As a record-breaking number of American workers continue to sever ties with their employers, the insurance industry has managed to retain employees better both in volume and tenure, according to a new report by Capital Relocation Services.
In an effort to measure the impact of the Great Resignation, CapRelo researchers sourced Bureau of Labor Statistics data to track employee tenure over time and observe trends across age groups and gender. According to the report, the manufacturing, insurance and health care industries showed the highest median years of tenure for the private sector jobs researched.
The median tenure in the insurance sector was 5.5 years, researchers found. While the industry’s average tenure is among the highest in both private and public sector occupations, CapRelo found the average did decline in the last decade by 0.5 years.
While the exact reasons for leaving or remaining in these roles is unknown, CapRelo speculates that the industries with the strongest retention may provide higher job satisfaction, better benefits and a better work/life balance. Occupations requiring more advanced degrees also displayed stronger job retention.
Age differentials also play a key factor across all industries and occupations as younger generations are changing jobs more frequently.