Money isn’t everything for lots of workers

The economy is doing well and workers are enjoying some great advantages yet many of them are saying the following: Take this job and shove it, even if it pays more.

That’s what millions of burned out American workers are saying despite good times for the economy, historically low unemployment rates and rising pay.

Why?

I Can’t Take It Anymore!

Many workers are fed up and stressed, new studies found. They are burnt out.

“Eighty percent of the U.S. workforce reports feeling stressed because of ineffective company communication, a 30 percent jump from just one year ago,” according to Dynamic Signal’s Annual State of Employee Communication and Engagement Study.

About two thirds of those surveyed said that they are ready to quit. The survey also found some 70 percent feel overwhelmed because of broken communication methods and fragmented information.

The problem is getting worse, says Dynamic Signal, an employee communications firm. That has led almost two thirds of workers surveyed to say they are ready to quit. High worker turnover has a huge price, the study noted, estimating it costs $24,000 to replace a worker.

Problems in New York

Employment agency Robert Half says it finds the same problems here in New York, especially among younger workers.

“We are seeing that workers are simply burnt out,” says Ted Collins, branch manager for Robert Half Resources in Midtown. He was citing a recent Half study. He added that, on a scale of one to ten for feeling burnt out, the average score was score was 5.6. Younger workers, the Half study said, have a burnout rate of 6.2.

Why are workers burning?

“The top reasons were career stagnation, constant interruptions and fires to put out,” he added. Other reasons were pay and stressful conditions. And, it is becoming a global problem.

Sez WHO?

The studies come at a time when the World Health Organization (WHO) has just officially recognized that worker burnout is a big problem. The group announced a new updated worker burnout definition in its new handbook of diseases. It calls worker burnout “a syndrome” and a “chronic workplace stress that has not been successfully managed.”

And what should companies do?

Collins says they should make a concerted effort to understand why workers are unhappy.

“The large majority of companies are not transparent with pay.” He argues that companies should be clearer on pay rates.

Why It Matters

I’ve worked in places where people were almost constantly leaving, even though pay and benefits were good. Again, it is time to mention the basic theme of GregoryBresiger.com: Save and invest on a regular basis. Work hard to achieve financial independence.

Why?

You never know when a great job can change into a disaster owing to a new boss or a company being bought out. Stressful jobs can happen suddenly, even though they had once been ideal workplaces. Save and invest on a regular basis so when the stress comes, you will have other options.


Gregory Bresiger
Gregory Bresiger

Gregory Bresiger is an independent financial journalist from Queens, New York. His articles have appeared in publications such as Financial Planner Magazine and The New York Post. His latest book "MoneySense" is available on Amazon. Got a question, comment, or anything else you'd like to provide? You can contact Gregory at: gbresiger@hotmail.com

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