Retaining Employees Amid the Emerging "Quick Quitting" Trend
As employers navigate trends such as "quiet quitting"—a new term that has risen to the forefront of the employment landscape—new data reveals that many workers are "quick quitting." That is, in certain industries, workers are quitting their jobs before the one-year mark. The emergence of this trend demonstrates that workers in the United States are getting more comfortable leaving their jobs. With each job switch, most workers earn more money and gain a leg up on their peers who remain at an organization for long periods.
This article explores the trend of quick quitting and ways employers can improve employee retention.
"Quiet quitting" has been the latest workplace buzzword to go viral online, but new data reveals there may also be another phenomenon for employers to worry about as quick quitting becomes more popular among workers. So, what's the difference? Quiet quitting is where workers only do what their job description entails without going above and beyond in their position. On the other hand, quick quitting is where workers outright leave their jobs quickly.
LinkedIn's Workforce Report found that more workers in the United States are leaving their jobs after only being with an organization for a short time, and many are quitting in under one year. The report analyzed the short tenure rate (STR), the fraction of positions that end after being held for less than one year, and noticed an increase across industries over the last couple of years. Short tenures started to rise in August 2021 and peaked in March 2022, when the STR was up 9.7% year over year.
Some industries are seeing a more prevalent rise in quick quitting than others. Consider the following year-over-year changing STR rates for various industries in August:
These numbers show that, in general, workers are spending less time at jobs, particularly in white-collar industries. Skills for workers in those industries are currently in demand and often well compensated for, so there's a sense of leverage for those workers looking to make a switch. For other industries, that isn't the case, and that's reflected by a lower STR.
These numbers show that, in general, workers are spending less time at jobs, particularly in white-collar
industries. Skills for workers in those industries are currently in demand and often well compensated for, so there's a sense of leverage for those workers looking to make a switch. For other industries, that isn't the case, and that's reflected by a lower STR.
In general, today's workers want to find a job that pays more, is more fulfilling or offers flexibility. Workers have had time to reflect on their jobs and consider opportunities with a fresh perspective, and they aren't afraid to leave right away if the job isn't what they expected.
An employee's first 90 days on the job have traditionally been the most important ones for retention, and they are even more critical amid the emerging trend of quick quitting. If employers aren't making a good first impression or the work environment isn't living up to expectations, employees may be quick to leave the organization. To increase employee retention, especially during a worker's first year, employers can consider the following tips:
Quick quitting is the new term for the trend of employees leaving their jobs before hitting the one-year mark. Employers should be aware of the trend and that it will impact every workplace differently. Ultimately, many workers want to find a job that offers meaning and purpose as well as compensation that appropriately matches their talents and experience. If a new job doesn't meet the worker's expectations, they aren't afraid to quit quickly to find a better fit. Many workers are seeking more work-life balance and better quality use of their time.
An employee's first few months are critical for retention, so employers should ensure they have structured processes in place and are bolstering employee communication and engagement. This matters even more as workers assess their new jobs quickly and feel confident enough to move on without making it a year at an organization.
Contact ThinkTank Insurance Partners today for more information on workplace trends and employee retention.
This article is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice.
Marty has spent most of the last 20 years developing software in the marketing space and creating pathways for software systems to talk to each other with high efficiency. He heads our digital marketing efforts as well as oversees any technology implementations for our clients. As a partner, Marty is also responsible for internal systems in which help our team communicates with each other and our clients.