Nearly 50% of people are considering leaving their jobs in 2024—more than during the 'great resignation'

🌈 Abstract

The article discusses the trend of a significant number of people considering leaving their jobs in 2024, which is higher than the "great resignation" period in 2022. It explores the factors driving this trend, such as improved labor market conditions, dissatisfaction with high inflation, and regret over job changes made during the pandemic.

🙋 Q&A

[01] Nearly 50% of people are considering leaving their jobs in 2024

1. What is the key data point mentioned in the article about people considering leaving their jobs in 2024?

• According to the article, nearly half (46%) of professionals say they're considering quitting their jobs in the year ahead, which is higher than the 40% who said the same ahead of 2021's "great resignation".

2. How does this compare to the "great resignation" period in 2022?

• In 2022, at the height of the "great resignation", a record 4.5 million workers each month - about 3% of the U.S. workforce - were quitting their jobs.
• The article states that the current trend of people considering leaving their jobs in 2024 is "higher than the 40% who said the same ahead of 2021's great resignation".

3. What are some of the factors driving this renewed interest in job changes?

• Improved labor market conditions, with job growth being strong and stable since the start of 2024.
• Dissatisfaction with continuing high inflation and a desire for higher incomes.
• Regret over job changes made during the "great resignation" period, as the new jobs have not always resulted in a lifestyle upgrade as many had hoped.

[02] Inflation and job market conditions

1. How is inflation impacting workers' decisions to change jobs?

• Nearly half (45%) of workers planning to switch jobs in 2024 say they need a higher income due to inflation squeezing their budgets.
• Job switchers tend to increase their salaries more quickly than those who stay put, with the median year-over-year pay increase for job switchers reaching 10% in March 2024, up from 2.9% six months prior.
• With salaries finally keeping up with inflation, the return on investment of switching jobs feels "much higher" than it did six months ago.

2. What is the current state of the job market and labor conditions?

• Despite high-profile job cuts at a few large companies, layoff rates and unemployment are lower than before the COVID-19 pandemic.
• Job growth has been strong and stable since the start of 2024, with 8.5 million job openings in March 2024.
• There is "tremendous demand" for healthcare and skilled trades workers, though some high-paying opportunities may not be in the locations workers prefer.

[03] Regret over job changes during the "great resignation"

1. What is the sentiment of those who quit their jobs during the "great resignation"?

• About 80% of those who quit their jobs during the "great resignation" regretted their decision to leave, particularly Gen Zers who miss working in an office environment and Gen Xers who miss the work-life balance from their previous jobs.

2. How did the new jobs taken during the "great resignation" not meet expectations?

• Between 2020 and 2022, people fled industries like personal care services and fitness for jobs in transportation and technology that were hiring thousands of new employees and offering better pay.
• However, these new jobs haven't always resulted in a lifestyle upgrade as many had hoped.