The Ongoing Workforce Exodus: Why Americans Are Considering a Job Switch in 2024
In 2022, at the peak of the “Great Resignation,” around 4.5 million workers each month — roughly 3% of the U.S. workforce — were leaving their jobs. Although some experts claimed this trend would taper off, new research suggests the desire for change among workers is still strong. In fact, more professionals are eyeing the exit in 2024 than during the initial wave of the Great Resignation.
According to a recent study by Microsoft and LinkedIn, 46% of professionals worldwide are contemplating quitting in the coming year. This is a significant increase from the 40% who considered a job change ahead of the Great Resignation in 2021. The research, conducted between February and March 2024, surveyed over 30,000 workers in 31 countries, capturing a global view of career mobility.
In the U.S., LinkedIn has observed a 14% increase in job applications per opening since the previous fall. In a survey of 1,013 American professionals conducted by LinkedIn in late 2023, 85% indicated they plan to seek new opportunities in 2024. Additionally, job seekers’ confidence has reached a two-year high, according to a February 2024 ZipRecruiter survey of over 2,000 job hunters.
Economic Stability Fuels Optimism
This renewed confidence among American workers is likely bolstered by a stable U.S. economy, which avoided the widely anticipated 2023 recession. Despite headline-making layoffs at a few large companies, the broader employment landscape remains robust, with layoffs and unemployment rates lower than pre-pandemic levels. Steady job growth in early 2024 has created optimism for job seekers, according to ZipRecruiter chief economist Julia Pollak.
Yet, while confidence is high, dissatisfaction remains. Rising inflation continues to put pressure on household budgets, prompting many to explore better-paying options.
Inflation Drives Career Transitions
Economic factors like inflation are not only affecting budgets but are also pushing workers toward better-paying jobs. According to Monster’s 2024 Work Watch Report, nearly half of the employees considering a job switch say the primary reason is the need for higher income.
Switching jobs has become one of the fastest ways to increase earnings, with data from the Federal Reserve Bank of Atlanta showing that job changers typically see greater pay growth than those who remain in their roles. ADP data highlights that the median year-over-year pay increase for job switchers hit 10% in March 2024, up from just 2.9% six months prior. Pollak adds that with wages finally catching up to inflation, the financial benefits of switching jobs feel stronger than ever.
Real hourly earnings (wages adjusted for inflation) grew by 1.1% in February 2024 compared to a year earlier, marking a step forward for workers seeking sustainable pay growth.
Revisiting Past Decisions: Resigners’ Remorse
The anticipated wave of job-switching in 2024 might also stem from the dissatisfaction of those who transitioned during the Great Resignation but didn’t find the career upgrades they had envisioned. Between 2020 and 2022, many workers left fields like personal care services and fitness for positions in technology and transportation, which were experiencing rapid hiring and often came with higher salaries. However, for some, these roles did not translate to the improved lifestyle they had anticipated.
According to a 2023 survey by Paychex, 80% of employees who quit their jobs during the Great Resignation regretted the decision. Gen Z workers, in particular, expressed missing the collaborative office environment, while Gen X workers cited a decline in work-life balance.
Strong Demand Persists, Especially in Health and Skilled Trades
Although workers may no longer wield the same leverage they had at the height of the Great Resignation, ample job opportunities remain for those seeking career changes. In March, the U.S. labor market posted 8.5 million job openings, with significant growth in fields like health care, education, government, and hospitality. Demand for skilled trades and health-care professionals remains particularly high, according to Pollak.
“There are still plenty of well-paying opportunities out there,” she says. “They just might not be exactly where you want them to be.”
As we move through 2024, the desire for change persists, influenced by economic factors, inflation, and evolving job market dynamics. While some workers may seek stability, many are looking for roles that better align with their financial goals, personal values, and career aspirations — suggesting that the spirit of the Great Resignation remains alive and well.
