Visier, the globally recognized leader in people analytics and on-demand answers for people-powered business, announced a free monthly report on North American employee movement. These new data findings, refreshed monthly, provide a glimpse into the state of the labor market from the employee’s perspective. Based on 15 million aggregated and anonymized records, this public data source will track employee resignations as a bellwether of labor market health at least one month ahead of data available from the US Bureau of Labor Statistics (BLS).
Additionally, Visier has launched an experimental workforce benchmarking service that provides free public access to over 500 different employee insights via an intuitive search-based interface. Users can explore insights about the rate people are resigning or being promoted; the ratio of employees to managers; the participation of women and minorities as employees, managers and leaders; and the distribution of high performers. These insights can be filtered by industry, company size, gender, ethnicity, age, and other attributes.
“Resignation data, in particular, has been in very high demand amongst our customers,” said Andrea Derler, Ph.D., Principal of Research and Value at Visier. “Opening up this data to the public provides incredible value to leaders struggling to retain critical talent within their own organizations, and those trying to understand labor markets more broadly.”
The inaugural Visier Resignation Report features data up to the end of May 2022, revealing some noteworthy facts:
In 2022, the overall rate of employee resignations year to date has remained elevated and substantially higher than 2020 or 2021. However, the ramp up in rates beginning with the pandemic is showing signs of leveling off.
Not all industries behave the same way. Certain sectors with large hourly workforces are starting to see a reduction in resignation rates, while sectors that rely on knowledge workers continue to see elevated resignations.
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For sectors relying on knowledge workers, those who are over 30 years old or have over five years of tenure are more likely to resign. This means loss of knowledge and experience remains a serious concern for these sectors.
“During this turbulent labor market, people leaders and anyone following labor markets need to have insights into what’s really happening in the workforce,” said Ian Cook, VP People Analytics at Visier. “We’ve seen a massive shift in the last year, where resignations have grown to and held steadily at record high levels, with some industries impacted more than others. By providing a monthly look at how those trends are changing, Visier can help people leaders make better decisions about the hiring and retention strategies, and market watchers to better predict where things are headed.”