More Than Half of Workforce Likely to Look for New Job Within the Next Year

Apr 14, 2023Financial Literacy, News

A new report from Bankrate found that 56 percent of U.S. adults who are employed or seeking a new job are likely going to look for a new job over the next year, which is up from 51 percent who said they were seeking new employment last year. This includes 37 percent of adults who say they are very likely to look for a new job.

“While more than 1 in 5 workers tell us they got a new job in the past year, more than half say they are likely to look for new employment in the next 12 months,” said Mark Hamrick, Bankrate Senior Economic Analyst. “The future trajectory of the economy, including whether job losses substantially accelerate as many expect, will help dictate how many workers look for a change, or will want to stay put.”

47 percent of workers said they are likely to ask for a raise within the next 12 months, 42 percent are likely to ask for more flexibility such as different hours or working remotely, 30 percent are likely to quit a job, and 26 percent are likely to relocate for employment. A majority of the workforce has taken career steps in the last year, including 21 percent who got a new job, 19 percent who asked for more flexibility, and 18 percent who asked for a raise.

The coming job hunt will likely be led by lower earners, minority workers, and younger generations. 66 percent of workers earning less than $50,000 a year are likely to seek a new job, compared to 48 percent of those making $100,000 or more. 68 percent of African American and 67 percent of Hispanic workers are more likely to look for a new job than white workers at 50 percent.

78 percent of Gen Z workers and 61 percent of millennial workers are likely to look for a new job, compared to 47 percent of Gen X workers and 28 percent of baby boomers. Gen Z and millennial workers are also more likely than Gen X and baby boomer workers to ask for a raise, ask for more flexibility at work, quit a job, or relocate for work.

Because of inflation and economic uncertainty, 30 percent of workers are prioritizing higher pay as well as work/life balance, and 24 percent said they prioritized happiness in the workplace. Additionally, 10 percent considered job security as the most important factor.

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