Nearly two-thirds of workers are on the hunt for a new job, while almost nine out of 10 company executives say they are seeing higher-than-normal turnover at their organizations, according to a new survey from PricewaterhouseCoopers (PwC).
The number of workers looking for a new job has almost doubled since spring. About 64% reported they were seeking a new job at the start of August, when PwC surveyed 1,007 full-time and part-time U.S.-based employees and 752 executives. That's up from 36% of workers in May.
It’s a "significant" jump, Neil Dhar, PwC's chief client's officer, said. "Simply put, many workforces are just tired, and they're looking for change." Hispanic and Black employees are more likely to be looking—82% and 67%, respectively—than white workers, about 57% of whom cited a desire for a new job.
- The biggest reason for the job search for many is a better salary, with 46% of women saying better pay was the biggest driver compared to 34% of men.
Many companies are recognizing this and increasing the pay rates on certain jobs. Wall Street firms Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley have raised the salaries of their first-year analysts this year. What’s more, many retailers and restaurant chains, including Costco, Chipotle, McDonald’s and Under Armour, have boosted their minimum wages to $15 or more to entice workers.
After salary, workers cited better benefits and career advancement as other top motivators.
"Employees have been clear that they deeply, deeply value nonmonetary benefits like expanded flexibility, career growth, well-being, and upskilling," Dhar said.
Source: Leonhardt, M. (2021, August 20). Job-hopping heats up: 65% of U.S. workers are looking for a new job. Fortune.
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