Over 3 million workers left their jobs in January, according to the Bureau of Labor Statistics. This is the largest job exodus in almost 16 years.
Here’s what we can infer about all this quitting:
- Potential wage increases: When people quit their jobs, it’s often to move into a higher paying position. Employers may have to increase salaries to attract top talent.
- Perceived Market Security: Workers are either moving on to a different job or they are confident they can move on before finding another job.
As the unemployment rate ticks down to a very low 4.7%, recruiters may see candidates be more particular about the wages and benefits of positions they want to accept. People who are not completely satisfied with their jobs may just resign, confident they can find something better.