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Hunting for New Job Likely for Many US Workers This Year

Many adults in the U.S. workforce said hunting for a new position in the near-future is something they will likely do, a recently-released survey found. 

Bankrate said Monday its survey found the share of American workers that indicated seeking a new role in the next 12 months was “likely” for them came in at 56%. It defined the workforce as those who have jobs or are searching for a new one. 

Compared to the prior year, that marks a 5% rise, according to the survey.

Over four in 10 workers, meanwhile, said “likely” when asked about the probability of them requesting a pay increase or more flexibility “in the next 12 months,” with the former coming in at 47% and the latter at 42%, Bankrate found. Just under one-third said quitting their job was “likely” in that same timeframe.

The same percentage of workers, 30%, pointed to “higher pay” as most important to them as they consider their jobs “moving forward,” the survey said. That was followed by flexible working hours at 13% and work-from-home capability at 12%. One in ten ranked job security as most important, according to the data.

Others indicated prioritizing things like paid-time-off, inclusiveness and professional fulfillment as their most important factors. 

The survey also polled workers about what they did in the prior 12-month period, respectively finding 21% of workers obtained new employment and 11% resigned from jobs in that time. 

Approximately 19% sought increased flexibility from their employers. That included things like getting different hours and more opportunities for remote working, Bankrate said. For 18% of workers surveyed, they tried to get their pay upped.

“While more than 1 in 5 workers tell us they got a new job in the past year, more than half say they are likely to look for new employment in the next 12 months,” Mark Hamrick, senior economic analyst at Bankrate, said in a statement. “The future trajectory of the economy, including whether job losses substantially accelerate as many expect, will help dictate how many workers look for a change, or will want to stay put.”

There have been concerns about the U.S. economy potentially falling into a recession amid the Federal Reserve implementing numerous interest rate hikes over the past year, as previously reported by FOX Business. The Fed has done so in a bid to bring down inflation, which — as measured by the consumer price index — had gone up 0.4% month-over-month and 6% year-over-year in February. 

Bankrate also found job security was a concern among 33% of employed Americans, a 6% decrease from February 2022.

The survey, conducted on Bankrate’s behalf by YouGov, took place March 8-10 and involved over 2,400 adults. Of those respondents, about 1,500 had jobs or were looking for one.

It comes as a slew of job-related economic data is slated for release over the course of the week, including the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday morning, the ADP National Employment Report on Wednesday and non-farm payrolls on Friday.

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