As millions of U.S. workers quit their jobs in search of better pay, a trend known as the Great Resignation, new research offers a sense of how much people are looking to earn before they make the leap.
, new research offers a sense of how much people are looking to earn before they make the leap.
The magic number? Individuals want annual pay of at least $73,000 to leave their current position for a new one, according to a recentIncreased salary expectations were most pronounced among younger employees, male workers and college graduates, according to the survey of more than 1,000 people, which included employed and unemployed respondents.
A tight labor market as well as a searing inflation, which is raising the cost of living, is driving workers' demand for bigger paychecks. Moving to a new job is often the best way toEmployees are are also getting choosier about where they work, emboldened by a historically tight job market that has employers competing for talent.
Nearly a quarter of respondents to the survey said they had looked for a new job in the past four weeks, up slightly a year ago, according to the New York Fed. Those most likely to look for new jobs were younger than 45 and college-educated. That is up sharply from the end of 2020, when roughly 18% were testing the job market. appear to be improving slightly as more employers offer enticements like free lunches, remote work and other non-monetary perks to attract talent.
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