Nearly 50% of People Are Considering Leaving Their Jobs In 2024 (cnbc.com) 54
An anonymous reader quotes a report from CNBC: In 2022, at the height of the "great resignation," a record 4.5 million workers each month -- about 3% of the U.S. workforce -- were quitting their jobs. While some economists have said this pandemic-era trend is over, new research from Microsoft and LinkedIn forecasts that even more people plan to leave their jobs in 2024. Nearly half (46%) of professionals say they're considering quitting in the year ahead -- higher than the 40% who said the same ahead of 2021s great resignation, according to new research from Microsoft and LinkedIn, which surveyed more than 30,000 people in 31 countries between February and March 2024.
In the U.S., LinkedIn has seen a 14% increase in job applications per opening since last fall, with 85% of workers saying they plan to look for a new role in 2024, a survey of 1,013 U.S. professionals conducted between November and December 2023 found. And Americans' confidence in their job-hunting prospects has reached its highest point in two years, a February 2024 ZipRecruiter survey of more than 2,000 jobseekers shows. This renewed sense of optimism is aided by the fact that the U.S. economy avoided the recession forecast for 2023, ZipRecruiter chief economist Julia Pollak tells CNBC Make It. [...]
It's not just better labor market conditions driving more U.S. workers to consider a career change in 2024. Inflation is still squeezing Americans' budgets; nearly half (45%) of workers planning to switch jobs this year say they need a higher income, according to Monster's 2024 Work Watch Report. Job switchers tend to increase their salaries more quickly than those who stay put, per data from the Federal Reserve Bank of Atlanta. Changing jobs is coming with greater pay gains: New data from ADP shows the median year-over-year pay increase for job switchers was 10% in March, up from 2.9% six months prior. With salaries finally keeping up with inflation, Pollak adds, the return on investment of switching jobs feels "much higher" than it did six months ago.
In the U.S., LinkedIn has seen a 14% increase in job applications per opening since last fall, with 85% of workers saying they plan to look for a new role in 2024, a survey of 1,013 U.S. professionals conducted between November and December 2023 found. And Americans' confidence in their job-hunting prospects has reached its highest point in two years, a February 2024 ZipRecruiter survey of more than 2,000 jobseekers shows. This renewed sense of optimism is aided by the fact that the U.S. economy avoided the recession forecast for 2023, ZipRecruiter chief economist Julia Pollak tells CNBC Make It. [...]
It's not just better labor market conditions driving more U.S. workers to consider a career change in 2024. Inflation is still squeezing Americans' budgets; nearly half (45%) of workers planning to switch jobs this year say they need a higher income, according to Monster's 2024 Work Watch Report. Job switchers tend to increase their salaries more quickly than those who stay put, per data from the Federal Reserve Bank of Atlanta. Changing jobs is coming with greater pay gains: New data from ADP shows the median year-over-year pay increase for job switchers was 10% in March, up from 2.9% six months prior. With salaries finally keeping up with inflation, Pollak adds, the return on investment of switching jobs feels "much higher" than it did six months ago.
Sounds perfectly normal to me (Score:5, Insightful)
Now, if huge numbers of people were dropping out of the workforce entirely, that's a much more serious problem. But, with the state of US social support, doing that means you're slightly-above-poverty, so only small numbers of people are gonna go that route. You will work, or you will consume your savings at a ferocious rate, or society will maintain you in a barely-hand-to-mouth state. Your decision.
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the IRS wants ~$20k in taxes out of me for 2023. I can't afford it
If you owe $20K in taxes for 2023, a) you're late in fling unless you have an extension and b) get your deductions in order and c) you make enough to afford to pay those taxes.
As for whining about Ukraine, the vast majority of that money goes to American companies and American workers. Why do hate America so much?
Re: Sounds perfectly normal to me (Score:3)
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We should, at least, make the billionaires pay for their wars. These wars create further inflation by destroying the real economy and flooding it with Monopoly money at the same time.
What's the going rate on your son or daughter's life? Gonna ask Elon for $50k? Maybe $1m?
I'm all for a constitutional amendment that requires any loser in congress who votes for a war to require their sons and daughters to be front-line infantry, first wave. If they win, great. If not, then we can start sacrificing Americans. Congress has no skin in the game, and you better believe they don't give a crap about your kid or you. Just that they can profit off funneling money to Ukraine that allegedly t
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FYI, there are no 'front lines' anymore, I am not intending to sling mud here, just to ensure you know that the wars of the past 60 years have had virtually no 'lines'
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the IRS wants ~$20k in taxes out of me for 2023. I can't afford it
If you owe $20K in taxes for 2023, a) you're late in fling unless you have an extension and b) get your deductions in order and c) you make enough to afford to pay those taxes.
As for whining about Ukraine, the vast majority of that money goes to American companies and American workers. Why do hate America so much?
Wrong on all counts. The feds and state taking ~35% of shit right off the top means a lot less I can pay employees. But at least Boeing and Lockheed Martin can thanks to Biden forcing us to pay for them through his money laundering factory.
False. Businesses are taxed on their net income, not their gross, and money spent on employees is an expense, so that money comes out of the gross revenue, not the net. Therefore, taxes don't reduce the amount of money that you have available to pay employees — only the profit that you make after doing so.
I mean, if you want to be pedantic, the money spent on employees is taxed slightly, in that the businesses must pay the employer half of the Medicare and Social Security payroll tax, but even that
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I'm the lowest paid employee at my own company. $4k/mo, but I get raped in taxes. Why? Because I want to keep at least three months salary in the bank to ensure employees can still be paid should something catastrophic happen (like major clients cancelling contracts, natural disaster, etc...)....but government doesn't see that as payroll until it gets paid out. It sees it as "evil CEO profit"...even though it doesn't go into my bank account
With the caveat that I know nothing about this stuff, have you contacted a good tax attorney to help figure out a way to do what you want without getting hit so hard? There might be a way to hold extra salary like that, some way to mark it in the accounting system or whatever.
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I'm the lowest paid employee at my own company. $4k/mo, but I get raped in taxes. Why? Because I want to keep at least three months salary in the bank to ensure employees can still be paid should something catastrophic happen (like major clients cancelling contracts, natural disaster, etc...)....but government doesn't see that as payroll until it gets paid out. It sees it as "evil CEO profit"...even though it doesn't go into my bank account
With the caveat that I know nothing about this stuff, have you contacted a good tax attorney to help figure out a way to do what you want without getting hit so hard? There might be a way to hold extra salary like that, some way to mark it in the accounting system or whatever.
The usual approach is to buy business interruption insurance or similar.
Health insurance costs are obscene, but mandated or not, that money is still essentially going to the workers, i.e. it isn't a tax, per se.
Re:Sounds perfectly normal to me (Score:5, Informative)
Whatever the employee gets deposited in the bank (say $6k/mo) you can basically double that amount for taxes, healthcare, and other government mandated bullshit.
I'm the lowest paid employee at my own company. $4k/mo, but I get raped in taxes. Why? Because I want to keep at least three months salary in the bank to ensure employees can still be paid should something catastrophic happen (like major clients cancelling contracts, natural disaster, etc...)....but government doesn't see that as payroll until it gets paid out. It sees it as "evil CEO profit"...even though it doesn't go into my bank account, and I can't spend it on hookers and blow.
So I get raped on taxes for being a decent business owner.
You are wrong. I am a small business owner speaking from real world experience.
The employee overhead is no where near as high as you are stating. That 2x salary figure that is so often quoted is a fully-loaded cost for large businesses: it includes things like services of cost-center departments (i.e. HR, facilities, payroll, etc.), 401k matching, health insurance, office space, and all the equipment used by the employee.
I also maintain a cushion fund for emergency needs. And yes, as a LLC or other pass-thru type company, the owner is taxed on the money earned after costs -even if you do not withdraw it from the company account but keep it as a "rainy-day-fund". But you only pay the tax on it the year the income is earned -it is not counted as income every year just because it is in the bank account... And you should not be setting that kind of money aside all at once, but should be building the fund up a little each year -every year- to keep up with the growth of the business.
If you are just starting out, use some of the excess you set aside to cover the taxes and then build it back at a pace you can afford. You can also consider forming an actual corporate structure (C-type) instead of operating as a pass-thru entity (LLC/LLP/etc.) so the company can have it's own money that is not counted as owner income.
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A lot of us are working and already in a state of poverty...hell...the IRS wants ~$20k in taxes out of me for 2023. I can't afford it.
If the IRS wants $20K then as a single earner you must have earned over $110,800 last year. If you filed Jointly, then you earned over $133,560 combined.
Not really hurting financially are you. Quit whining.
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Nothing wrong with those numbers.
Though it's an election year so I imagine someone or another will try to paint it as a problem -- or a symptom of another problem, etc...
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It's a useful measure of dissatisfaction with work in the general population. Often a symptom of below inflation pay increases, back-to-office mandates, bubbles like AI that people want to get in on...
Microsoft AND LinkedIn? (Score:3)
Microsoft owns LinkedIn... why pretend they are two separate entities?
Things aren't going to get real (Score:1)
Our banking system is too unstable and weak to go a protracted period of time with higher inter
Re:Things aren't going to get real (Score:4, Interesting)
though every single economist worth a damn will tell you that inflation right now is caused by price gouging.
Just... no. No, they will not.
The price gouging is a responsive measure to the inflationary actions. It isn't the cause. The inflation started as soon as the government inflated the incurrency directly - by printing 80% of the total US dollars ever printed in the course of 2 years (link [techstartups.com])
This is the real "trickle down economics". When there is an increase (or decrease) in supply in a market, the prices change to match. Increasing the supply of money decreased its value, and made it more available. You saw the results almost immediately in used car markets (in part due to supply side shortages in new cars, but also due to the surplus of cash that people had due to the handouts received around the same time). Corporations did the same.
That doesn't change that it absolutely is "price gouging" across the board, but the price gouging wasn't the cause - it's just a symptom. It's no different than taking the initiative to provide a supply of a rare in-demand commodity during a disaster - water, food, guns - and charging a premium for your initiative. It's the same exact principle which regulates the ecology of our world: when there is an excess of something, something else will come along and eat it. It could be trees and bark beetles, seals and sharks or bears, or something else. That's just how the world is.
Our banking system is too unstable and weak to go a protracted period of time with higher interest rates. So the Federal reserve is going to have to cut rates at some point. From what I can tell they're planning to do it shortly after the election.
No disagreement there.
Re: Things aren't going to get real (Score:2)
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It's that way by design, yes.
The idea is to create artificial scarcity due to money supply induced market collapse, which will result in producers exiting the market. This, in turn, causes the economy to collapse.
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Not exactly a random sample (Score:5, Interesting)
I'd be curious to see a comparison of the general population(s) -- all jobs, all education, all working ages, all socio-economic levels, etc. versus only those who are on LinkedIn, as I imagine it is a fairly different dataset.
Among the LinkedIn crowd the results might be true, but I wonder if saying "Nearly 50% of LinkedIn Users Are Considering Leaving Their Jobs In 2024" would be more accurate than "People", the article to me implies only a certain sub-set was surveyed.
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I'd be curious to see a comparison of the general population(s) -- all jobs, all education, all working ages, all socio-economic levels, etc. versus only those who are on LinkedIn, as I imagine it is a fairly different dataset.
Among the LinkedIn crowd the results might be true, but I wonder if saying "Nearly 50% of LinkedIn Users Are Considering Leaving Their Jobs In 2024" would be more accurate than "People", the article to me implies only a certain sub-set was surveyed.
Yes ... but the relevance of the LinkedIn study is not the standalone meaning of the data but rather the progression of the statistics from 2021 to 2024. What does 50% mean? Is it good or bad? I don't know. However, it increased from 40% to 46%.
The more interesting questions are (1) whether 40% to 46% is significant and (2) why 46% is "nearly 50%" while 40% is not.
Give me the job (Score:2)
Seriously, I need one.
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Too bad - not many available right now. What is available, is only available through a connection. Nobody is hiring "cold" applicants.
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Depends on the type of job and the pay you are willing to work for.
The more you tighten your RTO mandates, Tarkin (Score:2)
No one will touch imminent retirees (Score:4, Insightful)
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Real inflation and the theft of wages (Score:3)
Wages are lagging behind inflation, and real inflation is drastically underreported.
Corporations and employers are making out like bandits right now because labor costs have not gone up but sales prices for goods have.
The people are feeling the pinch, and blaming everyone except their employers.
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The series comes from the 'Current Population Survey (Household Survey)'
Thing is, I hate when people use household data for salary info... that's totally bunk, it should be per-earner with a SINGLE job for it to be valid. Household income is more of a measure of overall economic freedom of the population.
The Boomers are not retiring anytime soon (Score:2)
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The ones that invested in the S&P 500 over the last 20-30 years are fine.
The Boomers that have no savings and thought that social security provided some ... security. Well they're in serious doo-doo right now.
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Meanwhile.... (Score:2)
IBM, Dell, and many others are making sure that, even if you're not thinking about it, there's a good chance you'll be leaving your job.
I'm retiring at the end of the year, that count? (Score:2)
Can't wait. Hope to never see another computer or user looking for help for the rest of my life. I like to think every person in I.T. support has a "Well" of empathy and desire to help others. The bottom of mine has been a dry, cracked, and dusty surface for about 10 years. It's long past time.
I'm always "considering" leaving my job (Score:2)
For the right company, and the right pay, I'd definitely move on. I never really stop looking for a job, it's just at some times I'm looking a lot harder than at other times.