CNBC Television published this video item, entitled “Quit rates are at the highest levels in a very long time: Conference Board chief economist” – below is their description.
Dana Peterson, The Conference Board chief economist, joins ‘Closing Bell’ to discuss the latest jobs report, the impact of the delta variant on the economy and the state of the labor market. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
The pandemic has caused a lot of people to reevaluate, particularly when it comes to work.
In what’s been called the “Great Resignation,” roughly 1 in 3 workers are now considering leaving their job, while almost 60% are rethinking their career, according to a report by personal finance site MagnifyMoney.
After spending more than a year at home, some don’t want to go back to commuting, preferring the flexibility of remote work, at least a few days a week.
Others are simply burned out from logging long hours while also balancing child care and remote school, sometimes all at once.
Of those contemplating quitting, most cited wanting to work from home and feeling burned out or underpaid, MagnifyMoney found. The site polled more than 1,000 adults in July.
“Either they’re unfulfilled from their jobs or their priorities have changed,” said Maria Reitan, founder and head coach at Jump Team, based in Minneapolis.
A separate report by jobs site Monster.com found that as many as 95% of workers would consider a job change, and 92% are even willing to switch industries to find the right position.
Most said burnout and lack of growth opportunities are driving the shift, according to Monster.
“When we were in the throes of the pandemic, so many people buckled down, now what we’re seeing is a sign of confidence,” said Scott Blumsack, Monster’s senior vice president of research and insights.
Already, 3.6 million people quit their jobs in May alone, according to the U.S. Department of Labor.
At the same time, the opportunities for job seekers are growing — with the Labor Department reporting 9.2 million job openings in May and job placement site Indeed estimating as many as 9.8 million job openings as of mid-July.
“The number of open jobs is higher than ever before, that’s absolutely contributing to why candidates are putting their toe in the water to see what’s out there,” Blumsack said.
As vaccinations gain steam, many U.S.-based companies planned to be back in the office as soon as September.
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