More and more workers are leaving their jobs in a short amount of time.
Nearly 70% of workers switched jobs successfully or left their job within one month, according to a new report focusing on workforce vitality.
The ADP Research Institute not only found that the job turnover rate in the second quarter increased by nearly 6% compared to last year. Those job movers are also seeing the benefits in their paycheck. Wage growth was recorded at 4% in quarter two, a 1% hike from last year.
In a battle of the sexes, women saw more wage growth and level compared to men in the same time frame while also holding their jobs (5.2%) more often than men (4.8%). Women’s’ turnover was at 75%, nearly a 7% change from a year ago.
“The tight labor market is pushing companies to pay more,” said Ahu Yildirmaz, co-head of the ADP Research Institute, in a press release. “As labor shortages are apparent in most of the sectors, the businesses are holding on to their skilled workers by increasing their wages. Female job holders are capturing larger wage gains than their male counterparts. Since January 2019, female job holders received average wage gains of 5%, while men averaged wage gains of 4.6%.”
ADP said the turnover rate considered other factors besides job moves and people who quit their jobs within a month. The higher turnover rate captured a strengthening economy which also included retirements.