Americans are Quitting at a Pre-Recession Rate
American workers are feeling much more confident lately and have been quitting their jobs at a rate that hasn’t been this high in five years. In fact, a new survey from the Bureau of Labor Statistics found that people are quitting at the highest rate since before the recession hit.
According to the survey, 2.16 million people quit their jobs, which accounts for 53 percent of all job separations. This figure also includes layoffs and discharges.
This information is definitely a sign that people feel they can find opportunities in other places and is perhaps even an indication that the labor markets are beginning to show improvement. According to a management professor at the University of Pennsylvania’s Warton School of Business, this confidence in knowing other opportunities exist happens when the economy is growing. Basically, people are confident enough in their own abilities that they can make a living doing something they enjoy, rather than staying with a job that doesn’t make them happy.
A great deal of these workers are people who are looking for opportunities in freelancing, consulting, or as entrepreneurs. In fact, by 2020, it is predicted that 40 percent of the American workforce will be working for themselves.
The survey also found that there just aren’t enough workers who fit the skill sets employers are looking for. In the last year, job openings have increased by 11.3 percent, but hiring has actually declined by 1.6 percent. While a lot of this is likely due to the growing number of entrepreneurs, these numbers also show that job candidates just aren’t matching the skills employers seek.
On the bright side, this newfound confidence American workers have in being able to find opportunities outside of their current positions likely means the economy is starting to look a little brighter.
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