Why over a third of Americans are considering quitting their jobs
Yahoo Finance’s Denitsa Tsekova breaks down the reasons workers plan to leave or have left their current jobs.
Video Transcript
KRISTIN MYERS: All right, well, more than a third-- you heard me right-- more than a third of Americans are now considering quitting their jobs. Well, which generations want to quit the most? Well, you've got the answers for you. We have our personal finance reporter Denitsa Tsekova here with all of the details. Denitsa, tell us all about this study.
DENITSA TSEKOVA: Yes, so the number we find is 37% of workers are thinking of quitting their jobs. When it comes to a timeline, we're talking in the next six months, and that correlates very closely with the Labor Department data we have. The quits rate hit the highest ever in April, and they remained elevated in May despite a little downturn.
It's important to say that experts also say that the quits will continue to remain elevated in the next few months. And the top reason is workers find better job opportunities. That also relates closely to the government data we have job. Openings hit a record high in March, April, and May. Other reasons why workers may be thinking of quitting their job is because they're looking for good work-life balance, or they may be thinking of changing industries.
When we look at the quits rates based on the industry, we see that retail, and accommodation, and food services have the highest quits rates, at least in the spring months. So maybe some of those workers are looking to make the change and change careers into different industries. And going back to your question about the generation-- actually, millennials are the big quitters. 45% of millennials are thinking of leaving their jobs or preparing to do so.
Gen Z are taking the second spot, and boomers and Gen X are taking the last few spots. So they're least likely to be thinking or preparing to quit their jobs.
KRISTIN MYERS: All right, thank you so much, Denitsa-- just sounds like a lot of these employers are going to have to start paying their workers a whole lot more or try to do something to keep their folks happy and in their offices to really cut down on some of that turnover. Personal Finance Denitsa Tsekova, thank you so much for joining us. Looking great, as always, from the studio-- great to have you there.
