If ever there was a time—and need—for auto portability, this may be it.
According to Bankrate’s August 2021 Job Seeker Survey, over half of Americans (55%) who are either employed or looking for a job say they are likely to look for new employment in the next 12 months.
Additionally, 28% of working Americans who currently say they’re not looking for a new job are still expecting to search for a different position at some point in the next year.
Called the “Great Resignation,” it could cause further turmoil in an already tumultuous job market, and potentially wreak havoc with orphaned retirement accounts and missing participants.
“After spending the last year or more stuck in their homes, a good number of American workers now expect to be on the move, searching for new employment,” Mark Hamrick, Bankrate senior economic analyst, and Washington bureau chief said of the results. “Pandemic-inspired changes, including the ability to work remotely and/or from home, have transformed mindsets and expectations for many workers.”
Nearly seven in 10 Black and Hispanic Americans plan to look for a new position, compared with 47% of Whites.
“That comes at a time when the number of Americans voluntarily quitting their jobs is near an all-time high for a third straight month, suggesting Americans are feeling more confident in their career prospects following the worst unemployment crisis in a lifetime,” Bankrate says.
Disappointing jobs report
The news was further complicated by a disappointing jobs report released Friday. The Bureau of Labor Statistics reported that the American economy added 235,000 jobs in the month of August, far lower than the 720,000 expected by economists surveyed by Dow Jones.
The Biden Administration and some experts blamed the COVID Delta Variant resurgence for the lackluster figures.
“The labor market recovery hit the brakes this month with a dramatic showdown in all industries,” Daniel Zhao, senior economist at jobs site Glassdoor, told CNBC. “Ultimately, the Delta variant wave is a harsh reminder that the pandemic is still in the driver’s seat, and it controls our economic future.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
