The Great Resignation: What to consider when making a change

At a glance

• What is the Great Resignation?
• Why is it happening now?
• What to consider before resigning or retiring.

What is the Great Resignation?

For over a year now, a phenomenon known as the “Great Resignation” has been making headlines. It refers to the growing number of professionals who are either seeking a new role or retiring. It’s being driven in large part by workers who are age 55 and above. 

But, younger individuals are also resigning, although for different reasons.

Helping clients—especially those nearing retirement—manage their portfolios so they’re financially secure when they leave their current roles either to retire or pursue another employment opportunity is one of my specialties. As a professional with over 2 decades’ experience in the financial industry, I’ve seen how the workplace (and how we work) has changed.

At one time, employees didn’t necessarily expect to get personal fulfillment from their jobs. But, that’s changed, and it’s helping to fuel the Great Resignation. If you’re thinking of resigning from your job or retiring early, let’s see how it could affect your financial health.

Why are people leaving their jobs?

Based on conversations with clients, I’ve learned they’re not usually leaving their jobs to open small businesses or pursue other passion projects. Rather, the COVID-19 pandemic has fueled a general sense of burnout, exposed a desire for something new, and, in some cases, caused tension between employees and corporate leadership.

The motivation is simple for many: Maybe they’re simply bored and crave a change. Or, in this case, a change in their career track. They’re ready for something new—especially if they’re close to retirement and feel they can find something more fulfilling. 

Other reasons may be:

• The pandemic has changed the ways in which people live and work.
• Remote working has impacted employees and their thoughts about how they work.
• With more time for self-reflection during the pandemic, feelings of unease or unhappiness about work may have surfaced.

Technology and changes in how—and where—we work have also played a part, significantly shifting employees’ expectations and values in recent years.