During the COVID-19 pandemic in 2021, more than 47 million Americans voluntarily quit their jobs — an unprecedented mass exit from the workforce in what had become known as the Great Resignation.
Considering a recent survey by global recruiting company Monster, the Great Resignation might as well be called The Moderate Resignation.
What Happened: Roughly 96% of workers polled by Monster are looking for a new job this year, as Americans wrestling with still-high inflation seek new jobs with higher salaries.
Accounting for the 159.24 million employed Americans in December 2022, that would mean 152.87 million workers are seeking new jobs in 2023, more than tripling the number of workers who fled their jobs during 2021.
Roughly 40% of workers polled were seeking new employment because they needed more income, and 46% of workers said they expected a higher salary when switching jobs as higher interest rates pressured the checking and savings accounts of most Americans.
Some 34% of workers said they were looking for a new job because there was no room for growth in their current roles, and 25% say they were in a toxic work environment.
However, the survey further found that many workers had some pessimistic views regarding what a new job search might entail.
Around 66% of respondents said they think it would be difficult to find a new job given the state of the economy, and 11% said they expected a lower salary due to company budget cuts.
Why It Matters: Given that a sizable section of the workforce was looking for new employment, the survey results suggested the job market could undergo a dramatic shift in the months to come.
And, as more job searchers were looking for higher-paying employment in a market where many companies were facing budget cuts, the job market might become more competitive for job seekers.
It was worth noting the high number of job seekers may also lead to a growth in the gig economy and more remote employment alternatives.
The Great Resignation of 2021 might only be the beginning of a wider trend in which an increasing number of Americans hunt for new employment options in an effort to increase their financial security and career advancement prospects.
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