Kentucky has ranked among the top 10 states in the nation for high job release rates in recent months, according to a Jan. 20 article by financial website WalletHub.
The Commonwealth took eighth place, below Alaska, Wyoming, Montana, Louisiana, Delaware, West Virginia and Tennessee.
To calculate the valuation, WalletHub used the November resignation rate (dual weighting) and the resignation rate for December 2021 through November 2022. Kentucky’s resignation rate was 2.9% for November and 3 .59% from December 2021 to November 2022.
Here’s how the rest of the country compares:
Source: PortfolioHub
WalletHub used data from the US Bureau of Labor Statistics to create the ranking.
Kentucky had the fourth-highest discharge rate from December 2021 to November 2022, behind only Alaska, Georgia and Wyoming.
Patty Dahm, an assistant professor of management at the University of Kansas School of Business, said WalletHub burnout was a major factor influencing the higher churn rates.
“Having survived the COVID pandemic, which has dramatically changed the way people work, many workers are burnt out,” Dahm said. “Among the new ways of working, parents in particular have faced increasing demands at home as well. People are just tired.”
Other common reasons for quitting include low pay, lack of advancement opportunities and lack of respect at work, according to Zhike Lei, a professor at Pepperdine University.
“Without understanding what their employees are fleeing from and what they might gravitate towards, business leaders not only enforce Big Resignations when record numbers of employees quit or contemplate quitting, they also breed the ‘dysfunctional retention’ of reluctant talent that could possibly leave,” Lei told WalletHub.
Kentucky ranked second only to Alaska for the employers’ struggle to hire. Here because
Kentucky’s statewide unemployment rate rose to 4 percent in November 2022.
Unemployment rates
In addition to relatively high severance rates, Kentucky experienced a slightly higher unemployment rate in December than the United States as a whole. The Commonwealth’s unemployment rate was 4%, while the nation’s was 3.5%.
The Lexington-Fayette unemployment rate was 3.1% in November, the most recent month for which data is available, down slightly from 3.3% in October.
In the United States, significant job gains have recently been observed in the leisure and hospitality, health care, construction and social work sectors, according to the US Bureau of Labor Statistics.
Median hourly wages for U.S. employees in the nonfarm and private payrolls increased by nine cents to $32.82 in December, the U.S. Bureau of Labor Statistics reports, while the average workweek decreased by 0. 1 hour to 34.3 hours.
Here’s how much a Lexington resident needs to earn to rent a one-bedroom in the city
Here’s where to apply for low wage minimum wage jobs in the Lexington area
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