Over 3 million American workers quit their jobs every month. This trend crosses wage and age brackets--even those with $100,000 salaries are saying goodbye to their jobs in numbers unseen since 2001.
Why So Many Are Leaving $100K Jobs
Ladders recently released a report that shows 67 percent of those making six figures want to leave their job in the next year. Of 50,000 employees interviewed, 40 percent were willing to move to another state for $10,000 more in pay.
Right now, the employment market is tight, so more professionals are willing to look for a better job. Glassdoor's Andrew Chamberlain believes that many people are leaving their jobs because their current one isn't offering raises. Even with 7 million open jobs, companies are more willing to offer more money to new employees than current workers.
Even if employers are willing to offer regular raises, a move is typically the best way for employees to maximize their income. It's estimated that high-wage earners who leave their job to go to a new company increase their salary by 15 percent. That's something that current employers can't compete with, so counteroffers typically cannot match the carrot dangled by competing organizations.
What to Let Go of to Be Successful
After the financial crisis of 2008, companies started pulling out layers of middle management. Before that, the best way for a worker to increase their salary was to get a promotion. With new responsibility came more money. Internal promotions aren't that common in the current employment market. With a dearth of opportunities inside their company, ambitious senior staff members have been forced to look outside for growth opportunities. That could account for the increased number of high wage earners seeking employment elsewhere. With no mobility available at the company they work for, ambitious workers with several years of expertise under their belt take their experience elsewhere.
It's Not Just Younger Workers Who Now Leave to Advance Their Careers
It's normal for younger employees to switch jobs frequently. That's something that's been true for all generations--Gen Xers in their 20s are no more apt to leave positions than Boomers were when they were starting their career. The new trend is with these older workers who are forced to seek a new employer if they need a bump in salary.
A Competitive Labor Market Also Feeds the Trend
Workers of all age groups and experience levels are likely to quit for better opportunities. This is due to a competitive marketplace. Even though there are more positions openings, there are fewer management and middle-management positions to fill. That means that workers in the same company are often facing fierce internal competition than ever before. Also, hiring someone from outside means that no new gaps are created to backfill.
Antsy high-wage earners could have the right idea in the current market. Since they are more experienced and still have a job, these candidates may have greater confidence, increasing their chances of landing a better job.
If you find that you need to hire more talent, contact ICS. We have a great selection of candidates that are ready to take your company to the next level. Click below to start your search for top talent!