I found this article so fascinating as it represents the internal changes going on within humanity that we are no longer willing to put up with unfulfilling J-O-B-S! Instead of seeing it through the typical eyes of oh my god, 2.16 people quit their jobs, look at what is really the undercurrent of this energetic wave….it is all good actually and taking us a step closer to freedom.-A.M.
Wed Apr 10, 2013 9:35 pm (PDT) . Posted by:
Business InsiderBy Vivian Giang | Business Insider – 4 hours ago
People are voluntarily quitting their jobs at the highest rate since the pre-recession era, according to the Job Openings and Labor Turnover Survey — known as JOLTS — published by The Bureau of Labor Statistics.
The report says that 2.16 million people quit their jobs in the latest data, which represents 53 percent of all job separations — this includes quits, layoffs and discharges — when accounting for retirees.
The graph below, published by Gluskin Sheff Research, illustrates the trend in the quitting rate and the number of people who have quit as a
percentage compared to the total number of people employed in the past decade:
Gluskin Sheff Research
So what does this mean about our labor market? In short, it’s an indication that people are confident that they can find other opportunities elsewhere and is “a sign of any sustained improvement in the labor markets,” Fed vice chair Janet Yellen said in a speech last month.
Peter Cappelli, a management professor at the University of Pennsylvania&#
So who are these workers? T here’s a good possibility that people are leaving their jobs to pursue freelancing, consulting or the entrepreneur route. This
need to work for yourself is predicted to reach 40 percent of the American workforce by 2020, and is most common in sectors of the economy that are growing.
Economist Robert Reich tells us that “at least [for] now, a few employees feel t hey can do better as consultants or freelancers,
“This has put a particularly heavy burden on working mothers and others who have primary responsibility for child care or elder care.”
Aside from those with an entrepreneurial mindset, another group of people who are quitting tend to be ” young, black, Hispanic, female [and] working class,” says Pat Buchanan at Free Republic. In this group, workers may be leaving to go back
to school for a chance of finding better jobs.
Although the demand for labor is on the rise, there has been a mismatch in the skills employers need and what’s currently available. According to the BLS, job openings have risen by 11.3 percent in the past year, yet hiring has declined by 1.6 percent, meaning that jobs are available but there aren’t enough people with the needed skills to fill them.
Although workers quitting may be tiresome for companies and HR, the bigger picture indicates that those in the workforce are confident about what’s ahead for the labor market.