What is the meaning of quick quitting, and how has it come about? Venture X explains this concept and offers you and your team a solution. Here’s how coworking spaces can help curb the quick-quitting phenomenon.
Quick Quitting Meaning
Quick quitting is a buzzword that refers to short tenure rates, where employees leave their positions within a year of taking them up. A recent report from LinkedIn indicates that this trend is on the rise and is more prevalent in certain industries than others.
This is a relatively new trend that came about in 2021. During the uncertainty of the pandemic, nobody would have thought about leaving their occupation, certainly not a job they had landed within the past year.
When 2021 hit, the economy started recovering. Employers began to witness newer employees leaving their companies in great numbers – or ‘quick quitting’ their jobs – in search of higher pay and more flexible or fulfilling work.
As we mentioned, some industries have higher short-tenure rates than others. LinkedIn’s report shows that the industry with the highest growth in quick quitting is the arts and recreation industry, with a short-tenure rate of 11.63%. The technology, information, and media industries come at a close second with a quick-quitting growth rate of 10.48%.
So, why is this the case?
Experts indicate that companies struggling to hire and retain talent are those with long, unmanageable hours, inflexible schedules, poor pay, and limited benefits.
How to Curb the Quick-Quitting Phenomenon
A quick talent turnaround is usually an indication of an unhappy work environment. If your company is experiencing this, it’s probably time to look at how you can better retain your employees.
Here are some ways to do this.
- Encourage communication and engagement between employees and management.
- Promote and encourage a healthy work-life balance.
- Make sure that your employees feel as though they – and their work – are valued.
- Be flexible. Your employees are people too, and life is bound to get in the way of business as usual at times.
- Provide your employees with opportunities for growth within your organization.
These are some changes you can make on the internal level of your organization, but some external factors are crucial to the happiness of your team.
How Coworking Spaces Like Venture X Can Help
Your work environment has everything to do with your productivity and sense of value within your organization. Coworking workspaces are ideal for teams who are looking to revolutionize the way they work. Here’s how coworking spaces will likely help you retain your employees for longer.
- Coworking office spaces keep people engaged: With endless opportunities for networking and collaboration, your employees will never be short of the necessary mental stimulation to keep them engaged. Coworking spaces have also been shown to boost productivity and creativity. This is why bigger teams of people love working out of large office spaces in coworking environments.
- Collaborative workspaces prioritize mental well-being: With plenty of dedicated space to take a break over a cup of coffee and socialize with coworkers while unwinding from a previous task, employees can take a breather between getting things done.
- Coworking offices foster a healthy work-life balance: Hybrid workers love coworking office workspaces because they provide them with the much-needed work-life balance that work-from-home mandates made impossible.
These are just a few ways a coworking space like Venture X can help you retain employees and grow your team.
Would you like to learn more about what our premium flexible coworking office space offers? Contact us today to join the Venture X coworking community.