A souring economic picture is driving fewer people to quit, but they may end up quiet quitting instead.
Voluntary turnover dropped to 25% in 2022 from 36% the year prior, possibly because people are worried about a potential recession and layoffs, according to Payscale’s 2023 Compensation Best Practices Report. The report surveyed nearly 5,000 compensation professionals, HR leaders and business executives from October to December 2022.
A quitting slowdown is welcome news for employers who’ve scrambled to recruit and retain talent during the Covid economic recovery, though it’s still considerably higher than the desirable 10% turnover rate, Payscale experts said in a press call with reporters last week. (Payscale did not ask about quitting rates prior to Covid.)
Still, having to replace 1 in 4 workers is a considerable task for managers to find solutions to keep people from walking out the door. Most employers think pay is the biggest reason causing people to quit, especially in an inflationary environment, followed by limited opportunities to advance, according to the Payscale report.
Most employers are hoping a little more money will entice workers to stay. A majority, 56%, say they’re planning raises of at least 3% this year, up from 53% last year and 36% in 2021, according to Payscale. But the days of sky-high raises are over — increases are expected to come in around 4% to 5%, whereas most 2022 raises were above the 5% range, says Lexi Clarke, Payscale’s vice president of people.
And those planned raises will do little to stand up against inflation, which sits at 6.4% as of January.
Quiet quitting could get worse: ‘It’s not going anywhere’
Small raises might not be enough to keep people from quiet quitting, the polarizing buzzword from 2022 that describes the act of no longer going above and beyond at work.
Most employers, 55%, aren’t concerned about quiet quitting, according to Payscale, with managers saying the term is “mislabeled work-life balance and that as long as employees do the job they were hired for and deliver the requirements outlined by their manager, it is not ‘quitting’ in any sense of the word,” per the report.
Still, 29% of leaders say employees who don’t go above and beyond will not succeed and risk being fired if they’re discovered to be underperforming.
Employers might want to take the phenomenon more seriously, especially in a continuously challenging labor market, if they can’t award robust raises and promotions, or if they’re preparing for layoffs, Clarke says.
“I don’t think quiet quitting is going away in 2023, especially if we’re in a recessionary environment that causes more layoffs,” she said in a press briefing with reporters. “When workers are let go, it increases the burnout or potential burden on folks who are still there.”
This can lead to burnout and breed resentment, “especially if we think about an environment without pay raises or promotions,” she adds.
Employers should think of quiet quitting as a reflection of engagement, and in turn productivity, which can falter when rewards don’t materialize for employees in challenging times, she says.
“It ultimately is an engagement issue as we think about what employees are really looking for and setting boundaries for themselves,” she says. “It’s not going anywhere.”
Bosses hope new benefits will outweigh lackluster pay
Beyond pay, or in the absence of big raises, companies are trying to stay on the cutting edge of benefits to keep and attract workers. Businesses are investing more in increasing their mental health and wellness programs, paid sabbaticals and extended family leave.
They’re also trying to push new boundaries around workplace flexibility: The share of companies offering a 4-day workweek benefit reached the 10% threshold for the first time last year, according to the report.
“Employees are looking for flexibility,” says Payscale pay equity analyst Ruth Thomas, “potentially as they continue to experience a decline in real wage growth [and] seeing themselves working longer hours, they’re seeking some level of return.”
3 tips for a ‘hyper-focused’ resume to grab recruiters’ attention at a job fair, according to a career coach
Your resume can make or break your chances of getting a new job opportunity. Though some hiring managers and recruiters may spend time thoroughly scanning your resume, at a career fair, you usually only have seconds to make a good impression.
In this current competitive job market, it’s important for candidates, especially new graduates, to have a resume that’s eye-catching and informative.
Emily Liou, a career happiness coach and founder of job search platform Cultivitae, has reviewed thousands of resumes over her almost 10-year career in recruiting and career coaching, and says your resume is “a marketing tool, not a tell-all of everything you’ve done”
“Crafting a resume can be a bit more challenging for a career fair because you’re not tailoring it to just one organization or one position.”
Based on Liou’s advice, these three tips can help you make sure your resume is career fair ready:
Be clear and concise
According to an ex-Amazon recruiter, you have six seconds to grab a hiring manager’s attention when they’re reviewing your resume. If your resume is wordy and drawn out, chances are, they probably won’t take the time to read it all.
Liou suggests painting a “clear narrative” about the role you want and the information that would be most valuable to the company, while also being brief.
“Even if it’s not for a specific company or specific to one role, your resume should highlight who you are, who you want to serve, what you want to do and how you do it. Zone in on that and tailor your resume to it.”
This not only helps you grab the recruiter’s attention early on, but a clear skill set could potentially open doors for other opportunities.
“Having a hyper-focused resume also allows an organization to say, “We don’t have this role, but have you considered this other role that we have open? You seem like a great candidate for that.”
Perfect your personal summary
Your professional summary is the first thing a recruiter will see at the top of your resume. Liou says this part of the resume is especially crucial for college students and recent graduates, who may not have established work experience yet.
“The professional summary should be able to tell the employer who you are before they even have to dissect your experience, your education, your internships and so forth.”
After the professional summary, Liou suggests formatting the rest of the resume in this order:
Skills: Snapshot the hard, technical abilities that you’ve learned throughout your career or education
Experience: Relevant to the direction you want to go
Volunteer Work: Extracurricular activities that have contributed to your professional success
Education: Name your institution along with your GPA upon graduation
Keep it simple
Gen Z job seekers have gotten creative with their resumes recently, with some even going as far as submitting video resumes on TikTok to show their skill sets. Though this approach may be embraced by some companies, for a career fair, Liou suggests keeping it simple.
“Recruiters literally have like six seconds to review and decide if a person can possibly be a fit for their company. I see a lot of people who are doing video resumes and they’re almost up to a minute long. People are not going to sit there and watch the whole thing before they can assess what your background is.”
Instead, Liou advises job seekers to keep it “standard and traditional,” at least until their first follow-up interaction with a hiring manager.
“There’s always the follow-up. If you know the company’s culture is creative, or your role requires some sort of social media, creativity, or video skills, the follow up would be a great time to add that spin.”