4.4 Million Job Quits – The Labor Shortage Continues
A recent Economic News Release of job openings and labor turnover summary for February 2022 was released by the Bureau of Labor Statistics. It recorded over 11 million job openings, with total separations at 6.1 million.
Out of these 4.4 Million were voluntary separation or quits, as seen amidst the Great Resignation. For large organizations (those with 1000-10,000 employees), it was also noted that quits increased significantly.
In addition, the Attrition numbers (involuntary separations) were recorded at 1.4 million out of the total 6 million.
Turnover and Attrition are constantly increasing in a market where labor and skilled talent are scarce. Companies need to think out of the box to manage productivity loss.
Outsourcing is a long-term solution that can help organizations staff any skilled role from a global talent pool in weeks while controlling excessive costs.
Premier BPO manages a dedicated team for its clients so that they don’t feel any effects of turnover. Our average monthly attrition rates are also between 2-4 %.
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