When American workers feel confident about the economy, they’re more likely to quit their jobs. If you Google the phrase, “can I quit my job?” the search results yield over 274 million results. American workers are looking at their prospects, but not making the leap to a new role while the economy is on shaky ground. That’s exactly what’s happening in the United States right now. Quit rates are the leading indicator of job market health, according to the U.S. Bureau of Labor Statistics and right now, they’re way down. In 2009, during the height of the Great Recession, quit rates fell to 1.2%. After ten years of economic recovery, the quit rate reached 2.4% in 2019, the highest it had been since the late 1990s. Right now, employees are more likely to hang onto the jobs they do have instead of risking their financial futures on unemployment.
Why should you care? Because unengaged employees are costing your organization money. When employees aren’t satisfied in their day-to-day work, they’re more likely to waste time on meaningless tasks that drive your human resources costs way up. According to McLean & Company, the cost of disengagement is approximately $3,400 for every $10,000 an employee earns. Can you afford to throw away 34% of an employee’s salary? Employees and employers alike are navigating the new future of work, and that includes new skills, ideas, and outcomes.
There’s a better alternative to a disengaged workforce. Engage your employees with digital credentials. Help them acquire skills that are not only relevant to their existing jobs, but the jobs that your organization will need in the future. By investing in employee retention and engagement, you’ll empower your employees to own their career path and you’ll allow hiring managers to use meaningful data to promote internally, instead of spending time and money looking for external candidates.
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