Recent hikes in quits rates indicate retention difficulties across all industries

Quits rates measure the proportion of workers voluntarily leaving their jobs relative to the total amount of employed workers. Overall and by industry, there is a systematic increase in average quits rates observed since May 2022 relative to the months leading up to the pandemic. This indicates that retaining workers has become difficult for most employers across the board. Amid severe labor shortages and resultant increases in employee bargaining power, now more than ever, businesses must find solutions to retain their workers. For more information on challenges and solutions to the US labor shortage, please visit The Conference Board’s comprehensive report here. For more information on alleviating worker retention difficulties, please consult The Conference Board’s Human Capital division report linked here.