As a record number of American workers continue to break ties with their employers, the insurance industry has managed to retain employees better in both volume and employment, according to a new report from Capital Relocation Services.
retirement, CapRelo researchers collected data from the Bureau of Labor Statistics to track employee employment over time and observe trends across age groups and gender. According to the report, the manufacturing, insurance and healthcare industries showed the highest median employment for the jobs surveyed in the private sector.
The median time in the insurance sector was 5.5 years, researchers found. While the industry's average service is among the highest in both private and public occupations, CapRelo found that the average decreased by 0.5 years over the past decade.
While the exact reasons for leaving or remaining in these roles are unknown, speculation CapRelo that the industries with the strongest retention can provide higher job satisfaction, better benefits and a better balance between work and private life. Occupations that require more advanced degrees also showed stronger job retention.
Age differences also play a key factor in all industries and occupations as younger generations change jobs more often.