American workers are itching to shake things up. As many as 85% of U.S. professionals are interested in switching jobs this year, up from 67% last year, according to LinkedIn (MSFT) data.
The job-hopping bug is particularly strong among younger workers. A whopping 90% of Gen Z and 92% of millennials polled in a LinkedIn survey are considering a job change this year. But that might be easier said than done.
The State of the Job Market
The pandemic-era U.S. job market has been turbulent to say the least. Historic mass layoffs were followed by a hiring boom and a worker shortage that still hasn’t fully resolved. The number of unfilled job openings in the U.S. stood at 8.8 million in November, according to the Bureau of Labor Statistics , still more than a million above the pre-pandemic level.
More open positions than workers to fill them, led companies to raise wages at record rates to attract new employees. But now the pendulum has swung back in employers’ favor, especially when it comes to white-collar jobs.
The job market remains tight for hourly workers. But listings for positions in fields like finance and software development have dipped back below pre-pandemic levels, according to Indeed (RCRRF). More competition means companies can get away with offering less generous salaries and perks than in recent years.
But job hunters shouldn’t despair. The labor market is cyclical, and the pendulum could swing back in workers’ favor soon. The Federal Reserve is expected to start cutting interest rates this year, which could spur business investment, expansion and hiring for companies.
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