If the Great Resignation sounds like a Great Idea, it is important to check you’re covered before you make the leap.
Like most things super-sized, the concept of The Great Resignation was born in Texas. In May 2021, Texan Professor Anthony Klotz predicted a mass exodus of workers in the USA, just two months before 4 million Americans upped and quit their jobs.
While those numbers haven’t been seen here (even in relative terms), there does seem to be a shift in the air. In the 2022-23 Hays Salary Guide, 39% of 500 professionals surveyed said they were planning to look for a new job over the course of the next year, and another 39% stated they were ‘open to new opportunities’.
What’s pushing this trend? Well, there’s nothing like a pandemic to shake things up. One of the more pleasant side effects of Covid is that many people have realised there are better ways of doing things. Employees have seen they can work remotely, they can balance work and family life, and they can find rewards in other places beyond a large paycheck.
For better or worse, the ‘grass is always greener on the other side of the fence’ situation is happening in many different industries.
For some employees this means wanting to work at more meaningful tasks – be it to gain better work satisfaction or to find more time and energy to integrate hobbies and passions into the working week. Some have felt a lack of support in making these shifts happen with current employers and have lost the motivation to get back to ‘normal’.
For many a tight labour market has seen potential earnings rise in their respective jobs. For better or worse, the ‘grass is always greener on the other side of the fence’ situation is happening in many different industries.
No matter the reason for wanting to move on, insurance should not be overlooked in making a change of employment.
While your new position may increase your happiness (which is great), it may also reduce or increase your income – or make your income flow less reliable. If this is the case, your mortgage replacement cover and income protection insurance may need to be re-examined to ensure it is both affordable and accurate.Your life and health insurance cover will also need to be re-examined, as the level of cover you require is reflective of the risks involved in your day-to-day work.
Change is often good and taking care of these details should not put you off making a shift that will potentially bring greater wealth, job satisfaction or general happiness. However, so too can the little ‘housekeeping’ tasks make all the difference for long-term security and peace of mind.
Give us a call today to talk over how we can help keep you covered through your Great (or even Good) Resignation.
