Americans are leaving their jobs in droves.
In August 4.3 million Americans quit their jobs. While some people have left the workforce entirely, job security and better pay are top concerns for others.
The quits rate, which is measured against total employment, rose to a series high of 2.9% in August, according to the Labor Department’s Job Openings and Labor Turnover Survey.
“We were all able to take a step back in the last year and spend more time doing other things and really question the value of what we’re doing at work,” said Anthony Klotz, a management professor at Texas A&M University. “A number of people have made the decision, ‘I need to make a change.'”
Dubbed “The Great Resignation,” the exodus of workers has created hiring challenges for companies and left millions of jobs unfilled.
More than half of U.S. workers surveyed said they plan to look for a new job in the coming year, according to Bankrate’s August job seeker survey. Some 56% of respondents said adjustable working hours and remote work are a priority.
Working women have faced an additional burden, juggling child care duties, virtual schooling and their careers.
So, what does the realignment of the workforce mean for employees and businesses? And what steps should you take before quitting your job?
Watch the video to find out what’s next for workers.
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