10 Year High for Workers Wanting to Change Jobs (They Feel Stuck)

The number of Americans looking to change jobs is at a 10 year high according to the Wall Street Journal, “eclipsing” Great Resignation numbers. Unlike 2021-2022, the market is now “cooling,” so leaving for a better job is a “lot easier said than done.” Some sobering stats:

• Job satisfaction is at the lowest level in the last 10 years (per Gallup’s survey from December 3). WSJ says employees feel stuck because of smaller raises, fewer promotions, cost-cutting by employers, and increased in-office requirements. Previously employees could find new jobs relatively easy for more money, but now “we currently sit in a holding pattern” according to Gallup workplace research director Ben Wigert.
• Raises are going down. Per WSJ, advisory firm Willis Towers Watson surveyed 1,900 US companies, and almost half said they decreased budgets for raises to 4.1% in 2024, compared to 4.5% in 2023. Next year they project even lower median raises at 3.9%.
• Corporate restructuring is on the rise. WSJ reported that almost 75% of the workers surveyed by Gallup reported that “their employers had gone through some sort of disruptive change in the past year.” Workers also said they were working with reduced budgets and given additional responsibilities.