By Amanda Dodge
There are several indexes used to track the overall health of the economy and help business owners understand the trends they see locally. These relate to consumer trends, the stock market, and employment.
The government also releases data related to employee behavior. The U.S Bureau of Labor Statistics also releases monthly data on the country’s “quit rate,” or the rate at which people voluntarily quit their jobs. The quit rate has historically flown under the radar as Congress and local municipalities alike focus on unemployment numbers as the main barometer of economic health. However, as a small business owner, the quit rate might have more of an impact on your operations – and your employees – than you realize.
Understanding the Quit Rate
The quit rate refers to employees who leave companies of their own accord as opposed to team members who are laid off or fired.