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Illustration by Shanzae Siddiqui

Why half of people want to quit their jobs by 2024: Exploring the recent surge in turnover rates

Half of workers want out. Discover the reasons behind rising turnover rates, from burnout to better opportunities, and what it means for the future of work.

Nov 24, 2024

What if I ask about your job, do you really want to stay, or do you feel cornered? Is it to obtain a visa, support your family, or merely to pay the rent? This is one of those topics that we confine to a small recess in our minds. An old corpse we have beaten to death and hope to never reanimate. Repetition and stability seem more comfortable, even if it means suffering in the long term. Sounds relatable? That is because we often overlook the bigger question: what am I willing to sacrifice to chase the ultimate prize?
It's not easy, I know... It might take some self-discovery to find out what kind of pain we are willing to endure. Here is a personal story of mine that I’d like to share.
Not too long ago, I landed an application in a dream company, or at least I thought so. It related to an industry that I loved, had attractive benefits, and seemed to be a gateway to my life goals. I was still in college at the time. I thought it was out of my league, so I walked in proudly and without hesitation. The first few months were wonderful: new friends, paid training, and discounts on several leisure venues. I was able to buy my own car, travel abroad, and afford expensive entertainment. It was everything a 21-year-old college girl could have dreamed of.
But as the months went by, like all jobs, it started to become repetitive. Everyone who has worked with the public knows the pain of having to absorb people’s emotions on a daily basis and not being able to channel them. But the allure of the long-term rewards kept me around for a little longer…
A year went by, and I started to tire. I would count the days until my vacation, which felt as brief as the snap of a finger. I started wondering, why am I trading my talent and intellect for ubiquitous skills and a mindless attitude? Feels relatable, right?
I started falling sick often, getting swollen eyes from the overnight shifts and heart palpitations from the sleepless nights and erratic schedules. Even on my days off, I did not have time for the things that really mattered to me, like art, music, and writing.
But I continued to the point where I pushed my mental and physical limits. I started losing weight. My stress escalated to panic attacks. University assignments became overwhelming. When managers asked about my dull appearance, I’d simply cite “personal reasons” while covertly blaming my job for adding fuel to my suffering.
I asked my colleagues and they had similar experiences, which led me to research my own company. Then, I found out the average tenure did not surpass one year. Around 40% of new joiners left in the first six months, and only a few stayed long-term.
I felt guilty for complaining since I had a strong circle of friends and family who could support me. I pondered on those whose families were back in their home countries or who were struggling to make ends meet.
After weeks and weeks of reflection, I decided that this was something I wasn't willing to bear. So I left everything behind, not just friends, but my old dreams as well.
I spoke to an old friend who is highly qualified, let’s call her Jane. She’s a talented artist with a wide range of skills. Recently after graduating from graphic design, she assumed a multi-faceted role in an SME.
After the first year, a colleague of hers resigned and she was asked to take her colleague’s place. She started taking administrative roles, and learned digital marketing and SEO all by herself, putting the company in a better position than it had ever been. In spite of asking several times for a raise or a promotion, they declined every single time. It took her no less than two and a half years to realize her true value and switch to a better company and paycheck.
But after the resignation, the SME didn’t have 1 but 2 positions to fill. Jane was a good digital marketer, and the only one willing to take responsibilities outside her role. So another struggle arose: finding someone just as talented who would work two roles for a lower paycheck.
To all businesses out there, how much are you willing to invest in talent? And more importantly, how much do you think it costs to retain it? The cost of hiring, recruiting, or training a new employee is on average 1.5 – 2 times the annual salary. But it goes beyond the paycheck. Companies where employees feel engaged and happy rank 67% higher in profitability. Imagine losing your most prized employees because you couldn’t make up for how much they’re worth.
An article in the Harvard Business Review titled 'The Great Resignation or the Great Rethink?' shed light on a significant shift in the global workforce following the pandemic. The piece explored the impact of 'woke culture,' emphasizing the sentiment among employees who feel undervalued in companies where the pursuit of profit overshadows loyalty and ethics. The author shared a personal anecdote about a friend to illustrate this point: “They had acted to secure economic gain at the expense of customers, suppliers, and the environment and seemed unbothered by their decisions, regarding them as ´slam dunks.´”
In the same year, global turnover rates had increased, with the biggest reasons being long pay, lack of career opportunities, and other personal reasons such as health and family.
But there is more to it. In 2023, PwC Global Workforce Hopes and Fears Survey found that 55% of employees in Asia are planning to leave their jobs in the next 12 months. The survey also looked into the most common reasons for leaving their jobs.
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Another survey from Bayt.com found that 47% of employees in the Middle East and North Africa are planning to leave their jobs in the next 12 months. The reasons for resignation were consistent in this group as well: (42%), a lack of work-life balance (35%), and low pay (33%). Studies by Gallup and the Work Institute also reinforce this trend, emphasizing how disengaged or undervalued employees contribute to higher turnover rates.
Conclusion
When you hire a new professional, you are investing in human capital. So, why not treat them like a valuable asset? Why not make them feel acknowledged, respected, and well-compensated? Do they believe in your vision and find it meaningful? Do you believe in your own vision, or is it all just corporate blabber while the mind is driven by the dollar?
Mental health concerns are on the rise. Companies are responding with training programs, mental health support, paid leave, and hybrid work setups to foster work-life balance. Anything that puts the “human” in human capital is welcome.
With the rising awareness on mental health, corporate greed and real human value, it’s easier than ever before to leave something behind when it no longer suits us.
Gabriella Bruno is a Guest Writer. Email them at feedback@thegazelle.org.
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