Place of Employment Trends
For many portfolios, having up-to-date place of employment information is vital during the collections process; however, with the average American changing jobs every four years, this becomes a challenge. Continue reading to see other fascinating workforce and place of employment trends:
Men vs Women in the Workplace
According to LinkedIn, women job-hop more than men. (Source) This may be due to their chosen industries where turnover is higher or the decreasing focus on women’s work-life balance. Read more theories from Fast Company here.
Unemployment Rates by State
According to the Bureau of Labor Statistics, North Dakota (2.2%) and Colorado (2.24%) have the lowest unemployment rates while Alaska (7%) and New Mexico (6.3%) have the highest in the United States. (Source)
Job Hopping by Age
The median number of years that wage and salary workers stay with their employer is currently 4.6 years, according to an Economic News Release from the Bureau of Labor Statistics. However, that varies by age and occupation. The median tenure for workers age 25 to 34 is 3.2 years, and workers 18 to 24 years old hold an average of 5.5 jobs during the six-year period. This number has nearly doubled over the last 20 years. (Source)
The Time of Year Affects Hiring
December and August are the slowest months for hiring. (Source) Conversely, January/February and September/October are the best months, according to Monster.com.
Jobs with the Highest Turnover Rates
Some of these occupations may not be a surprise, but here are the seven jobs with the highest turnover rates: Retail, Food Service, Information Technology, Nurses, Child Care, Hospitality, and Sales. (Source)
With job changes happening more frequently, it is important to use place of employment products that focus on unique, reliable and timely data sources.
LocateSmarter offers customizable skip tracing and compliance solutions that improve contact rates, reduce operating costs and minimize the risk of litigation. With agile development, superior customer service and transparency through analytics, we deliver products built by end users, for end users.