According to a recent report from the Bureau of Labor Statistics (BLS), nearly 3.1 million Americans voluntarily quit their jobs in December 2015. This is the highest number of voluntary quits since December 2006, which is alarming news for today’s organizations.
More Americans are quitting their jobs partially due to the rising number of job openings, which BLS reports increased to 5.6 million in December 2015. With a surplus of jobs available, job seekers have more options than at any time in the past decade—making it substantially easier for employed job seekers to find and switch jobs. As competition for talent intensifies, employers will raise the bar in terms of offerings—increasing the incentive for employees to leave their current roles for a new, better opportunity.
More voluntary quits also suggests that today’s employees are more willing to leave their jobs when unsatisfied at work. Considering that 70% of Americans aren’t engaged at work, job dissatisfaction—coupled with confidence in the ability to find a new job—is likely a significant factor as to why more employees are calling it quits.
What Does This Mean For My Company?
With more employees now leaving their jobs, it’s critcal that your company embraces a positive company culture and employment brand that motivate employees to stay. Implementing and maintaining strategies to keep your employees happy and engaged can curtail turnover, as well as entice new employees to join. Some best practices include improving communication among staff, rewarding high-performing employees, and offering better benefits—both monetary and intrinsic.
Also, because more employees are willing to leave their current roles, it’s the ideal time for your company to recruit and target more currently employed job seekers. Encourage employed job seekers to join your team by explaining and promoting your career opportunities and what makes your company better than your competitors. Define specific reasons why job seekers should work for you, and share these reasons at networking events and on various online platforms. It’s also important that you market and optimize your available jobs so that more employed individuals will discover and engage with them.
Being selective with who you hire can also increase the chances that the employees you bring on will stay with your company. Look for candidates that align within your company culture and employment brand, as bringing on employees who don’t truly fit will severely increase the chances of turnover. Recruiting candidates who fit your organization will improve your hiring success and overall employee retention. You can attract more candidates that belong with your organization by sharing your brand’s story online and in person, tailoring your career site to your target audience, and posting your jobs on relevant job boards.
As the employment market heats up, job seekers and employees increasingly find themselves in the driver’s seat. With more options and confidence in the market, after a decade of trepidation and stagnation, movement between jobs and companies is more likely to occur. Position your company to take advantage of the current employment market, while minimizing your risks of turnover. By creating a strong company culture and sharing why your company is the employer of choice for your target candidates, you will minimize voluntary quits and hire employees that are more likely to stay with your company for years to come.