Should I quit my job?
It may be the right move, but before you take the plunge, make sure that you’re in the position to find a new one as soon as possible.
Intuitively, you’re probably already considering the fact that quitting your job when the employment market is getting soft and the unemployment rate is rising, may not necessarily the best time to make this move. Similarly, this is a thought that thousands of workers consider before walking away from their jobs.
Taking a closer look at voluntary quits and periods of rising unemployment rates supports this fact. As the world’s developed economies were hit by a major economic slowdown starting in the fall of 2008 and the unemployment rate skyrocketed, the number of people voluntarily leaving their jobs decreased. This slow trend continues to this day.
Statistics Canada has also noticed this trend is highlighted in their publication Inside the Labour Market Downturn: “Quits tend to be pro-cyclical, the quit rate increases when job opportunities abound and it decreases in downturns.”
Should I Quit My Job?
During difficult economic times people will put up with a job that they don’t like until they feel that the labour market conditions are right for a career move. From an employer’s point of view, uncertain economic times actually present valuable opportunities to develop employee loyalty and their satisfaction at work. Failing to do so can prove to be a costly mistake and may result in the loss of valuable and experienced employees when the labour market picks up again. Remember - the longer the labour market downturn, the more time you have to solidify your relationships with your employees and earn their loyalty, through the good times and the bad.
Take a look at the voluntary quit rate below as an indicator for the general health of the labour market. You’ll see that when a large number of employees quit their jobs, it can actually indicate a vibrant job market ready to offer a great deal of opportunities!
What do you think of this interesting trend? Share your thoughts!
By: Benoit Beauchemin