Practically every employee at any organization has at least entertained the prospect of leaving their current workplace. Whether a fleeting thought or a serious consideration leads them to actively pursue other employment, this is the reality of the current marketplace.
We are in the midst of unprecedented times of employment activities. While it is well documented that baby boomers are staying in the workforce longer than ever, the sheer size of the generation still equates to thousands of them retiring every day. In addition to the positions that baby boomers are leaving vacant, new jobs are being created all the time. Currently, there are more jobs available than people looking for employment, creating a job surplus that is growing daily.
This job surplus has been coupled with historically low unemployment rates (3.7% in 2019) that we have not experienced since the 1960s. With excess jobs and fewer people to fill them, there has been a power shift in workforce dynamics from the employer to the employee. Many employees who thought the “grass is greener” elsewhere were in the past too fearful of the unknown to pursue a new position. Now, they know they are in high demand and are more likely to make a move. As a result, turnover rates across all industries have exceeded 44% annually, driven by 27% quit rates.
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