It’s no secret that people are changing jobs more frequently than ever. One look at LinkedIn or any business news outlet and you’re overwhelmed by job change announcements or articles about current employment phenomena.
While a record number of individuals quit in 2021 (with 2022 set to exceed this), the current flood of job changes didn’t skyrocket overnight.
The rate of both voluntary and involuntary job changes is increasing year to year.
More and more companies across sectors and sizes are downsizing and reducing headcount. Our data shows that 16% of all people who changed jobs in November went to no other job.
The combination of increased quitting and increased layoffs means that increased job change frequency is here to stay.
Over the last 18 to 24 months, employees have voluntarily resigned from their jobs en masse. Employees cite reasons for resigning and seeking new employment including:
This mass of resignations is a massive driving force behind the increasing rate of job changes.
While some individuals who left their previous jobs take extended breaks from the workforce, many workers have simply swapped jobs.
Between January 2021 and December 2022, our data showed a 32% turnover in the workforce with over 5 million job change events detected for decision-makers in the US workforce.
It seems that every week of Q4 2022 has come with an announcement from a major tech company that they are downsizing their headcount.
These large-scale, public layoffs from Meta, Amazon, Salesforce, Cisco, Twitter, Doordash, Lyft, HP, and more means that on average major tech companies reduced their workforce by 6% since October.
Across all major companies that announced layoffs, many former employees have already landed their next role while over 25% are still looking.
Expert opinions are mixed on the likely trajectory for job changes in the new year.
We face a potential recession that will uniquely affect industries, companies, and employees across different demographics, firmographics, and technographics.
While it remains to be seen whether employees and employees will find a new balance, it is clear that as the workforce enters the post-pandemic era neither side is scared to exercise their respective power to vote with their wallet and their feet.
Get Live Data to stay up to date on the state of job changes.
Job change events are sales triggers... but, only if you know about them.
How B2B sales and marketing teams can track job changes to maximize new revenue.