A key survey from the Federal Reserve Bank of New York shows a higher percentage of people are looking for a new job now than in any time since March of 2014.
The survey, released monthly, found while 28.4% of people were looking for a new job — a jump of nine percentage points from June — worker satisfaction decreased across three key categories: pay, nonwage benefits and promotion opportunities.
Experts who spoke with Scripps News said the numbers don’t necessarily indicate a decline in worker satisfaction overall, but higher confidence that something better could be out there.
“It’s almost like we’ve gone from the great resignation to the big stay,” said Thomas Vick, senior regional director for technology at Robert Half. “People will stay where they are, but they will consider new opportunities at the same time too, if the opportunity is right, which means employers have to be willing to make very good offers to get these candidates away from the jobs that they’re in now.”
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Experts see a labor market stabilizing from the so-called “great resignation,” when employers offered glitzy compensation and benefit packages to attract workers.
Mark Hamrick, Bankrate’s Washington bureau chief and senior economic analyst, said workers will now have less power in negotiations for a new job or a promotion.
“What’s the workers’ reaction to that? Hoping to get a pay raise, hoping to find a better job that pays more, perhaps also having some remote work if they have that — dare you call it — luxury,” he said.
With an expected decrease in interest rates this fall, analysts think the market will continue stabilizing, perhaps providing more job security for those already employed.
