NEW YORK–With the talk among credit unions and other employers having recently been all about “quiet quitting,” the “great resignation” and the “war for talent,” many employers say they are now being challenged by just the opposite: not enough workers are leaving.
Numerous large employers told the Wall Street Journal they are not seeing the kind of attrition rates they had not just become accustomed to, but had planned for. The implications now range from budget shortfalls to challenges around keeping star employees engaged when there are far fewer vacant positions internally, making it harder to move people into new roles.
Companies that include Bank of America, Ferring Pharmaceuticals, Pitney Bowes and others all told the Journal they have seen fewer employees leave their jobs this year.
“The attrition level is going down, that’s for sure,” Denis Machuel, chief executive of global staffing firm Adecco Group, which works with large employers, told the Journal. “People feel it’s probably a bit cold outside with the macroeconomics not being so good. And with this last-in, first-out typical scheme, they’re more likely to stay in their current role.”
What Companies are Reporting
Among companies that have reported various ways of dealing with the new challenge, according to the Journal:
- Morgan Stanley, which had layoffs in recent months in part because of low attrition within the 80,000-person Wall Street firm.
- Wells Fargo, which told investors this summer that attrition has been slower than expected at the company and that the bank planned to record higher severance expenses to reduce its head count.
- Pitney Bowes, which said it has hired interns in expectation of vacancies that did not develop.
- ServiceNow, which said it has been using a machine-learning model to anticipate the number of employees it expects will step down each quarter. But the Journal reported voluntary turnover this year has fallen below levels forecast by those models, and attrition among top-performing employees in 2023 is less than half of what it was in 2022.
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