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As someone who is just about to send in my resignation letter today, I can say it's definitely my manager. Interesting work is essential, but I think most of us have been in the situation where transitioning to it is impossible due to a hostile work environment.

In my case I've given it a lot of thought, and even engaged in new projects which have been more interesting and successful, but it's still quite clear that I have to leave.

I want to say it depends on the job, but for white collar work I definately agree.
This kind of resonates with me. I can do my job without much problem, I earn a decent amount of cash but I can't shake the feeling that somewhere out there is a job where I can become everything I could possibly be. In part I feel like this because my work is heavily bound to the vision of the other people and I don't have much say in how I do certain things.
Maybe this makes more sense when you working at Facebook or Google and already earning top dollars with your stock options rising every year. In a situation like that you start looking for higher meaning with your work.

But for the vast majority of folks they get less than satisfactory salary, uncertainty about the prospect of the company. In a situation like that may be the dynamics and incentives would vary widely ( work satisfaction could just be a little piece of the puzzle)

I find that the desire to leave gets really strong when I begin to struggle with work. I'd rather walk away than be seen as incompetent.