Buzzwords like the great resignation and quiet quitting have dominated the headlines about the workplace as employees use the tight American labor market to their advantage, finding jobs with better pay or benefits elsewhere. But trends are shifting in the tech world.
The latest data on job openings and separations shows that fewer workers are quitting their jobs than in years past, particularly in the tech sector.
If employees move between jobs easily, and often, it speaks to the demand for labor and the number of open jobs that companies want to fill. America faced a severe worker shortage during the pandemic, and has still not entirely recovered from it.
So to see workers staying put is evoking a different feeling: nervousness.
And who can blame them? After all, the year so far has been marked by mass layoffs, many of which affected the tech industry.
Today’s Job Market
Even though the pace of layoffs has slowed, companies may not hire as rapidly as they have before.
The September jobs report showed that 336,000 jobs were added to the economy last month, showing that the labor market remains alive and kicking. But many of these jobs were added in leisure and hospitality industries, as well as government. Zeroing in on tech and IT related jobs paints a different picture, suggesting that tech workers may be onto something.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.