In 2022, during the “great resignation,” a record number of workers were quitting their jobs each month. While some economists believed this trend was over, new research from Microsoft and LinkedIn predicts that even more people plan to leave their jobs in 2024. Nearly half of professionals surveyed are considering quitting in the year ahead, indicating a higher percentage than in previous years. In the U.S., job applications have increased, and the confidence in job-hunting prospects is at its highest point in two years. Despite concerns about high inflation, job growth has been strong and stable since the start of 2024.
Factors such as high inflation and dissatisfaction with current roles are driving more U.S. workers to consider a career change in 2024. Nearly half of workers planning to switch jobs this year cite the need for a higher income as a driving factor. Job switchers are seeing higher pay gains, with the median year-over-year pay increase for job switchers reaching 10% in March, up from 2.9% six months prior. With salaries finally keeping up with inflation, the return on investment of switching jobs feels higher. Real hourly earnings grew by 1.1% in February 2024 compared to a year earlier, indicating positive financial prospects for job switchers.
Many workers who quit their jobs during the great resignation now regret their decision, especially Gen Zers who miss office environments and Gen Xers who miss work-life balance. Despite potential regrets, there are still plenty of opportunities for those seeking new and better jobs, with the labor market posting 8.5 million openings in March. Industries such as health and private education, government, and leisure and hospitality are fueling job gains, with high-demand for health-care and skilled trades workers. While the job market has shifted, high-paying opportunities still exist for those willing to explore different industries.
To help individuals land their dream job in 2024, CNBC offers an online course on how to ace job interviews, providing insights into what hiring managers look for, body language techniques, effective communication strategies, and negotiation skills. A discount code is available for the course between May 1st and June 30th. Additionally, signing up for CNBC Make It’s newsletter can provide tips and tricks for success in career advancement, financial management, and personal growth. Regardless of the challenges in the job market, with the right skills and strategies, individuals can navigate the current landscape and find fulfilling employment opportunities.
