Some people part of the Great Resignation may be “quick quitting” and leaving jobs that they’ve been at for less than a year.
LinkedIn data shows the year-over-year change in the short tenure rate cooled recently before ticking up again.
Recession fears may impact those thinking about quick quitting.
The Great Resignation in the US has been running strong, with companies struggling to hold onto employees who are ready to quit and seek out new opportunities in a tight labor market.
But there’s a new twist: “quick quitting,” which LinkedIn defines as leaving a position that they had for less than a year, according to its data.
People who are now thinking about quickly leaving behind positions, however, may be less interested in saying goodbye to their job given a potential recession next year.
“Quick quitting rising very much at the beginning of this year was reflective of a really hot labor market where workers had a lot of options, lots of bargaining power,” Guy Berger, LinkedIn principal economist, told Insider. “The slowdown in the growth of quick quitting reflects the pendulum swing a little bit the other way and it could continue to swing if we tip into a recession.”
The following chart shows the year-over-year change in the short tenure rate, or the share of positions that are held for less than a year, over time from LinkedIn. It’s important to note that this data doesn’t just include quits as it includes both voluntary and involuntary separations.
As seen in the chart, the year-over-year change of the short tenure rate on LinkedIn has cooled from March 2022 before rising again recently in September and October.
Although we’re not in a recession yet, Berger said he expects the number of quick quitters to start falling, since workers who “aren’t at an immediate risk of losing their job will have less opportunities out there in the coming months.” He added that “they might also be a little more cautious and a little more nervous.”
“And that’s almost a story not so much about right now, even though we see in the overall growth in quick quitting moderate, but more of a story about maybe six months from now when things do slow down further,” Berger said.
Those in white-collar positions may be concerned about what a likely mild recession means next year. William Lee, chief economist at the Milken Institute, previously told MarketWatch, that …read more
Source:: Business Insider