Currently, in the United States, employees are changing jobs every 4.2 years according to the Bureau of Labor Statistics. The pandemic and other economic factors have accelerated that rate.
Two of every five workers who switched jobs in the past year are already looking for work again according to a survey published in April by Grant Thornton.
21% of American workers changed jobs in the last 12 months according to the company’s State of Work in America survey.
“The power is going to the employee right now,” said Tim Glow, who leads Grant Thornton’s employee listening and human capital services team. “They are in the driver’s seat.”
Those leaving jobs say pay and benefits are huge factors in leaving. However, of the 40% looking to make a move again, many say the pay increase they took when changing jobs wasn’t enough to keep them in their current job.
The Great Resignation is creating an opportunity for employees, and employers are looking at increased pay and benefits to keep workers happy.
Employees making a shift successfully are willing to leave a job again for a better work environment. And experts say more pay or better benefits are valid reasons to continue looking for new employment.
In the past, experts recommended staying at a job for three-five years before moving, but The Great Resignation has changed the status quo.
So what can employers do to keep their workers?
Gallup’s research shows employers that who create a strategic, values-based program have a better chance of keeping and attracting employees. Highly engaged teams – that employ a holistic approach to wellbeing – quadruple their potential for success. And according to the American Psychological Association, 89% of employees are more likely to recommend their company if the organization supports wellbeing initiatives.
Employees not engaged with employers who build engaged teams can search for companies that live by that approach.
As Jerry Cahn of Forbes says, a better term for this period of employee power might be the Great Exploration. Employees looking for something more have a chance to do just that. And employers that offer more have a better chance of acquiring and retaining their team members.