Many believe in choosing a job you love, and you will never have to work a day in your life. Pleasure in what one does puts perfection in the role, and as much as many Americans love what they do, some still find themselves quitting their jobs. Each day in work presents a new challenge, and the need for better working conditions and pay is causing many Americans to leave their jobs.
Since the dot-com era, Americans have been quitting at rates which have never been seen. The US Bureau of Labour Statistics states that 3.4 million people left their jobs in April 2017, which is double the number of 1.7 million workers who had been given pink slips in the course of the month and close enough to 2001 peak. The quitting rating also becomes the highest since June 2006.
Looking for greener pastures and more satisfying jobs can be rewarding. The Federal Reserve Bank of Atlanta finds out that 30% of Americans who switched their jobs in May managed to net larger paychecks than those who decided to say out and be satisfied by their current positions. The strong labour market has encouraged more and more Americans to quit their jobs.
To reduce the rate of quitting, many institutions have had to conform to the needs of their employees by;
Offering better working conditions which are contrary to what they would have done years ago
Wall Street Journal recently received word that employers have had to allow their employees to push back their start time due to other issues
Raising the base wage of employees
One large retail reported that it had no difficulties finding quality job candidates throughout the District after effecting a rise in the employee’s wages.
The fastest rate of Americans quitting their jobs in May since 2001 shows that workers feel right about the economy in a way that they are ready to leave a company for another. In July this year, the percentage of those in the private sector who quit their jobs by choice rose from 2.5% to 2.7% as stated by the government. The quit rates among all employees rose from 2.3% to 2.4%; hitting the highest levels since 2001.
It is said that it’s always good to have a job, but it is even better of you can quit a job. Many Americans who have left their roles in the recent past believe that quitting is not giving up, but making a bold choice to focus their attention on something more important.
A high quit rate is a characteristic of a robust American economy; for this very reason, it portrays that the employees feel confident about finding a more better-paying job if they left their current places of work. Statistics say that 25% of employees have quit their jobs due to work stress.
Factors Which Predict American Employee’s Turnover
The following factors predict if an employee will go or stay as they move on to the next responsibility in their career path;
The culture of the company
Employees who have better career opportunity ratings, company ratings, and values and culture will cause the employer to remain in the job as they progress to their next level. Improvement of the overall rating of the company by a single star will raise odds that the employee will stick to the job for the future responsibility by 4%
Payments also matter for turnover of employees
A 10% increase in base pay has risen the likelihood by 1.5% that an average employee is bound to stay in the company as they progress to their next role, even after controllable factors such as industry, job title, location and company size
The retention of employees is hurt by job title stagnation
For every additional ten months during which an employee keeps stagnating in the same role, there is a 1% possibility of them leaving the company after they have finally progressed to their next position.
What generally impels employees to quit is the fact that many do not like their bosses, there are no opportunities for growth and promotion, and the fact that they have gotten better gigs of higher pay.
Looking at not just how and when workers quit but also when, research finds that what affects people is where they are in life; their sense of progressing in life and where they are as compared to that of their peers and other people. The expectations they had about where they would be at this particular moment also has to do with quitting jobs. American companies and organizations should thus focus on the moments which allow employees to make the individual comparisons.