4.3 million people quit their jobs in August, nearly 3 percent of the workforce
By Eli Rosenberg, Abha Bhattarai and Andrew Van Dam for The Washington Post |
Islam News- The number of people quitting their jobs in the United States has surged to record highs, pushed by a combination of factors that include Americans sensing ample opportunity and better pay elsewhere.
href=”https://www.washingtonpost.com/business/2021/10/12/jolts-workers-quitting-august-pandemic/”>The Washington Post reported, Some 4.3 million people quit jobs in August — about 2.9 percent of the workforce, according to new data released Tuesday from the Labor Department. Those numbers are up from the previous record, set in April, of about 4 million people quitting, reflecting how the pandemic has continued to jolt workers’ mind-set about their jobs and their lives.
The phenomenon is being driven in part by workers who are less willing to endure inconvenient hours and poor compensation, who are quitting instead to find better opportunities. According to the report, there were 10.4 million job openings in the country at the end of August — down slightly from July’s record high, which was adjusted up to 11.1 million, but still a tremendously high number. This gives workers enormous leverage as they look for a better fit.
The implications of this shift could be long-lasting.
Normally, churn in the labor market reflects workers feeling more confident in the economy, willing to risk the security of their current job for a new opportunity. But the scale of these new changes — and the larger economic transitions they signal — has added an element of unpredictability. Workers and employers are reassessing their approaches amid a continually evolving public health threat.
Many businesses say they are finding this new dynamic challenging as they struggle to retain employees and find qualified candidates for open positions. Some businesses have found success by increasing pay and compensation.
Warehouse jobs — recently thought of as jobs of the future — are suddenly jobs few workers want
On the other hand, many workers, particularly those who lost jobs early in the pandemic, might need to find ways to retrain and add skills for new careers. Many workers have decided that low-paying jobs, or work that requires a long commute, are not desirable, but they could need new skills to fill jobs they desire more.
These changes are happening rapidly. The Labor Department data shows that about 892,000 workers in restaurants, bars and hotels quit in August, as well as 721,000 workers in retail. An additional 706,000 employees in professional business services and 534,000 workers in health care and social assistance also left jobs.
In almost every sector tracked by the Bureau of Labor Statistics, workers are quitting at or near the highest levels on record, going back to when tracking began in 2001. But even in a time of records, the speed of quitting among low-wage service workers stands out. Almost 2 in 5 workers (38 percent) who quit in August worked in retail or in restaurants and hotels. Quitting in manufacturing is not as high as in the low-pay service sectors, at 2.5 percent, but it has accelerated every bit as quickly as factories race to poach one another’s workers and increase production as supply-chain issues reshuffle the global manufacturing landscape.
Source: The Washington Post