The concept behind quiet quitting may not be entirely new, but now it has a catchy name and TikTok trend to back it up.
While the term quiet quitting has gained the most steam, some are rebranding it as a work-life balance and saying goodbye to the days of workaholics.1 Employees who are quiet quitting are still fulfilling their job duties, they just aren’t working extra hours and making their job the main aspect of their lives.2 So, let’s talk about quiet quitting and how it may or may not affect your business.
So, what is quiet quitting anyway? Essentially, quiet quitting means an employee meets the requirements of their job description and duties but doesn’t go above and beyond to live and love their job.
What some are using to scapegoat employees or younger generations may point to a larger issue for employers: low employee engagement. Instead of blaming employees for quiet quitting, employers should consider the cause of this behavior and how they may address it.
However, it appears quiet quitting may not be as prevalent as it seems. According to Joblists’s U.S. Job Market Report: Q3 2022, only 9% of employees say they’re working less hard now than they were six months ago. In fact, 50% say they are working just as hard and 41% say they are working harder.3 This data suggests that employee wellness and burnout may be bigger issues to focus on.
When considering the reasons behind quiet quitting, it turns out that burnout and stress are the main causes. Quiet quitting is how many employees are dealing with burnout in their jobs and reducing stress.4
According to research, 49% of employees have said they are burned out and 53% of employees haven’t received a raise in 2022 (despite record inflation).5 These two factors are converging to foster a disengaged workforce that isn’t putting in extra time but instead focusing on their well-being.
Instead of blaming employees for quiet quitting, employers should consider how they can better support their workforce to keep them satisfied in their position which should lead to greater engagement and employee retention.
Employers should further invest in their employees and show that they care about their overall wellness. Companies can show support by helping employees improve financial control through stronger employee incentives and rewarding employees for their hard work.
According to a DailyPay survey, 74% of users said their financial stress was reduced after using on-demand pay from DailyPay.6 Additionally, 89% of employees reported feeling more motivated and productive at work when they had access to their money before payday.7 Learn more about improving employee engagement.
Creating an employee-first culture within your business is a valuable strategy to keep employees satisfied and increase productivity. Building an employee-first culture can include adding benefits like on-demand pay and other talent attraction and employee retention programs to further support employees.
Businesses looking to support employees, increase engagement and build a stronger culture are considering modern pay and employee retention benefits that include earned wage access. With earned wage access through DailyPay, employees can more easily align their financial resources with personal needs and avoid expensive alternatives such as payday loans and late fees.
The DailyPay Solution extends the benefit of earned wage access by providing additional capabilities to re-imagine rewards programs and off-cycle payments.
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