More U.S. workers are quitting their jobs than at any time in at least two decades. In April, the share of U.S. workers leaving jobs was 2.7%, according to the Labor Department, a jump from 1.6% a year earlier to the highest level since at least 2000. So why is it happening?
1. Human resource executives and labor experts foresee a wave of resignations in the coming months and years.
In a March survey of 2,000 workers by Prudential Financial Inc., one-quarter of respondents said they plan to soon look for a role with a different employer. “People are
seeing the world differently,” says Steve Cadigan, a talent consultant who led human
resources at LinkedIn during its early years. “It’s going to take time for people to think
through, ‘How do I unattach where I’m at and reattach to something new?’ We’re going
to see a massive shift in the next few years.”
2. There are a number of reasons why people are quitting their jobs, including a desire for more flexible work arrangements and burnout from extra pandemic workloads.
Many people are pushing back against a return to business as usual. Some prefer the
flexibility of remote work while others are reluctant to be in an office before the virus is
vanquished. Some workers are burned out from extra pandemic workloads and stress,
and others are looking for higher pay.
3. Employers are trying to head off the loss of talent.
Employers are seeing turnover with their newest employees. At Schneider Electric North America, 65% of the employees identified as high potential got promotions or new roles in 2020, said Mai Lan Nguyen, the industrial company’s senior vice president for human resources. “We’re all on our toes. The best talent out there have many options,” she said.
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Source: Wall Street Journal