2023-11-01 04:58:17
West Virginia is used to being behind trends around the rest of the country, but in at least one category, it is ahead of the game. That might not be good thing.
West Virginia is at the top of the class when it comes to the number of those who joined in with the nationwide “Great Resignation.”
According to WalletHub’s “2023’s States With the Highest Job Resignation Rates,” the Mountain State is first in the nation, with a 4% resignation rate in the latest available reported month and a 3.4% resignation rate in the last 12 months. This news comes hot on the heels of state lawmakers anxious to change the way we calculate labor force participation rates, so the numbers will be less disappointing.
For some who are quitting their jobs, it may mean they have found a higher paying or more fulfilling job that keeps them here and contributing to the state’s economy. For others, it may mean they’ve found greener pastures elsewhere. And for some — perhaps those who have been working past retirement age — it means they have simply decided it is time to stop working.
“The decline in labor force participation has repercussions not only for employers but also for current employees,” said Yang Liang, assistant professor and assistant director for the Center for Health Economics and Policy Studies at San Diego State University. “Employers may be compelled to incur higher hiring costs to fill vacant positions, or alternatively, they may experience diminished profits as a result of reduced services. Meanwhile, existing employees may find themselves burdened with longer work hours and higher levels of stress.”
When that happens, the cycle only intensifies, as stressed out workers make their own decisions regarding staying on the job.
“There are very real opportunities to work at employers and in jobs that are better, and people are rationally taking advantage of these opportunities,” said Caitlin Porter, associate professor at the University of Memphis.
It’s a puzzle for employers in a state where the economy has been sluggish for generations and inflation is taking its toll … where improving pay and working conditions is easier said than done.
As communities and economic development officials tackle that challenge, it may be that the best lawmakers can do is figure out how to get out of the way. Here’s hoping they do.
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