What’s going on:
A recent survey conducted by Robert Half revealed that nearly half of the workforce (49%) is actively looking for a new job or planning to start a job search by the end of the year. This is a 3% increase from the rate in December 2022.
The study found that the groups most likely to seek a career change are Gen Zers, technology professionals, working parents, and employees who have been at their companies for 2-4 years, according to Investopedia. The majority of job seekers are prioritizing compensation, benefits, and remote work options when evaluating job opportunities. The study also revealed that a lengthy application and interview process often deters job seekers, with 40% withdrawing from consideration after three or more rounds of interviews.
Why it matters:
If employers fail to meet job seekers’ expectations regarding compensation, benefits, remote work options, and a streamlined hiring process, they may struggle to attract and retain top talent in 2024. The high percentages of certain groups seeking career change also indicate changing attitudes and needs within the workforce that employers could address.
How it’ll impact the future:
Companies may alter the way they recruit and retain employees moving forward. Employers will likely need to become more flexible, offering competitive pay, benefits, and remote/hybrid work options. They may also need to streamline their hiring process to ensure its efficient and engaging, since a large portion of job seekers withdraw from longer interview processes.
The high rate of workers willing to change jobs could lead to a more competitive recruitment period next year. Moreover, as workers increasingly prioritize well-being and professional development, more companies will likely work to establish an environment that supports these values to retain their top talent.