The share of US workers quitting their jobs is at its lowest rate in 3.5 years, a signal that the economic phenomenon known as the Great Resignation is over, according to a report published Wednesday.
A massive wave of workers in all kinds of industries left their positions following the earliest wave of the COVID-19 pandemic — a trend from which most nursing homes across the US are still trying to recover.
Data from the Bureau of Labor Statistics shows the number of quitters as a share of all employed people continues to fall nationally. In November 2022, 2.7% of all employed Americans quit their jobs. November 2023 data just reported earlier this month revealed that rate had dropped by a net 20% — to 2.2%, only slightly above the August 2020 rate of 2.1%.
It could be a good sign for long-term care operators.
The new report from a human resources technology firm did not break out “quit rates” by sector, but skilled nursing has traditionally benefited when job markets tighten. In addition to fewer quits, the BLS data for last November showed a 3.5% dip in hiring.
Recruitment and retention experts specializing in skilled nursing told McKnight’s Long-Term Care News Wednesday that they had seen some limited progress on turnover in recent months.
Despite the cultural shift viewed as the impetus behind the Great Resignation, workers have learned critical lessons about job hopping and may be less inclined now to leave in search of greener grass, said Cara Siletto, president and chief retention officer of Magnet Culture.
“Most industries are still hiring, so employees have a choice to go elsewhere. However, many employees have realized how painful changing jobs can be and realize they should put a bit more thought into jumping before they do so,” Siletto said.
The senior care clients she supports through training and retention programs have reported a slowdown in turnover over the past six to eight months, a sector trend also observed by other salaries and benefits experts.
Strategies such as providing significant pay increases and paying better attention to and making financial investments in their workers’ job satisfaction are also finally delivering for senior living and care organizations, she added.
She has advised several clients to create regional or community-level retention directors or employee engagement managers to oversee retention initiatives.
“This means they have someone in place to identify new, meaningful metrics to track and have someone dedicated to launching new onboarding tactics, better company communication [and] creating leadership development programs to make bosses better throughout their communities,” she said.
Katie Piperata, an executive search consultant for senior care recruiter MedBest, said she was seeing mixed retention indicators depending on job type. Employees continue to leave leadership roles she said, with her firm’s business connected to interim hires for such roles up in early 2024 compared to the final quarter of 2023.
But she reports less turnover among frontline staff, as evidenced by lower contract staffing bills.
The rate of quitting can vary by job and industry, but also by location.“With the workplace continually improving its work-life balance culture, the benefits for both employees and employers includes the fostering of a healthier, more engaged workforce,” said Phil Strazzulla, CEO of SelectSoftware Reviews, which issued Wednesday’s report. “Companies that prioritize this are more likely to attract talent, experience higher employee retention rates, and enjoy increased productivity and morale.”
