January 11, 2022
Yahoo! News recently published insight from Jay Zagorsky, Senior Lecturer in Markets, Public Policy, and Law, on his analysis of the recent workforce data released by the Bureau of Labor Statistics.
The article discusses the surprising numbers recorded in the Job Openings and Labor Turnover Survey, which state that 33 million people left their positions since April 2021, over a fifth of the total U.S. workforce. Jay argues that calling these current levels a “record” is not necessarily accurate, due to the data only going as far back as a little over two decades. He maintains that although the numbers of citizens quitting their jobs is higher, it does not earn the moniker of “great.”
“Research shows employers can minimize turnover by many different methods, such as by giving workers a sense of purpose, letting them work in self-directed teams and providing better benefits.”Jay Zagorsky
Senior Lecturer in Markets, Public Policy, & LaW
Data from ADP has revealed that the job turnover rate is almost three times the national average, which Jay says is a problem that appears to predate the pandemic. The quit rates showcased in this data reflect worker dissatisfaction with their employers, which Jay elaborates on suggesting steps employers can take to retain their employees. He concludes by emphasizing that the “Great Resignation” everyone is talking about isn’t as great as it seems, since U.S. workers have been quitting for years.