Tennessee’s Worker Resignation Rate Ranks In Top 10 Nationally
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The Center Square [By Jon Styf] –
Tennessee has one of the top 10 resignation rates in the country, according to a new report.
Tennessee has a 3.4% resignation rate over the past month, tied for eighth highest in the U.S., while it had a 3.31% resignation rate over the past year, ranking it 13th overall.
The two rankings combined to put Tennessee at 10th in the WalletHub rankings.
“Looking at Labor Force Participation Rate statistics, lower total LFPR is driven in a large part by older workers,” said Colin Corbett, assistant professor of economics at Bradley University. “Rates for younger workers have mostly recovered to their pre-pandemic levels, but are still significantly lower for those above 55.
“This is partially driven by the age profile of COVID victims, high asset prices helping retirement portfolios (although this has been largely reversed now), and the general difficulty of finding new work as an older worker.”
In its rankings, WalletHub weighed the last month’s resignation rate as double the weight of the annual number.
“The realization by employees that remote work actually works quite well, after 2 years of perfecting it, along with a tight job market, has led to many employees resisting going back to being in-person on a full-time basis,” said Rowena Gray, associate professor of economics at the University of California Merced.
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.
