People are quitting their jobs at record rates - Paycheck

People are quitting their jobs at record rates

There are a record 9.3 million job openings across the United States and yet nearly 4 million Americans left their jobs in April of this year. The rate of people quitting their job is 24% higher than it was before the pandemic. (Layoffs, which peaked at 13 million in March 2020, have come down to more typical monthly levels of under 2 million.)

Analysts say that workers are in a rare sweet spot to push for more pay, better work-from-home arrangements, and other perks.

Employers are basically left with only one option to try and keep their workers: raise pay. Some high profile companies have already raised wages (Walmart and Bank of America, for example.)ย 

Nowhere is this clearer than in the food-service industry, where the typical worker earns just $20,000 annually and has a quit rate that is double the national average. Pay is now increasing at twice the private-sector average, 4%, since just the start of the year. Not bad!

If the wage increases that we are already seeing continue to go up then average wages would grow at a rate above 3.5% this year โ€” the fastest rate in 13 years.

Have you gotten a raise at work?

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