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Workers are choosing to leave their jobs at the fastest rate since the internet boom 17 years ago and getting rewarded for it with bigger paychecks and/or more satisfying work.
Labor Department data show that 3.4 million Americans quit their jobs in April, near a 2001 peak and twice the 1.7 million who were laid off from jobs in April.
Job-hopping is happening across industries including retail, food service and construction, a sign of broad-based labor-market dynamism.
Workers have been made more confident by a strong economy and historically low unemployment, at 3.8% in May, the lowest since 2000. Ms. Enoch started getting interview opportunities the same day she began sending out applications online.
The trend could stoke broader wage growth and improve worker productivity, which have been sluggish in the past decade. Workers tend to get their biggest wage increases when they move from one job to another. Job-switchers saw roughly 30% larger annual pay increases in May than those who stayed put over the past 12 months, according to the Federal Reserve Bank of Atlanta.
[...] The resurgence of job-hopping is particularly helpful for younger workers looking for footholds to launch their careers, said Erika McEntarfer, an economist at the Census Bureau. About 6.5% of workers under age 35 changed jobs in the first quarter of last year, versus 3.1% of those ages 35 to 54, according to census data.
"The people who are changing jobs, they skew young and they skew being placed in what you might call bad jobs, where the average pay is quite low relative to other jobs in the economy," Ms. McEntarfer said. Job-hopping could lead them into higher-paying industries, she said.
Source: https://www.wsj.com/articles/in-this-economy-quitters-are-winning-1530702001
(Score: 2) by DannyB on Friday July 06 2018, @06:23PM (1 child)
My situation does not fit the job hopping model. At the annual Holiday (eg, "Christmas") party they fly us from all over the US and Canada to a single location. Last December I was recognized for 35 years service. I came as part of an acquisition a dozen years ago. Even before acquisition, at the small business I was part of, my bosses liked me for years and I had a fairly senior position, a lot of trust, and the open ear of the owner. I started when I was wet behind the ears, just out of school. I didn't have any plan to stay forever, but it just worked out that way. I liked the people I worked with. I liked the product and the long term stability prospect of the business. And boy was it ever stable. I liked the tech I worked with, and believe me in several decades it has changed completely several times. Each time I had a huge hand in the planing and implementation. The most recent after the acquisition.
I've had insultant jobs come my way, that I didn't go looking for, and I'm not on social media or job hunting sites.
I could change jobs. But why would I want to? It seems -- to me -- in my situation, that I would only change jobs if something were to go very badly wrong.
There is no longer any "small business owner". But I have the ear and respect of managers several levels up to and including an EVP.
The only constant is change.
I'm happy and easy to please. My only major goals are to learn new tech always and to get modded funny.
Young people won't believe you if you say you used to get Netflix by US Postal Mail.
(Score: 2) by DannyB on Friday July 06 2018, @06:32PM
I will add something that I left out. I got out of school. Didn't have a job. Worked a crap summer job for a bit. Went to regular church on Wednesday evening. Big storm. Few people attending. Had a small circle prayer meeting. Someone prayed for me to get my real job. Within the week I had the job I have never left. The manager of the crap summer job, who I was in favor with, had no problem with the fact that I suddenly had a professional job and had to leave suddenly.
Young people won't believe you if you say you used to get Netflix by US Postal Mail.