Jobs Openings at Record Highs — Because People are Quitting

Have you ever been so fed up with your boss or your current employer that all you wanted to do was stick it to them and quit on the spot?

While we’re certainly not one to recommend that you go burning a bridge as it pertains to your professional career, there’s arguably no better time than now to seek another position at another company if you’re working in the right field.

Why? Because there are a lot of job openings – and employers are having a difficult time filling them with qualified candidates. In fact, job openings have hit a record high, as the most recent Job Openings and Labor Turnover Survey (JOLTS) reported that nearly 7 million positions are available. You could say that the job market is a bit of a “seeker’s market” these days, as employees have more leverage when it comes to negotiating salary and benefits when making a move career-wise. Perhaps that’s why more people than ever are putting in their two-week notice with their current employer.

Why Are People Quitting?
The economy is so good right now, and unemployment numbers are so low, there’s high demand for qualified workers. So much so that workers who leave one position and take a similar role with another company could earn up to 30 percent more from a job switch. It’s why roughly 3.4 million workers put in their notice in the month of April – not to become entrepreneurs, but to seek employment elsewhere, and for more money. In fact, it’s estimated that one out of every six unemployed professionals aren’t working on purpose. And they’re banking that they won’t stay out of work for long.

What Industries are Hiring?
The big industries right now are manufacturing, finance and insurance. However, just because your industry isn’t a “big” one doesn’t mean that things aren’t going well in your field of work. It’s estimated that the labor force added more than 200,000 positions last month. When you couple this with the fact that workers are earning about 3 percent more per hour than they were a year ago – a post-recession milestone – then it paints a nice picture for employment moving forward.

What Can Employers Do?
While worker turnover is a part of any industry, it certainly behooves employers to retain their current employees – especially if they’re exceptional ones. For instance, most studies state that it costs companies about $4,000 to hire a new worker when you factor in job posting fees, training costs and productivity lapses as vacant positions are filled. The average time to fill a vacant position is anywhere from 40 to 55 days.

Here’s a look at some things employers can do to keep their current staff happy:

Flex time: Flexible schedules or offering work-from-home options for employees can keep workers satisfied as their work becomes more convenient for their personal lives as well.
More vacation: Who doesn’t like more paid time off?
Better 401K matches: Even just matching 401K contributions by one more percent can make a big difference.
Employee appreciation events: Special team outings and parties can help build camaraderie and boost employee morale.
Growth opportunities: If employers show they can help workers prosper and meet their career goals, they’ll be more likely to stay longer.
More money: This isn’t always easy for employers to do, but being that one of the biggest reasons why so many workers are quitting is for a bigger paycheck, making sure that you’re paying competitive salaries is obviously big. Employers have to invest in good talent.

With the economy good and jobs being added to the workforce, workers are likely going to continue to put in their two-week notices if there’s the promise of a bigger pay day elsewhere. It’s going to be up to employers to come up with the solutions to retain their best employees or else risk losing them to their competition.

Regards,

Ethan Warrick
Editor
Wealth Authority


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