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Great war for talent still on in US; 40% wish to switch again: Survey

Great war for talent still on in US; 40% wish to switch again: Survey

Great war for talent still on in US; 40% wish to switch again: Survey
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By CNBCTV18.com Apr 12, 2022 5:22:21 PM IST (Published)

The power is with the American employee now, with two in five of those who switched jobs in the last 12 months having received at least a 10 percent hike.

The job market is still in a tumultuous state, with 40 percent of those who recently switched jobs looking to switch once again, according to a new survey published by Grant Thornton, a consulting firm. Despite the fact that nearly 21 percent of America’s total workforce changed jobs in the past 12 months, the job market remains in a state of flux amid a war for talent.

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“The power is going to the employee right now,” said Tim Glowa, Principal at Grant Thornton. “They are in the driver’s seat.”

It’s not just recent job switchers who are looking for new opportunities, 29 percent of full-time employees in the US are also looking for new work. Those looking to switch again may be doing so as a result of mismatch in expectations and reality, or even because of workplace issues like a bad manager or lack of career advancement possibilities.

Most of the individuals who changed their jobs in the past 12 months may have done so for better pay, benefits or career advancements, according to the company’s most recent State of Work in America survey.

The survey also revealed that 40 percent of those who switched their jobs in the past year got a raise of at least 10 percent. Only 18 percent of all survey respondents said that they had received at least a 10 percent raise for comparison.

As the labour market continues to experience a large turnover, companies are increasing their remuneration being paid to potential talent and most looking to shift have the luxury of choosing between two or more offers.

As a result, salaries for many industries and segments have increased at the fastest rate seen in many years. With the current job market environment expected to stick around for a while, employees are taking advantage and trying to get even better opportunities.

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