The latest group of workers to quit their jobs are older, tenured employees with decades of experience under their belts, reported Vox April 30. With this trend, organizations may feel the loss of their most knowledgeable employees extra hard.
While earlier in the pandemic, the droves of workers quitting tended to be younger, less experienced and working in the service industry, those joining the Great Resignation now are older and more tenured.
The biggest jump in resignation rate came from employees 40-60 years old between 2021 and 2022. There was also a 71 percent increase in resignation rate for those with a 15-20 years tenure at a company and a 63 percent increase for those with more than 20 years at a company. These older workers who are quitting also tend to be part of knowledge sectors like finance and tech.
These resignations may be driven by a desire for more meaning and flexibility in work, or that older workers may have more economic means to quit.
"At the midpoint of life, we become aware of our own mortality, and it allows us to reflect on what really matters to us," said Adam Galinsky, PhD, a professor at Columbia Business School.
The trend raises questions about how organizations will cope with losing their most experienced and knowledgeable staff and how they can hold onto them, especially if pay and benefits are less important to this group.