Why are more retail workers quitting their jobs?

The number of people quitting their jobs throughout the U.S. seems to be dropping off, outside of a few specific industries. One of those is retail, where The Great Resignation appears to be picking back up after a dip. The rate of retail workers quitting their jobs has been ticking up month-over-month recently and hit 4.1 percent in January, a higher rate of attrition than the pre-pandemic high, according to Business Insider. The last time retail’s quitting rate veered into that territory was in April of last year. The rate of quitting outside of retail, conversely, has dropped and is approaching 2.3 percent, the 2019 level. The other business segment where quitting remains high is restaurants/hospitality, although that sector has seen a steady rate of employees quitting compared to retail’s decline followed by a rise. Retail’s quitting problem is also unique given that some retailers have, over the last few years, undertaken well-publicized initiatives to boost pay. The news comes as the Labor Department’s impending jobs report is anticipated to show unemployment remaining at a nearly 54-year low of 3.4 percent, according to Reuters. The main factors behind The Great Resignation, which began in 2021, have been a matter of debate since the phenomenon was first observed. Some have chalked it up to a spate of early retirements induced by the novel coronavirus pandemic. Some argued that low-wage workers were moving into new, higher-paying positions because of a strong labor market rather than dropping out of the workforce entirely. Others still ascribed it to burnout and anxiety, or from reevaluating their priorities in light of the stress caused by the pandemic. By the end of 2022, factors like burnout, anxiety and the need for financial security did not seem to be abating for employees across the board. At that time, a survey by isolved found that employees were entertaining the idea of quitting their jobs at the same rate in 2023 as they had during previous pandemic years.

• Retail worker quits are on the rise again even as workers in other industries increasingly try to hold onto their jobs – Business Insider

• US job openings stay elevated as labor market remains tight – Reuters

• Is The Great Resignation really about quitting the rat race? –RetailWire

• Study sees The Great Resignation heating up in 2023 – RetailWire