A study by LendingTree has shown that U.S. workers are remaining in their jobs for less time than a decade ago, it was reported on Saturday. By analyzing data from the US Bureau of Labor Statistics (BLS), LendingTree found that the median job tenure from 2012 to 2022 has dropped from 4.6 years to 4.1 years; an 11% decline.
Workers between the ages of 25 and 34 experienced the largest decline, with their time in a single job declining from 3.3 years to 2.8 years. In contrast, 55 to 64-year-olds would leave a job after 9.8 years; down from the 10.3 years reported in 2012.
“Shorter job tenures don’t necessarily mean that all people hate their jobs and are itching to leave them as soon as possible,” LendingTree senior economist Jacob Channel explained before continuing, “but it does suggest that employees might be a bit more willing to seek greener pastures, or otherwise try something new than they once were.”
Payscale’s Retention Report found that employees tend to search for a new job when they express anxiety over the health of the company and feel as if there is a possibility that layoffs may be in the pipeline.
Lexi Clarke, chief people officer of Payscale, explained that pay is also an important consideration. “While employees are a bit less likely to leave their jobs now than during the Great Resignation, there is an uptick in demands from employees, and companies must directly address what they can do in order to retain them.”