A record number of Americans are switching from one job to another and in many cases getting big pay raises of 10% or more.
That’s one of the key findings of a broad survey of the wants and needs of 5,000 employees across the country. The study was conducted by tax advisory firm Grant Thornton.
In many ways, American workers have never had it so good. An ultra-tight labor is forcing companies to compete hard for employees, giving them the upper hand for the first time in decades.
Read: The Great Renegotiation: Millions of worker quit old jobs for better ones
They are taking advantage of it, too — by asking for more money, more flexibility or better career opportunities.
Nearly 57 million people have quit jobs during the so-called Great Resignation in search of something better.
Some of the top findings:
- Four in 10 job switchers received pay raises of 10% or more. Of that group, 13% said they got salary increases of 20% or more. More broadly, U.S. hourly pay has risen 5.6% in the past year to mark the fastest increase since the early 1980s.
- Two-thirds of job switchers had two job offers or more.
- One in five workers changed jobs last year.
- Nearly 30% of employees are now looking for new jobs.
- 51% of employees would be willing to switch jobs.
- 80% of workers said flexibility such as remote work was a priority.
- 25% of workers — up from 15% a year earlier — said “they ideally would never work on site.”
- Just 38% of workers were looking forward to returning to the office.
- 21% of workers turned down job offers from companies whose “values” did not “align with their personal beliefs.”
- 34% of job hoppers took jobs that offered a better balance between work and personal life.
“Flexibility in where you work, and sometimes when you work, is no longer viewed as an extra benefit,” said Angela Nalwa, a managing director and HR Transformation practice leader at Grant Thornton.
“In fact, flexibility is now a minimum requirement as job-seekers look for their next career opportunity,” she said. “The companies who insist on a mandatory return-to-office for all employees must find a differentiator that separates their organization from the pack.”