The rise of quitters?

More than 3 million people quit their jobs in December — more than any month since 2006, according to a recent report from the Bureau of Labor Statistics.

Normally, a high quit rate is indicative of an improving economy, because it shows people feel confident enough to leave behind jobs in search of more satisfying or better paying ones. Indeed, the BLS found job openings in December hit their second-highest level since the bureau began recording these figures in 2000. However, economists believe another factor might be contributing to the rise of quitters: Millennials, the largest population in today's workforce, seem to be more eager to switch jobs frequently, according to Bloomberg Business.

The Pew Research Center found that in 2015, people aged 18 to 34 became the largest segment of the U.S. labor market — going 53.3 million strong — and it is expected to continue growing.

The majority of millennials indicated they intend to leave their jobs in the near future, according to a Deloitte survey of 7,500 college-educated professionals born after 1982 in 29 countries. Approximately 66 percent of survey respondents said they hoped to have a different job within five years, 44 percent said they would quit within two years and 25 percent said they would leave their jobs this year to "do something different," according to the report.

Millennial workers in the U.S. exhibited slightly more loyalty than their peers across the globe, but not significantly. Just 29 percent said they planned to stay in their current company for more than five years, according to the report.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars