And that's only if the employee quits on good terms. Hiring specialists believe that the cost to replace an employee is 33% of that employee's annual salary. A short-staffed workplace is inefficient, as is a workplace that's training new employees. However, this is cold comfort for employers who are having trouble holding onto employees. After all, the country is full of qualified people who recently quit their jobs. On a smaller scale, even employers who find themselves temporarily short-staffed when an employee resigns should have relatively little trouble finding a replacement. In other words, people have confidence in the economy. Most employees who quit either have a job lined up or believe they can get one in fairly short order. Analysts and pundits were quick to name the trend the Great Resignation.Įconomists say that a high resignation rate is a good thing. It was the highest rate of resignation since the Department of Labor began tracking the statistic in 2001. 4.5 million Americans, or 3% of the labor force, quit their jobs. In November of 2021, the US labor market broke a record. The mounting political pressure against TikTok - its parent company, ByteDance, is based in China, which has raised concerns about user data privacy on the app - hasn't yet dampened the short-video platform's popularity in the US, either.What is QuitTok, and What Does It Mean for Employers? While current and former TikTok staffers have described the workplace culture as high pressure, with roles that can demand working outside of normal business hours, the company continues to attract applicants in cities across the US. But the company is still hiring, with more than 1,300 US job openings currently listed on its website. TikTok laid off some staffers earlier this year as restructured its advertising team. The company has been staffing up to stay ahead of the competition and meet growing demand from users. And the growth led competitors like Instagram, YouTube, and Snapchat to roll out copycat features. The app's user base exploded in 2021, passing one billion monthly active users globally, according to the company. TikTok is hiring aggressively in the US where competition from big-tech rivals is heating up. Account icon An icon in the shape of a person's head and shoulders.
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