The Great Resignation of 2021 has continued into 2022, with quit rates reaching levels last seen in the 1970s. Although not all workers who leave a job are working in another job the next month, the majority of those switching employers are seeing it pay off in higher earnings, according to a new Pew Research Center analysis of U.S. government data.
From April 2021 to March 2022, a period in which quit rates reached post-pandemic highs, the majority of workers switching jobs (60 percent) saw an increase in their real earnings over the same month the previous year. This happened despite a surge in the rate of inflation that has eroded real earnings for many others. Among workers who remained with the same employer, fewer than half (47 percent) experienced an increase in real earnings.
Overall, 2.5 percent of workers—about 4 million—switched jobs on average each month from January to March 2022. This share translates into an annual turnover of 30 percent of workers—nearly 50 million—if it is assumed that no workers change jobs more than once a year.
A new Pew Research Center survey finds that about one-in-five workers (22 percent) say they are very or somewhat likely to look for a new job in the next six months. And despite reports of widespread job openings, 37 percent of workers say they think finding a new job would be very or somewhat difficult. Click here to read the full story. Majority of U.S. Workers Changing Jobs Are Seeing Real Wage Gains | Pew Research Center
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