Americans are quitting their jobs at record rates.
There are 9.3 million open jobs in America, with the labor force at 161 million, about 3 million people fewer than it was pre-pandemic, Axios reported.
And according to the Wall Street Journal, a wave of resignations was illustrated in April, when the share of U.S. workers leaving jobs was 2.7%, according to the Labor Department, a jump from 1.6% a year earlier to the highest level since at least 2000.
The Journal cited several factors driving the job turnover. Many people prefer the flexibility of remote work or are reluctant to be in an office before the virus is vanquished. Others are burned out from extra workloads during the pandemic, and some are in search of higher pay to make up for a spouse’s job loss — or used the pandemic to shift gears.
In a March survey of 2,000 workers by Prudential Financial Inc., one-quarter said they plan to soon look for a role with a different employer.
“People are seeing the world differently,” Steve Cadigan, a talent consultant who led human resources at LinkedIn during its early years, told the Journal. “It’s going to take time for people to think through, ‘How do I unattach where I’m at and reattach to something new?’ We’re going to see a massive shift in the next few years.”
Workers who want change are finding lots of options, the Journal reported, with some sectors getting a boost from government stimulus packages and increased consumer spending.
“The job market in Kentucky has just been taking off,” Ian Crawford, a program manager who left his job with a large industrial company in April to work for Fabricated Metals, a manufacturer in Louisville, told the Journal.
According to the Journal, high turnover is especially evident among the newest employees, many of whom started remotely and have never met co-workers in person.
Axios reported the lowest wage workers without a college degree would be willing to accept for a new job now stands at an all-time high of $61,483, a rise of $10,000 in just one year, according to a New York Fed labor market survey.
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