.”

Of the people who quit without a new job in hand, close to half (47%) chose to return to the workforce — but only 29% went back to a traditional, full-time job, the report notes. These percentages come from a March McKinsey survey of 600 U.S. workers who voluntarily left a job without another one lined up.

The remaining 18% of people either found a new role with reduced hours through temporary, gig or part-time work or decided to start their own business.

“People aren’t tolerating toxic bosses and toxic cultures anymore, because they can leave and find other ways to make money without being in a negative situation,” Dowling says. “There are more opportunities for work now than ever before with our increased connectivity.” 

For more, have a look at 40% of workers are considering quitting jobs soon—where they're going (cnbc.com) or go directly to the McKinsey report at The Great Renegotiation and new talent pools | McKinsey