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"Labor Turnover"
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THE ESTABLISHMENT-LEVEL BEHAVIOR OF VACANCIES AND HIRING
This paper is the first to study vacancies, hires, and vacancy yields at the establishment level in the Job Openings and Labor Turnover Survey, a large sample of US employers. To interpret the data, we develop a simple model that identifies the flow of new vacancies and the job-filling rate for vacant positions. The fill rate moves counter to aggregate employment but rises steeply with employer growth rates in the cross section. It falls with employer size, rises with worker turnover rates, and varies by a factor of four across major industry groups. We also develop evidence that the employer-level hiring technology exhibits mild increasing returns in vacancies, and that employers rely heavily on other instruments, in addition to vacancies, as they vary hires. Building from our evidence and a generalized matching function, we construct a new index of recruiting intensity (per vacancy). Recruiting intensity partly explains the recent breakdown in the standard matching function, delivers a better-fitting empirical Beveridge curve, and accounts for a large share of fluctuations in aggregate hires. Our evidence and analysis provide useful inputs for assessing, developing, and calibrating theoretical models of search, matching, and hiring in the labor market.
Journal Article
CHANGES IN THE JAPANESE EMPLOYMENT SYSTEM IN THE TWO LOST DECADES
The authors re-examine developments in two key elements of the Japanese employment system, seniority-based wages and lifetime employment, using recent microdata from the Basic Survey on Wage Structure. In contrast with previous studies, the authors find evidence that these practices are eroding. For seniority wages, for example, they find that the age–wage profile has become flatter in recent years, especially for employees in the middle and final phase of their careers. And for lifetime employment, a clear downward trend has developed since the early 2000s in the share of lifetime employees among younger, university-educated workers. The findings suggest that a growing share of educated younger workers choose to leave indefinite-contract jobs due to the poor prospects for seniority-based wage progression, while older workers choose to stay in their present job despite stagnating wages, because it may be more difficult for them to find alternative employment.
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Antecedents to Retention and Turnover among Child Welfare, Social Work, and Other Human Service Employees: What Can We Learn from Past Research? A Review and Metanalysis
This study involves a metanalysis of 25 articles concerning the relationship between demographic variables, personal perceptions, and organizational conditions and either turnover or intention to leave. It finds that burnout, job dissatisfaction, availability of employment alternatives, low organizational and professional commitment, stress, and lack of social support are the strongest predictors of turnover or intention to leave. Since the major predictors of leaving are not personal or related to the balance between work and family but are organizational or job‐based, there might be a great deal that both managers and policy makers can do to prevent turnover.
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Labor Selection, Turnover Costs, and Optimal Monetary Policy
We study optimal monetary policy and welfare properties of a dynamic stochastic general equilibrium (DSGE) model with a labor selection process, labor turnover costs, and Nash bargained wages. We show that our model implies inefficiencies that cannot be offset in a standard wage bargaining regime. We also show that the inefficiencies rise with the magnitude of firing costs. As a result, in the optimal Ramsey plan, the optimal inflation volatility deviates from zero and is an increasing function of firing costs.
Journal Article
A Generalised Model of Monopsony
This article presents a general but very simple model in which the supply of labour to an individual employer is not infinitely elastic but the employer can also raise employment by increasing expenditure on recruitment. Using this, it is shown how that division between perfect competition and monopsony is whether there are diseconomies of scale in recruitment. Using a unique British data set containing information on both labour turnover costs and the number of recruits we present estimates that do suggest that there is an increasing marginal cost of recruitment.
Journal Article
Work arrangements and firm innovation: is there any relationship?
This study investigates the relationship between labour market flexibility—proxied by the proportion of workers with different contractual arrangements and other indicators of flexible work relations—and firms' innovative ability, as measured by the percentage of new products in total sales. On the one hand, 'more flexibility' (e.g. a higher labour turnover) might be favourable to a firm's innovation potential. Aside from having (potential) wage savings, a larger inflow of new personnel may enrich the pool of firm innovative ideas. On the other hand, higher work flexibility may also have some drawbacks: a permanently high turnover rate may diminish social cohesion and trust and increase the probability of opportunistic behaviour. Results suggest that internal flexibility is positively associated with innovation for both high-tech and low-tech firms. Especially for high-tech firms, however, greater external flexibility might hinder innovation.
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Hiring Policies, Labor Market Institutions, and Labor Market Flows
We develop a matching model to account for the fact that worker turnover in Europe is much less than in the United States, whereas job turnover is roughly the same. The model assumes that the quality of worker‐firm matches is both an inspection good and an experience good. Both parties have limited information at the time of meeting about the match’s quality, which is completely revealed only by engaging in production. Hiring practices play a key allocational role in this economy. We show how labor policies distort hiring practices and assess the consequences for labor market dynamics and welfare.
Journal Article
Cooperation Between Colleges and Companies: Vocational Education, Skill Mismatches and China's Turnover Problem
The Chinese government promotes cooperation between colleges and companies in vocational education to improve the supply of skilled workers and increase labour productivity. This study employs the concept of positive coordination – negotiations concurrently addressing productive and distributive questions – to analyse the advantages and limitations of voluntary cooperation embedded in networks. In terms of production, many projects focus on updating, narrowing and deepening curricula to lower the costs of initial training borne by companies and the risk of labour turnover. In terms of distribution, however, the deep and narrow curricula are at odds with students’ preference for general and transferable skills; and the mutual commitments of both companies and students are uncertain. The solutions provided by cooperation are partial and unstable. Overall, they reduce skill mismatches but cannot control turnover or overcome market failure, which undermines tertiary vocational education's contribution to labour productivity.
Journal Article
So Hard to Say Goodbye? Turnover Intention among U.S. Federal Employees
Why do U.S. federal government employees choose to leave the federal service? By focusing on turnover intentions, this article develops propositions about why employees anticipate leaving their jobs along three dimensions: (1) demographic factors, (2) workplace satisfaction factors, and (3) organizational/relational factors. Two distinct measures of turnover intention are advanced that reflect those who intend to leave their agency for another position within the federal government and those who intend to leave the federal government for an outside position. The 2006 Federal Human Capital Survey is used to test the impacts of three clusters of independent variables on these measures of turnover intention. The findings suggest that overall job satisfaction and age affect turnover consistently. Practical recommendations are outlined for public managers seeking to boost employee retention.
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