Nearly half (46%) of working professionals say they are considering quitting their jobs this year, according to a new study from Microsoft and LinkedIn, which surveyed more than 30,000 people in 31 countries between February and March 2024.
The trend is reminiscent of the “Great Resignation” of 2021 during year two of the pandemic, in which 40% of working professionals left their jobs.
On the positive side, a February 2024 survey from ZipRecruiter showed that Americans are feeling more confident about their job-hunting prospects than they have in two years. Even so, dissatisfaction with persistent high inflation and their current jobs could equally be driving workers to seek new opportunities.
Are workers planning to quit their jobs due to higher inflation?
Although labor market conditions are contributing to workers' decision to consider career changes, inflation is also still squeezing Americans’ budgets. Changing jobs typically comes with greater pay gains and benefits packages, according to new data from ADP; job switchers saw year-over-year pay increases of 10% in March, up from 2.9% six months prior.
Do people who leave jobs regret quitting?
About 80% of those who quit their jobs during the Great Resignation regretted their decision, according to a Paychex study. This is particularly true for Gen Zers who miss working in an office environment and Gen Xers who miss the work-life balance from their previous jobs.
What does the job market look like right now?
The labor market posted 8.5 million openings in March, with health, government, private education and hospitality industries fueling job gains, according to a monthly government report from the U.S Bureau of Labor Statistics. Even so, according to Kiplinger’s economic forecast, April employment rose by a mere 175,000, a marked slowdown from the 315,000 gain in March. Health care continued its usual strong gains. Retail, wholesale, transportation and warehousing also reported above-average increases.
On the other hand, the unemployment rate inched up to 3.9%, with slightly more workers losing their jobs and a rise in the number of workers being forced to work part-time due to a lack of full-time opportunities.
Annual job and wage growth
As many workers seek new opportunities and higher wages, Kiplinger reported that annual wage growth slowed to 3.9% in April. That’s the first time wage growth has been below 4% in nearly three years, according to Kiplinger.
Data from the Bureau of Labor Statistics (BLS) shows that total employment is projected to grow by almost 4.7 million from 2022 to 2032. However, it’s worth noting that the 20 highest-paying jobs are all in healthcare fields, with most requiring advanced degrees.
If you changed jobs in the past two years, or you’re thinking about changing jobs in 2024, higher pay is likely at the top of your list. However, other reasons to pursue a new job may also include relocation, more flexible hours, greater benefits and the option to work remotely.
