New York Has 2nd Lowest Resignation Rate in the Country
New Yorkers must really love their jobs because barely anyone is quitting.
With all the bad economic news about inflation, bad bosses, and stagnating wages, here's a bit of good news about New York State.
Turns out the jobs here aren't driving out their employees. They're actually doing a great job when it comes to worker retention.
A new national roundup looking into resignation rates found New York had the nation's second lowest.
Second-lowest resignation rate
WalletHub was inspired by the stories of Americans unsatisfied with their jobs and seeking greener pastures elsewhere.
Of course, we've all come across the terms "quiet quitting," "rage applying," and the "Great Resignation."
TikTok videos of people quitting their jobs in flashy fashion have gone viral, but they're unlikely to have been filmed in New York.
Why? According to WalletHub, New Yorkers are holding onto their jobs.
After researching data related to working shortages, job openings and, of course, quitting rates. New York had a resignation rate of 1.68 percent over the past 12 months. The only state to beat us was Massachusetts.
Even more, New York's standing improved from July, where it had the third-lowest rate.
So why are New Yorkers less prone to vacate their jobs?
Some looking on the darker side of things say it's because our state has such an exorbitant cost of living, which means some people cannot afford to quit their job.
So if there are workers who really hate their job, they'd hate having to find a new way to pay bills even more.
Considering a large part of the Empire State's workforce lives paycheck to paycheck, going a month without a salary could be impossible. It also doesn't help that New Yorkers (and most of the upper East Coast) has a penchant for "grind culture."
That mindset was alive and well in my former state, as well in my old stomping grounds of Massachusetts. On the other hand, people could be staying at their jobs because of a better work culture.
Read More: New Law in New York Closes Wage Gap
New York has recently made strides in closing the wage gap by passing the wage transparency law, which mandates all employers with four or more workers to list the salary range in their job postings.
It also helps that New York is raising the minimum wage, with incremental increases happening every year until it reaches a target around $21.25 an hour.
The Empire State does have a higher minimum wage than most other states, with some places following the federal minimum wage of $7.25 an hour. You won't believe how many states are paying their workers that much...
View this post on Instagram
That said, the states with the highest resignation rate are as follows:
1. West Virginia
It should be noted that Oklahoma, Kentucky and Mississippi all still have their minimum wages set to $7.25 an hour. Arizona's is $13.85 while West Virginia's is $8.75.
Either way, New Yorkers don't have that problem. If you land a job in the Empire State, chances are you're going to keep it.