More workers are saying “I quit” — and reaping rewards for it.
Workers are quitting their jobs at the fastest rate since 2001, with 3.4 million people leaving their jobs in April, the Wall Street Journal reports. And these job-switchers are gaining bigger paychecks, increased satisfaction or both as a result.
In general, switching jobs is often the best pathway to higher pay, and that certainly seems to be the case now. For example, the annual pay increases that job-switchers saw in May are roughly 30 percent larger than those seen by workers who stayed in the same job over the past year, WSJ reports, citing data from the Federal Reserve Bank of Atlanta.
The newspaper attributes the trend of increased job switching to workers being more confident as a result of the strong economy and low unemployment rate.
The nation’s unemployment rate fell to 3.8 percent in May — the lowest level since 2000 — and sat at 4 percent as of June, according to U.S. Department of Labor data.
Even better news: The trend of job-switching could prompt wage growth at large after a decade of sluggish wage growth, according to WSJ.
If you are considering switching jobs, do your homework first rather than leaping hastily. The downsides of switching jobs can affect everything from your retirement savings to your health care, as we detail in “Before You Say ‘I Quit,’ Know These 4 Hidden Costs of Job Hopping.”
To help yourself further prepare for a job leap, check out:
- “Land Your Dream Job Even When There Seems to Be No Opening“
- “7 Ways to Get the Job With the Best Benefits“
- “Ask Stacy — How Do I Find Work When I’m Over 50?“
Have you ever landed a bigger paycheck by leaving one job for another? Tell us about your experience by commenting below or over on our Facebook page.