The phenomenon is being driven in part by workers who are less willing to endure inconvenient hours and poor compensation, who are quitting instead to find better opportunities. According to the report, there were 10.4 million job openings in the country at the end of August — down slightly from July’s record high, which was adjusted up to 11.1 million, but still a tremendously high number. This gives workers enormous leverage as they look for a better fit.
The implications of this shift could be long-lasting.
Normally, churn in the labor market reflects workers feeling more confident in the economy, willing to risk the security of their current job for a new opportunity. But the scale of these new changes — and the larger economic transitions they signal — has added an element of unpredictability. Workers and employers are reassessing their approaches amid a continually evolving public health threat.
Many businesses say they are finding this new dynamic challenging as they struggle to retain employees and find qualified candidates for open positions. Some businesses have found success by increasing pay and compensation.
Story continues at: Unemployment