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December 2022

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    ‘Quiet Quitting’ Surges in U.S. Financial Services as It Gains Steam Across Sectors

    The viral quiet quitting trend is taking hold in finance — once the industry with the most engaged workers, according to a new study.
     

    According to a recent study of more than 9,000 US full-time or part-time employees by Qualtrics International Inc., the proportion of workers who stated they are "very likely" or "very likely" to give their all to their employer has decreased overall since last year.


    Only hotels and food services and the finance and insurance sector saw larger declines, with approximately 8% fewer workers saying that they would give their all on the job. That represents a significant shift from 2021, when the finance and insurance sector reported having the greatest percentage of engaged workers (94%).


    The only industry with a net increase in workers who indicated they are very or extremely likely to give it their all in 2022 was education services, which won that distinction. With a 1% increase, it now has the largest percentage of extremely devoted workers (91%).


    Ben Granger, the chief workplace psychologist at Qualtrics, stated that a number of reasons, including the current pandemic, inflation, and geopolitical issues, are likely at play in the findings.
    He wrote in an email, "It's not unexpected that many individuals are examining the importance of work in their lives differently when you step back to contemplate this volatile external climate that we are in. And for some people, that entails letting up on the accelerator at the office.


    Quiet quitting isn't yet that common, though. Only 10% to 20% of workers in each of the 15 industries surveyed claimed they weren't giving it their all, according to statistics from experience management and software company Qualtrics. That figure is significantly lower than Gallup's estimate from its most recent employee engagement poll, which showed that 50% of the US workforce could be categorized as "silent quitters," who "perform the bare minimum required and are psychologically alienated from their job."
    The disparity can be attributable to the term's ambiguity; various meanings imply various measurement techniques, and there is a vocal group that believes silent quitting isn't really a phenomena.


    Regarding how we might truly quantify or detect quiet quitting, Granger remarked, "There are many outstanding questions." Organizational executives are worried about it because of how difficult to measure it is due to its silent character.