Right now, many of us are sitting at our desks for our current job quietly hunting for a new job. According to the Labor Department, the number of people quitting their jobs is the highest it has been since 2001. On Tuesday, the government reported that the number of people who left their jobs willingly in May rose up to 2.4%, increasing by 212,000 to a total of 3.3 million.
The rate of workers leaving jobs is the highest in 17 years
The government report found that the type of employees who are choosing to leave for greener pastures worked in healthcare, social assistance, finance, insurance, transportation, utilities, and warehousing industries.
Why are so many people quitting? You can be choosy about your job when you know that the odds of getting a better one are in your favor. According to the Labor Department, the odds are in job seekers’ favor, because there are more openings than people needing to fill those vacancies. Businesses are advertising 6.64 million available jobs in May, while there are only 6.1 million unemployed people.
Overall, a high quit rate is the sign of a strong American economy, because it signals that you feel confident that you could find a more high-paying job if you left your job today. And this intuition would be right. Switching jobs is one way to reliably boost your pay. Job switchers increased their earnings by 4.9%, compared to the 4.3% increase that people who stayed at their jobs saw, according to payroll service ADP.
So if you feel unsatisfied with your work today, know that there could be a better job out there for you to find tomorrow.