The COVID-19 pandemic massively disrupted American’s working lives, as over 23.1 million people filed for unemployment in April 2020. While unemployment numbers have drastically recovered, and the U.S. economy is seeing progress, a new survey suggests that many Americans are re-evaluating their careers, and what aspects of their jobs they value most.
According to Bankrate.com’s August 2021 Job Seeker Survey, most United States workers will be searching for a new job in the next 12 months. Specifically, 55% of Americans who are either employed or looking for work — otherwise thought of as being in the workforce — are likely to look for a new job in the next 12 months. This includes 77% of Gen Zers, ages 18 to 24, and 65% of millennials, ages 25 to 40.
The migration of workers is driven in large part by these younger generations, who often have greater financial flexibility and fewer obligations, researchers found. The report noted that even working Americans not currently job-hunting may do so soon, as some 28% of those currently employed and not in a job search said they are still expecting to search for a different position at some point in the next year.
56% of the job seekers identified work flexibility as important to tham. 53% identified higher pay, 47% identified job security and 35% identified time off/vacation pay.
Bankrate Senior Economic Analyst Mark Hamrick told Yahoo Finance that the takeaway of the survey demonstrates that remote work can be done for so many different employers and employees. He also said, “With a majority of those in the labor force eager for higher pay, as seen in our survey, a not-yet answerable question is whether wage growth will be a significant contributor to higher sustained inflation.”
There’s no doubt that the COVID-19 pandemic inspired changes for the United States workforce. Many value the ability to work remotely and/or from home, which has transformed mindsets and expectations. Let’s see if businesses can keep up.
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