The Great Resignation is officially in the rearview mirror.
Post-pandemic, many workers were eager to jump ship in search of higher pay, better benefits, and other perks, including remote work arrangements. But the labor market has shifted again. The latest trend is one previous generations have long adhered to: job stability.
State of the Job Market
Nearly 3 in 4 workers intend to stay put at their employers this year, according to a recent survey by recruitment company Adecco.
And data from the labor department backs this up. The quits rate — the number of resignations as a share of employment — remained at 2.3% throughout the second quarter, down from a peak of 3% in April 2022. That might not sound like a big difference, but projected on the full might of the American labor force — some 168 million people — it’s a big deal.
The numbers show that attrition has come down at companies across the board. And in response, many companies have slowed hiring.
But lower rates of employee turnover also brings problems. When fewer workers quit, companies may have to rethink their budgets, postpone projects, cut staff, or try to entice workers to leave on their own terms.
Read more reporting here .
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