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How to Get More Out of the Great Resignation

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How to get more during the Great Resignation

As it is now known, the Great Resignation was a wakeup call for employers as well as a shift in consciousness among workers. Many employees quit their jobs after realizing that they could no longer accept certain conditions in their job.

Low wages were a major reason for the Great Resignation. Many workers quit because they were overworked and underpaid. We conducted a survey among 1,003 workers in the U.S. to find out how many workers are now focused on increasing their wages, what they plan to do, and how raises and methods of getting them.

Continue reading to find out how respondents felt about being paid less in today's workplace.

The Key Findings

  • 54% of employees believe they are underpaid because of inflation.
  • A majority of people who requested two or more raises within the past year were granted them, increasing their annual earnings by an average $5,000.
  • 57% of employees believe that more PTO will make a job more attractive, but only 24% of them have attempted to negotiate for more PTO.

Low wages: The problem

In the sense that employees felt burned out by unfavorable work conditions, the Great Resignation was initially viewed as a response to the pandemic. However, it quickly became apparent that the problem was not about low wages.

We asked the respondents to share their opinions on the current state of the economy and what they think is the best way to make more.



The most striking aspect of the study was the 60% who said they feel underpaid. On average, $10,763 is the difference between feeling properly compensated and feeling underpaid. Employees felt underpaid for many reasons, including their job title (39%) and their role as greed (36%).

Inflation is the primary reason respondents cite as their main reason. This is particularly relevant right now. The reason for low wages is believed to be inflation by 54% of respondents. This is a problem that continues to affect millions of people in the country, as inflation rates are higher than 7.5%.

Get a raise

It can be difficult to know the right time to ask for raises. This requires planning and preparation. There has been no better time than the Great Resignation to ask for a raise. Employees have more leverage than ever.

The next part of our survey asked respondents how many raises they have requested, how these raises affected their finances, and what additional jobs or industries they could get.



Half of employees stated that they would make more money if they found a job in another field. 42% claimed they'd earn more if they got a new job in their current field. Retail and hospitality were the most popular industries, with 55% saying that they would make more money in other fields. This is not surprising considering that 1 million hotel and restaurant workers left their jobs in the fall, a record.

For some people, moving elsewhere is the best decision. However, for others who are too invested in their work or profession, asking for a raise may be the best option. It seems it has worked often for respondents, particularly in the last year during the Great Resignation. Sixty-five per cent of employees who requested two or more raises within the last year were granted them. On average, their salary increased by $6,265. Interestingly, employees who requested two or more raises in the past year said they learned how to negotiate best from their co-workers.

There are many benefits to needing more

Employers have increased their salaries and improved the benefits they offer current and future workers to better attract them during the Great Resignation. Employees can enjoy better benefits such as more PTO, a flexible schedule, better healthcare, and the opportunity to work remotely. This can make a difference in all aspects of their lives and have a positive effect on their mental health.

We asked our respondents what they thought would make a job offer more attractive than a salary. Also, what benefits were most important to them when searching for a job.



A large majority (71%), agreed that benefits are very important in job search. However, 55% felt that it was important to know about the company culture when looking for a job. It seems that more PTO is the most important benefit (57%), although only 24% of respondents claimed that they have actually negotiated for more PTO.

Our study found that 56 percent of respondents thought flexible scheduling was a desirable benefit. 23% claimed they have actually negotiated such a benefit. The Great Resignation highlighted the dangers of being underpaid and overworked, so flexibility is an obvious priority for workers. It also makes sense to be able to work remotely. Respondents surveyed thought that working remotely was a benefit in job search.

Higher Pay and More Financial Freedom

Low wages are still a problem in the United States. However, the Great Resignation and the pandemic have highlighted the need to address these issues within the workforce. Many workers feel that they aren't getting enough pay and many employees believe they could make more money elsewhere. Employers will see increased retention if they offer better benefits and a better paycheck. Employees can also ask for raises in these situations, according to our study. For the employee, more money equals greater financial freedom. I Will Teach You To Be Rich is exactly that. Like people from all backgrounds, we can help you achieve financial freedom by helping you to invest your money and giving you the tools you need to reach your financial goals.

Methodology and Limitations

We received 1,003 responses from employed Americans in the United States. Our participants identified themselves as males 53%, women 46%, and nonbinary/nonconforming 1%. Participants were between 19 and 89 years of age. Participants who did not report any current employment or failed to answer an attention-check question were removed.

Self-report is the basis of the data we present. Self-reported data can have many problems, including selective memory, telescoping and attribution.

Fair Use Statement

These findings are open to anyone who wants to make more money annually, or if they know of someone who is. Only ask that you link to our study, and that your purpose is not commercial.

How to Make More Money from the Great Resignation




 

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