According to a study conducted earlier this month of over 600 American workers across industries, the job search company Monster has issued its 2024 “New Year, New Career” report. Of those surveyed, 95% stated they intend to hunt for a new job in 2019.
I spoke with Vicki Salemi, a Monster employment consultant, to gain her perspective on the results. Many workers changed occupations at the same time during the Great Resignation, which started in early 2021 during the epidemic, according to Salemi.
“But looking back, some workers realised that they may have jumped ship too quickly, or they jumped at the highest salary number without really vetting the culture,” she said. “Or even some employers may have had a ‘bait and switch’ situation with a job description.”Subsequently, there came the Great Boomerang, in which individuals began going back to their previous employers.
Salemi anticipates that employees will be more selective and deliberate in their job searches this year. “Job seekers are aware that the current job market is more like a marathon than a sprint,” she stated, adding that some potential new hires might even be considering what abilities they can acquire to increase their marketability.
Workers tread cautiously amid economic uncertainty and burnout concerns
Salemi anticipates that employees will be more selective and deliberate in their job searches this year. According to her, “people looking for jobs know it’s more of a marathon, not a sprint right now.” Some potential new hires might even be considering what skills they can acquire to increase their marketability.
According to Monster, 68% of workers—a tiny increase from 66% last year—believe that the current situation of the economy will make it difficult for them to obtain a new job in 2024. Just 38% of respondents think the job situation will become better overall, while 22% think it will get worse.
So why are people looking for the door? Burnout and the realisation that living expenses are rising are likely contributing factors, according to Salemi. For instance, some employees are required to cover for departing staff who have not been replaced. “It’s likely that workers in these situations are overworked and don’t see any end in sight,” she stated.
According to the research, about 45% of workers said they needed a larger income, up 5% from 2023, and 64% expected a higher wage because of inflation and rising living expenses, up 18% from the previous year.
Domestic wages and compensation were just one of the six measures examined in a study where finance chiefs increased their expectations for year-over-year growth, according to Deloitte’s Q4 2023 CFO Survey, which was issued earlier this month. One such concern that the CFOs questioned indicated as potentially impeding their capacity to meet financial performance targets was the state of the labour market.
To keep their employees happy, engaged, and productive while also ensuring that they are paid fairly, employers should, according to Salemi, be straightforward and upfront. Employers may consider alternate ways to compensate staff members if wage increases are not possible at this time. For example, they could consider being more lenient with rules like return-to-office requirements.
Choosing a future direction
In the face of these obstacles, job searchers are navigating the landscape by carefully weighing their options and taking their long-term professional objectives into account. The goal is to discover jobs that fit their skills, goals, and personal well-being rather than just any old employment. Employers must modify their approaches as workers grow more discriminating to draw and keep great talent.
The most improbable Great Resignation
Even while there is a general desire for change, it doesn’t seem likely that there will be another Great Resignation similar to the recent large migration of workers. Rather, workers appear ready to make calculated career decisions, motivated by concerns about their own professional development, the state of the economy, and the need to handle burnout.
Final thoughts
The prevalent issues of burnout and economic uncertainty have led to a yearning for change among employees in the contemporary work landscape. The likelihood of another Great Resignation appears remote as employees begin to approach their job searches with greater purpose and strategy. Companies need to be aware of this subtle change, modify their hiring practices, and place a high priority on developing work cultures that support workers’ long-term career happiness and well-being. Employers and job seekers alike may help ensure a more robust and sustainable workplace in the future by overcoming these obstacles.
(Tashia Bernardus)