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40% of people who change jobs are already looking for a new position, according to a survey

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Two in five workers who have changed jobs in the past year are looking for work again, according to a new survey released by consultancy Grant Thornton.

These workers will likely account for much of the churn in the job market as the so-called Great Quit continues, and suggests employers may need to reconsider wages, benefits and other workplace issues .

“The power is with the employee right now,” said Tim Glowa, who leads Grant Thornton’s Employee Listening and Human Capital Services team. “They’re in the driver’s seat.”

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Twenty-one percent of American workers have taken a new job in the past 12 months, according to the company’s latest survey of the state of work in America released last week, which surveyed more than 5,000 employees.

Among these people who have recently changed jobs, 40% are already actively looking for another job.

That’s a higher share than the 29% of all full-time employees who are actively looking — meaning people who have recently changed jobs are more likely to want a new position than the overall US working population. .

There is likely a shared responsibility between labor and business for this “buyer’s remorse”, Glowa said.

On the one hand, it may be due to a mismatch of professional expectations versus reality — perhaps a bad manager or a lack of opportunities for career advancement, Glowa said. The dynamic is similar to buying a car and realizing it’s a lemon, he added, likening it to a bait and switch by companies.

Workers are benefiting from a buoyant labor market in which job openings are near record highs and wages have risen at their fastest rate in years, as companies are forced to compete for talent.

“They did the [recent] change and it turned out to be very easy,” Glowa said of active job seekers. “So they are ready to make this change again.

Nearly 48 million people left their jobs voluntarily in 2021, an annual record. Business demand for labor rebounded faster than the supply of workers as the economy emerged from its pandemic hibernation, which helped create favorable conditions for workers.

According to the survey, nearly 60% of those who recently accepted a new job had at least two competing offers when they made their decision.

“The talent war continues,” Glowa said. “He really shows no signs of slowing down.”

Some workers may also have jumped on a big raise before weighing the pros and cons of the potential supply, he said.

Among workers who changed jobs in the last year, 40% got a salary increase of at least 10%, according to Grant Thornton. This is more than double the 18% of all survey respondents.

Employees who changed jobs in the last year cited salary (37%), opportunities for advancement (27%) and benefits other than health and retirement (18%) as the top three reasons for their departure. Salary and benefits were also the top two reasons respondents declined other offers (42% and 33%, respectively).

An as-yet-unpublished Grant Thornton survey of HR managers shows that companies are somewhat out of touch with sources of employee stress, which means it can be difficult for them to offer attractive perks, Glowa said.

For example, employees cited personal debt, medical issues, mental health, daily inconveniences and the ability to retire as their top five stressors. However, HR managers accurately guessed only one of these top stress-related issues (medical issues).

40% of people who change jobs are already looking for a new position, according to a survey

Source link 40% of people who change jobs are already looking for a new position, according to a survey

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