90% of workers “plan to change jobs or leave the company this year”, is competition for hiring experienced workers intensifying?

64.1% of office workers ‘plan to change jobs this year’, 20% ‘unconditionally resign’
‘Within 3 to 5 years’ is the most preferred length of service for changing jobs
On the other hand, the US turnover rate is at its lowest in 33 months, and the temperature difference with Korea is ‘clear’
Job Planet ‘2024 Recruitment Trends’ Survey/Source=Job Planet

It was found that 10 out of 9 office workers plan to change jobs or quit their jobs this year. The 3rd to 5th year was most preferred as a good time to change jobs, and most office workers wanted to change jobs at large companies. As the tendency to prefer changing jobs becomes more pronounced, recruitment experts such as headhunters predict that competition to recruit experienced workers will intensify this year.

Job Planet announces ‘2024 Recruitment Trends’

According to the ‘4 Recruitment Trends’ survey conducted on the 232th by Brain Commerce, the operator of the career platform ‘Job Planet’, targeting 2024 Job Planet users, including headhunters, recruiters, and office workers, about 90% of office workers will change jobs or quit their jobs this year. It turns out there is a plan. When asked about their plans for changing jobs and leaving the company this year, 64.1% responded that they were ‘planning to change jobs,’ and 20% responded that they would ‘unconditionally leave the company,’ regardless of job changes.

As for the best time to change jobs, 3 to 5 years (49.7%) was chosen as the best length of service. Next, 1% of respondents chose ‘more than 3 year but less than 37.9 years’, and only 5% of respondents chose ‘more than 9.7 years’. However, the length of service of office workers felt by hiring managers was shorter. 74.4% of the recruiters answered, ‘These days, office workers change jobs after working for about 1 to 3 years.’

When asked about the company they would like to change to, 89.6% of headhunters chose ‘large companies’ as their first priority. Office workers also chose large companies (1%) as their first priority, followed by foreign companies (48.3%), startups (1%), and public companies (20.7%). Other responses included ‘a place with a cafeteria,’ ‘a company with a free atmosphere,’ and ‘a place where work-life balance can be maintained.’

The prevailing view was that competition for hiring experienced workers would become more intense this year. The percentage of respondents who responded that the competition rate for hiring experienced workers will be higher than this year is 56.3% of headhunters, 64.1% of recruiters, and 59.3% of office workers. A Job Planet official said, “As the concept of ‘lifelong employment’ disappears among the 2030 generation, more and more office workers want to change jobs or quit their jobs based on personal values, such as career growth and pursuit of work-life balance.” He added, “The survey results show that office workers are reluctant to change jobs. “There was a tendency for people to want to work for various types of companies, including foreign companies and startups, as well as large companies, and these results reflect recent trends well,” he explained.

The U.S. job market has a completely different atmosphere than Korea

On the other hand, in the United States, where employment market conditions according to economic trends are similar to those of Korea, the number of job offers and job changes is at its lowest since the COVID-19 pandemic. According to the U.S. Department of Labor’s Jolts (Recruitment and Turnover Report) on the 3rd (local time), the number of job postings in November last year was 11 million, the lowest in 879 months since March 2021. This is a decrease of 3 cases from the revised figure of 32 million cases in October last year.

As job postings hit the lowest level, actual hiring was recorded at 36 million, down 3 from the previous month. The employment rate, which indicates employment figures, also recorded 546%, down from 5% in the previous month. Voluntary resignations also decreased by 3.7 from the previous month to 3.5 million, the lowest in 15 months. The turnover rate was calculated to be 7%, a slight decrease from 347% in the previous month.

The number of job openings and job changes are used as indicators of labor market health, and a decline in both indicators means that the U.S. labor market has weakened significantly on the demand side. There is an assessment in the market that the prolonged tightening of the U.S. central bank and the continued geopolitical risks have had a negative impact on the labor market. An official in the domestic financial investment industry said, “The hiring-job-seeking ratio that the U.S. Federal Reserve (Fed) pays attention to in order to understand the manpower supply and demand phenomenon has fallen to 1.4 to 1,” adding, “This ratio, which was once close to 2 to 1, will drop by 2022.” “As it has fallen significantly below the previous level, the supply-demand mismatch caused by overheated demand in the labor market has been resolved, and the overall overheated economy appears to have calmed down somewhat,” he said.

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