In 2020, workers wanted to quit their jobs. In 2021, they actually did.
The Turnover Tsunami has rocked hiring professionals this year – and it doesn’t seem like the storm is settling any time soon. Since the start of 2021, workers have been leaving their employers in droves. Some are jumping ship for higher pay, others are leaving for better work-life balance, and some have forged ahead on entirely new career paths. Whatever their individual reasons for leaving, the data is clear: the Bureau of Labor Statistics reported 25% voluntary turnover in their 2021 Job Openings and Labor Turnover Survey.
This all lines up with the findings of the 2021 Hiring Benchmark report, where 38% of hiring professionals reported that turnover increased at their organization in the last year. 53% of professionals noted little-to-no change in their turnover rate, and only 9% found that they had less turnover than the year before.
And as turnover has increased, confidence in hiring has dropped. That’s no surprise. Hiring professionals have faced so many challenges this year coming off of 2020 – which also wasn’t an easy year for hiring by any measure. These back-to-back years have corrupted the confidence of many hiring professionals. This year, just 30% of survey respondents reported feeling very confident about their hiring process – a 28% drop from 2020.
Not all confidence has been lost, however. 47% of hiring professionals still report being a least mildly confident, while 15% felt neutral about their prospects. So in spite of 2020 and 2021, most of the hiring professionals surveyed held tight to a glimmering hope for what lies ahead as the pandemic wanes.
Download your copy of the 2021 Hiring Benchmark Report today to discover more interesting findings and stay on top of upcoming hiring trends.