Money Matters The Great Resignation

THE GREAT RESIGNATION

IN YOUR DECISION TO BID FAREWELL TO YOUR JOB, YOUR MONEY MATTERS.

BY LAURA DORSEY

There is an old saying; Numbers Don’t Lie; there is truth in the numbers. And for this new year, 2022, the numbers speak for themselves. The U.S. Bureau of Labor Statistics reported that more than 4 million people quit their jobs in the last quarter of 2021. Economists are calling this the Great Resignation. Florida is feeling the impact also. These same numbers show that 264,000 people voluntarily quit their jobs in Florida. And do not think that you can add to any one reason for the quit rate because they span every generation and come from every industry. According to the “Washington Post,” some always were planning to leave, and this past year just made them realize they were no longer willing to wait. Others were burned out from too many long hours, late nights, and unspent vacation days. If the pandemic did nothing else, it made people reassess their priorities. They realized that life would not wait. Game over in 2021/Game on in 2022!

This mass exodus is happening for many reasons. People are reevaluating their lives and their careers. If a company will not give its employees space to grow and with opportunities for promotion, they cannot expect the talent to remain within the company or even that division. Many people want other career elements such as more flexible working hours and choices. Others want mentorship programs, and most want reward systems compensatory to their output. The “Washington Post” reported, the biggest reason is that the pandemic provided employees with a taste of improved work-life balance because they could work remotely. Giving that up is not an option. Many point to their mental health. This was a critical insight when asking people why they would reassign. Today's employees are mission-driven, and that mission does not always include the company culture of the good old days. Employers should not make the mistake of confusing loyalty and contentment. Many people are considering leaving their job within the next year, and 25% are already looking. Whatever the reason, here are a few suggestions from those that have followed this path.

WHAT IS YOUR WHY?

C.L. Thomas is a federal government employee. Thomas has been in his current position for more than 30 years. One day, he realized that he was unhappy or burned out within his career field. When he asked himself WHY he acknowledged that he could not pinpoint why. He was well paid; however, he could not shake the negative feeling. Recently, Thomas heard the U.S. surgeon general speak about the mental health challenges of young athletes. Thomas was only two classes from another degree in mental health counseling. After a discussion with his family, he opted to fast-track his desired path, and he put in the paperwork to resign from his position with the government. His advice for anyone thinking of following in his footsteps is to ensure that your finances are in order. To ensure that this passion project would not put an undue burden on his family, he knew that they had to be debt-free. They could adjust their finances to pay off all their debt and be comfortable living on his retirement. He recommends that this decision is not an individual one, but this new venture will be much easier to go into with the support of the people who care about your well-being. “Try to be debt-free,” is his advice.

IT’S MY TURN

Y. Johnson can’t tell you the exact day that she decided to quit her job (working for a nonprofit, which paid her a six-figure salary) to pursue her dream of being a full-time entrepreneur. Although there are many ways to make this transition, she decided on the slower, more thoughtful approach, which would maximize her chance of success, both professionally and financially. Johnson had been running her business on the side for more than a few years. When the idea came to run the business full time, she put extra effort into the business plan, trademarks, and bank accounts. At the same time, she knew that she had to have savings to cover more than the 3-6 months of basic living expenses suggested. Her goal was to have 12-18 months, which would be enough to sustain her if the business were not as successful as she expected. More importantly, her advice is to be prepared mentally for the lifestyle and emotions of entrepreneurship. Johnson’s advice: “Do not be afraid to fail.” Her philosophy is that if all else fails and this venture does not prove to be successful, she is not afraid to go and look for another job. The going joke is that she can always get a job at Target!

CAN YOU PAY YOURSELF?

Sharon Lyles is the CEO of the Central Florida Diaper Bank. The organization is more than 20 years old. After much thought, Lyles decided to retire early from her position with the State of Florida and run the organization full time. When interviewed, she had these tips to offer ONYX readers who were considering a similar step: • Can you realistically financially afford to be fulltime at your nonprofit? Is the nonprofit making enough to pay you a salary? • Your organization will live and die by how well you learn how to market your idea to potential donors, board members, community leaders, and volunteers. As a small nonprofit executive director, Lyles says that you have one job: raise awareness and money for your organization—nothing else matters.

Words matter, but whether you use adios, farewell, sayonara, or goodbye does not matter. Unfortunately, workers are using these words to their employers in drones, and that trend is expected to extend into 2022 and possibly beyond, according to experts. Despite this historic rise in people quitting, causing the Great Resignation, you should not decide to join this unemployed workforce lightly.

Remember that it is YOUR CHOICE, but YOUR MONEY MATTERS in your decision.

Lyles

Laura Dorsey, is the CEO of LLD Consulting, an associate editor of ONYX Magazine and author of the ONYX Magazine Money Matters series.