COMP News – A record number of Americans are quitting their jobs for better pay and benefits amidst what economists have called “The Great Resignation.” Many employers will need to implement new compensation structures if they want to hire and retain talent.

A record 4.5 million American workers quit their jobs in November as the “Great Resignation” continues to affect the labor market, according to data released Tuesday by the US Bureau of Labor Statistics. Employee layoffs and firing rates remained unchanged from previous months.

One reason for the Great Resignation is that a large number of employees are searching for remote work opportunities.

“With a record number of job openings and the rise of remote work, barriers to job switching are now lower than ever,” Kevin Harrington, CEO of employee-search company Joblist, said in a statement. “Employees are taking advantage and demanding higher pay, better benefits, increased flexibility, and more to join and then stay. For 2022, employers need to listen to the market and adapt quickly in order to remain competitive.”

Joblist recently conducted a survey in which they learned how many current employees across different industries were planning on quitting their current job.

Joblist today released the results of a survey more than 20,000 job seekers from across the United States conducted over the past three months. According to the survey, 74% of full-time employees and 51% of part-time workers says they’re planning to quit their jobs this year.

As our current economy continues to navigate through the Great Resignation, many employers are going to have to adapt to the new environment. The companies that are going to get through this Great Resignation are the companies that are implementing better benefits for their employees as well as remote work opportunities.

To read more about The Great Resignation has become The Long Resignation, click here.

For more Comp News, see our recent posts.

 

Comp News by CompXL

Comp News is brought to you by CompXL, the flexible compensation software provider that enables mid- to large-size organizations to implement competitive pay structures such as multi-factor bonuses and variable incentive pay.

 

CompXL is now part of the Salary.com family!

Together, we're redefining the future of compensation management.

Schedule a demo on the Salary.com website!


Request A Demo
Read the Press Release