The 'Great Resignation' is likely to continue, as 55% of Americans anticipate looking for a new job. investinyou (In partnership with acorns.)
The data confirms trends seen in the labor market recently. While millions remain unemployed, certain industries are struggling to find workers. The unemployment rate fell slightly to 5.4% in July but remains higher than pre-pandemic. Those claiming unemployment insurance benefits fell to a pandemic-low of 2.82 million in the week ending Aug. 14, although it is still elevated.
At the same time, job openings surged to an all-time high of 10.1 million at the end of June, according to the Bureau of Labor Statistics Separations also edged up to 5.6 million, and the quit rate was 2.7%, just below the April high of 2.8%.There are multiple reasons why Americans are looking to find new work, with flexible working conditions top of mind for job seekers, according to the survey.
Some 56% of those surveyed said that flexibility was their primary reason to look for a new job, topping higher pay and job security. This trend was the same even for the lowest-paid workers — 52% of those making $30,000 or less still put flexibility as their top reason to look for a new job, over higher pay.
Other surveys have shown similar results. Nearly 40% of consumers surveyed by Ally Bank in August said they're considering changing jobs in the next six months, citing remote work, career advancement and flexibility as top desires.