About 64% of job switchers say their current job provides more pay than their previous job, according to a survey by ZipRecruiter, reports The Wall Street Journal (subscription). Of those workers, nearly half received a raise of 11% or more.
- 20% of workers between 25 and 54, considered “prime age,” say they expect to leave their job within the year.
- Another 26% said they would leave after one or two years. In the past, the average job length has been around four years.
The big picture: “Nearly 27% of economistssurveyed by The Wall Street Journal in April said wage growth poses the biggest inflationary risk this year… Companies are paying more to attract and retain workers in a competitive labor market and will need to pass on price increases to compensate, the thinking goes.”
However . . . The grass isn’t always greener. Job switching is causing regrets for some workers, also according to The Wall Street Journal (subscription).
Nearly half of respondents said they would try to get their old job back, according to a study of 2,500 U.S. employees conducted by The Muse, a job-search company.
- In the same study, nearly three-quarters of respondents who took a new job reported feeling regret.
- According to LinkedIn data, 4.5% of new hires in 2021 were workers returning to their old employer.
Employees have higher expectations for potential employers than ever before, according to job recruiters. These expectations can lead to disappointment as many jobs that advertise flexibility, high pay and top-tier working conditions may end up falling short in practice.