Dive Brief:
- Job switching is at a record high, according to a new report from ADP Research Institute (ADPRI), Revelations from Workforce Turnover. The report identifies “at risk” employees, the highest of which are in retail, food services, arts and entertainment.
- In addition, ADP's report notes that an average of 60-70% of employee turnover is voluntary, and six main factors are driving that job-switching: pay; promotion; overtime/premium time; commuting; experience and tenure.
- ADPRI says it analyzed two years of monthly aggregated and anonymized payroll data from more than 41,000 companies and 12.5 million employees.
Dive Insight:
The report delves into specific reasons for voluntary separation — valuable information for those looking to hire.
As many recent studies show, competitive pay continues to top workers' wish lists. Employers have been slow to increase wages recent months, but some experts are suggesting that above-market pay is the only surefire way to remain competitive in this labor market.
Advancement comes in second which, again, should be no surprise. Employers often focus on career development for workers, but sometimes fail to offer a an actual path for promotion. When employees do find advancement opportunities, it's with other companies 93% of the time — bad news for those tasked with improving retention but good news for recruiters.
