When American workers feel confident about the economy, they are more inclined to explore new career opportunities and consider leaving their current jobs. A quick online search for the query "Can I quit my job?" generates over a hundred million results, reflecting the mindset of the workforce in a positive economic environment.
However, when economic uncertainties prevail, American workers are more cautious about making the leap to a new role. Historically, the dynamics of the job market are reflected in quit rates, a crucial indicator of job market health, as emphasized by the U.S. Bureau of Labor Statistics. Take 2009 during the Great Recession as an example, quit rates plummeted to 1.2%. Similarly, in 2019, employees were more inclined to retain their existing positions, prioritizing job security over the potential risks of transitioning to new employment opportunities.
Because unengaged employees are costing your organization money. When employees aren’t satisfied with their day-to-day work, they’re more likely to waste time on meaningless tasks that drive your human resources costs way up. According to McLean & Company, the cost of disengagement is approximately $3,400 for every $10,000 an employee earns. Can you afford to throw away 34% of an employee’s salary? Employees and employers alike are navigating the new future of work, and that includes new skills, ideas, and outcomes.
There’s a better alternative to a disengaged workforce. Engage your employees with digital credentials. Help them acquire skills that are not only relevant to their existing jobs, but the jobs that your organization will need in the future. By investing in employee retention and engagement, you’ll empower your employees to own their career path and you’ll allow hiring managers to use meaningful data to promote internally, instead of spending time and money looking for external candidates.
If you want to save time, money, and increase workforce productivity, speak to our team now so we can show you how digital credentials can maximize your workforce.