Record-breaking numbers of employees are quitting their jobs—just one of the thorny variables in a volatile labor market characterized by high unemployment, a record number of job openings and frustrating labor shortages in key sectors.
We've rounded up articles and resources from SHRM Online and other media outlets on the news.
Jumping Ship
Nearly 4 million people quit their jobs in April, pushing the quits rate to 2.7 percent of those employed, a series high since the metric has been recorded in 2000. The rate was especially elevated in the leisure and hospitality industry, where competition for workers has been fierce.
Optimism for Workers, While Employers Struggle
While a high quits rate can hurt employers with turnover costs and business disruptions, labor economists typically agree that employee churn is a positive signal of a healthy labor market and workers feeling confident about seeking better opportunities.
Pent-Up Demand
Economists believe that one reason the quits rate is so high is simply the market correcting itself. It is believed that millions of workers who stayed in their jobs last year would have moved on absent the pandemic, and now they are ready to make that move.
Weathering the Storm
HR professionals can take steps to reduce this year's predicted "turnover tsunami" and help retain their workforce.
Strong Job-Hopping Trend
Even before the pandemic, the employee quits rate had risen each year since 2010.
[Want to learn more about retention? Join us at the SHRM Annual Conference & Expo 2021, taking place Sept. 9-12 in Las Vegas and virtually.]
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