COVID led to the Great Resignation and businesses around the U.S. and the world lost employees at a frightening level. Since COVID let up, businesses have tried to return to some semblance of normal. In some cases it has worked and in others returning to normal hasn’t been that easy.
As you know, retention in the insurance business has always been tough. COVID didn’t help and the COVID recovery hasn’t led to much improvement.
WalletHub is a personal finance website and is a great source for statistics on what is happening in business. Its latest survey has to do with employee retention. WalletHub found stats from the World Economic Forum that said in October of 2022, about 2.6% of the workforce quit their jobs.
That’s a lot of jobs though not as worrisome as the 2021 figure of 4.5 million who bagged things and left for parts unknown. Usually, that was other companies, or self employment.
Resignation rates continue to be a big concern says Benjamin Biermeier-Hanson of Radford University.
“While some states certainly have higher resignation rates, the driving factors behind employees resigning in great numbers are pretty consistent,” Biermeier-Hanson said. “Burnout, often as a result of an unsustainable workload, lack of opportunity for advancement and poor leadership are all reasons why employees resign.”
MITs Lotte Bailyn agrees and worries about how businesses can survive in this kind of a business climate.
“A scarcity of workers is a problem, but perhaps employers could use the occasion to rethink their expectations about work — to consider more carefully the needs of employees and how they can meet them,” Bailyn said. “This could be a win-win situation.”
Here are the five states with the highest number of resignations. Two of them are the PIA Western Alliance States of Montana and Alaska who come in at numbers 3 and 4.
1. Kentucky
Resignation rate in the last month: 3.60%
Resignations last 12 months: 3.57%
2. Georgia
Resignation rate in the last month: 3.40%
Resignations last 12 months: 3.83%
3. Montana
Resignation rate in the last month: 3.30%
Resignations last 12 months: 3.63%
4. Alaska
Resignation rate in the last month: 3.00%
Resignations last 12 months: 4.24%
5. South Carolina
Resignation rate in the last month: 3.30%
Resignations last 12 months: 3.44%
The rest of the top 10
6. Tennessee
7. Louisiana
8. West Virginia
9. Wyoming
10. Delaware
The rest of the PIA Western Alliance States:
12. Arizona
Resignation rate in the last month: 2.90%
Resignations last 12 months: 3.40%
14. Nevada
Resignation rate in the last month: 3.00%
Resignations last 12 months: 3.06%
17. Idaho
Resignation rate in the last month: 2.80%
Resignations last 12 months: 3.30%
24. New Mexico
Resignation rate in the last month: 2.60%
Resignations last 12 months: 2.83%
27. Oregon
Resignation rate in the last month: 2.50%
Resignations last 12 months: 2.84%
32. Washington
Resignation rate in the last month: 2.50%
Resignations last 12 months: 2.42%
45. California
Resignation rate in the last month: 2.10%
Resignations last 12 months: 2.34%
Source link: WalletHub — https://bit.ly/3ZUVx3L
Source link: Employee Benefit News — http://bit.ly/3o6AmOT
