The Great Resignation: Value in Life, Value in Work
If we learn nothing else, the Great Resignation does raise important questions about the role of work in people’s lives.
Do people value work? How much? Does it make their lives more meaningful and satisfying?
The Great Resignation has produced considerable anxiety within the business community – firms large and small. Employees are voluntarily leaving their jobs, at historically high levels, and experts are uncertain about why this is happening. There are in fact so many different theories circulating, that it’s clear experts are confounded by events. Many point to the pandemic; the sudden jolt of lockdowns, remote work, and isolation prompted employees to reassess their careers and pursue a better work-life balance.
Regardless of its causes, the latest unemployement rates from the U.S. Department of Labor indicate that 4.53 million workers quit their jobs in November - the largest monthly figure in 20 years. Extending the trend to the end of the year, more than 43 million workers – a quarter of the American workforce – will have resigned in 2021.
And the phenomenon is not unique to the United States. A Microsoft Word Trend Report surveyed 31,000 full-time workers around the world and found 40% considered leaving their current employer in 2021 and nearly 50% said they were likely to move because they could now work remotely. Similarly, a British survey found that 76% of UK professionals intended to look for new jobs in 2022.
Nor are resignations specific to a few business sectors. Much attention has focused on employee turnover in the hospitability industry, but quit rates are extraordinary in transportation, education, construction, and manufacturing as well. And it’s not just low-wage workers - even chief executives have sought career changes.
If we learn nothing else, the Great Resignation does raise important questions about the role of work in people’s lives. Do people value work? How much? Does it make their lives more meaningful and satisfying?
What do people value?
In 2021, Pew Research Center set out to understand what people valued in life. They surveyed over 16,000 adults (2,596 in the United States) in 17 advanced economies, asking the following question:
“We’re interested in exploring what it means to live a satisfying life. Please take a moment to reflect on your life and what makes it feel worthwhile – then answer the question below as thoughtfully as you can. What aspects of your life do you currently find meaningful, fulfilling, or satisfying?”
The one source that stood out among all others was family. In 14 of the 17 countries, more respondents mentioned family as a source of meaning than any other factor. Right behind family was occupation/career. In 8 countries, career ranked second, and in 7 more countries career ranked in the top 5 factors. Careers placed first in Italy.
Related, most people mentioned material well-being. In 9 of the 17 countries, financial well-being – a quality standard of living – was one of the top three sources of meaning. It was top 5 in nearly every country and the top choice for South Koreans.
United States
Americans ranked family first, friends second, finances (material well-being) third, occupation fourth, and faith/religion fifth. Faith distinguished U.S. respondents. Fifteen percent mentioned faith/religion. No other country was even close – the overall survey median of only 2%.
Americans also ranked first in service and civic engagement and spouse/partner as sources of meaning.
Finally, only 11% of US respondents mentioned physical and mental health when describing what gives their life meaning. That ranked the U.S. 15th out of the 17 countries surveyed.
The Bottom Line
Identifying what people value in life will not solve the mystery behind the mass exodus in 2021. It’s complicated - and a survey question cannot possibly unpack the layers of economic, social, and psychological forces behind the Great Resignation.
Nevertheless, the data examined here are definitive; most people value their work and the quality of life it makes possible.
Two of the top three sources of meaning people identified were tied to employment. Across most of the developed world, people described their careers as important and a significant contributor to what makes their lives worthwhile. They also expressed appreciation for their economic circumstances and prioritized living comfortably and meeting material needs.
Noteworthy, some of the chief reasons for the Great Resignation did not even appear in the top 4. Greater freedoms and independence ranked 7th; physical and mental health ranked 5th; hobbies and recreation ranked 8th; education and learning 9th; and travel and new experiences… dead last.
This does not mean people do not value these experiences. Rather, compared to family, financial well-being, and stable careers - people perceive them as less important.
The Great Resignation suggests people may now be confused about work – about the sort of work they want to do. But this does not imply that people do not value work. Quite the opposite. They value work enough to pursue a more meaningful job. Indeed, iLevel showed that widespread quitting is the result of a historically favorable labor market. In other words, workers are wisely using the leverage they now enjoy.
The Pew Research data shows that people around the globe do value work and do find building careers meaningful and worthwhile. They recognize that a career is a gateway to a satisfying and fulfilling life – status, respect, self-actualization, financial security, and a personal legacy. The problem does not appear to be rooted in disparagement or even rejection of work. Rather, resignations can be a healthy signal. People want more and they pursue preferred alternatives when they exist.
It’s clear that the economy is changing, and workers are changing as well. Yet, it’s important to remember that not everything has changed. People appreciate work and think it provides meaning and value to their lives.
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