4 in 10 Workers May Quit Their Jobs in 2022

4 in 10 Workers May Quit Their Jobs in 2022

"Great Resignation" expected to continue through the coming year
employees working at their desk

In November 2021, a record-high 4.5 million people quit their jobs. With several major economic forces impacting consumers, including public health mandates and inflation, choosing their next job may be one of the few elements consumers feel they can control.

Whether pursuing a better work-life balance, more valuable benefits or a wage increase, roughly 40% say they're considering a new job or employer in 2022. And according to the December 2021 Financial Health Index from nonprofit counseling agency American Consumer Credit Counseling (ACCC), the desire to quit isn’t necessarily because workers are unsatisfied with their current roles.

Quit-rates may remain high

Employees are considering a change in roles or employers, despite reporting a sense of stability in their current positions. Over 75% describe their current employment situation as "stable" or "very stable," while 51% say they're somewhat comfortable with their current household income, up from 43% in September (notably, another 14% say they’re "very comfortable," income-wise).

But despite these responses, roughly 40% of employees are either considering a job change or planning to change jobs this year. Here's what respondents told the ACCC:

  • A little over 20 percent are planning to voluntarily change jobs or leave their current employer in 2022
  • 19% are considering changing jobs or leaving their current employer but haven’t decided yet

Those numbers may look different when considering workers who earn over $100,000, a group which was not included in ACCC's survey data.

Similarly, in a Resumebuilder.com survey, 23% of workers reported plans to find a job with a different employer this year, while 9% said they already had new jobs lined up for 2022. Another 9% said they were planning to retire within the year.

Economic concerns driving job searches

With inflation recently hitting a 39-year high and giving no sign of subsiding any time soon, consumer concerns over inflation could be one of the main drivers for an employment switch. As the ACCC points out, some of the largest spending categories for consumers have increased in cost as a result of inflation: housing, food, and energy.

Switching jobs could be the key to managing a higher cost of living. According to the Workforce Vitality Report, published by human resources services firm ADP's Research Institute, job switching is more effective for achieving wage growth than job-holding. And with more than half of adults (54%) reporting that they've resolved to improve their finances in 2022, switching jobs could be the right strategy — both for inflation and for achieving financial goals.

Methodology: ACCC’s Q4 Financial Health Index surveyed 439 respondents ages 25 to 65 with incomes of $100,000 or less. This survey was conducted in December.