Who’s Quitting Their Jobs? New Data Show Some Workers Are More Likely Than Others

Link:https://www.wsj.com/articles/as-american-workers-leave-jobs-in-record-numbers-a-closer-look-at-who-is-quitting-11636894801

Excerpt:

Workers resigned from a record 4.4 million jobs in September, according to Labor Department data, and new surveys show that low-wage workers, employees of color and women outside the management ranks are those most likely to change roles. The findings signal that turnover isn’t evenly spread across the U.S. workforce even as employers across industries struggle to fill a variety of roles.

The overall percentage of people considering leaving their jobs — about three in 10, according to research by consulting firm Mercer LLC — is fairly consistent with historical trends. But sentiment varies across demographics and occupations. While front-line and low-wage positions typically see high rates of turnover, for example, employees in those roles are especially likely to leave now, Mercer found in a survey of 2,000 U.S. workers conducted in August.

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Nearly half of low-wage and front-line workers surveyed said their pay and benefits were insufficient while 41% said they felt burned out from demanding workloads. Some 35% of Black employees and 40% of Asian employees said they were considering leaving, compared with 26% of white employees.

Author(s): Kathryn Dill

Publication Date: 14 Nov 2021

Publication Site: WSJ

Funded Levels of Canadian DB Plans Climb to 20-Year High

Link: https://www.ai-cio.com/news/funded-levels-canadian-db-plans-climb-20-year-high/

Excerpt:

Thanks to surging bond prices, Canadian defined benefit (DB) pension plans ended the first quarter of this year at their highest funded levels in more than 20 years, according to Mercer. However, the asset manager and consulting firm warns that the lofty funded positions might not last, depending on the trajectory of interest rates, inflation expectations, and equity market performance.

Mercer’s Pension Health Index, which tracks the solvency ratio of a hypothetical DB pension plan, increased to 124% at the end of March from 114% at the end of 2020. That is the index’s highest level since it was launched in 1999. Meanwhile, the median solvency ratio of the pension plans of Mercer clients was 104% as of the end of March, up from 96% at the end of December.

Long bond yields jumped 77 basis points (bps) during the quarter to lower the plans’ liabilities and more than offset the negative returns reported by many pension funds during the period.

Author(s): Michael Katz

Publication Date: 12 April 2021

Publication Site: ai-CIO