After an extended period of advantageous conditions for job seekers, the market is starting to shift and job seekers are becoming more cautious, according to the Joblist Q3 2022 U.S. Job Market Report. The report, announced today by job search platform Joblist, indicates that workers are deeply concerned about the impact of the economy on their employment future, with 69% saying that they are “worried” or “very worried” about inflation.
Joblist’s quarterly study, which surveyed nearly 19,000 job seekers from July to September, investigates a number of topics surrounding the employment landscape, such as the Great Resignation, inflation and pay, quiet quitting, layoffs, and the continued impact of COVID-19. The report’s key findings include:
- 47% of all workers say that rising recession concerns and economic uncertainty are making them less likely to quit their jobs now than in the past, supporting a likely slowdown in the Great Resignation.
- 53% of workers have not received a pay raise so far in 2022; as a result, many employed job seekers are considering switching industries (28%) or taking on a second job (25%).
- Due to inflation, 35% of workers reported putting more expenses on their credit cards in recent months, which could be a warning sign of a consumer debt crisis to come.
- Job burnout is high, with 49% of all workers currently feeling burned out at work. In contrast to the recent “quiet quitting” social media trend, only 9% of employees admit that they are working less hard now than six months ago.
- Layoffs are becoming mainstream, as nearly one in four (23%) of employed job seekers say that they, or someone they know, have been affected by layoffs this year.
- Many job seekers (28%) report having missed work this year due to COVID-19. Unfortunately, those who missed work due to COVID are more than twice as likely than others to report that their employers had later denied vacation requests.
Great Resignation Slows
The percentage of employed job seekers who plan on quitting their jobs in the next six months has dropped from a high of 73% in August 2021 to just 36% in this Q3 2022 report. Gen Zers (44%) are most likely to say they are planning to quit, while Gen Xers (27%) are the least likely.
Despite inflation falling slightly over the course of Q3, 70% of job seekers think that inflation will go up over the rest of the year, compared to only 5% who believe it will go down. Adding further fuel to employee concerns, more than half (53%) of job seekers have not received a pay raise so far in 2022 — and of those who have not received a raise, only 28% expect to receive one by the end of the year.
Burnout Overshadows Quiet Quitting
The extent of quiet quitting is likely overblown. Over one-quarter (27%) of workers say they have been less productive at work this year than in previous years. But instead of conscious quiet quitting, burnout is likely the main driver – 49% of workers say that they currently feel burned out at work. In contrast, only 9% of employees admit to quiet quitting and say they are working less hard compared to six months ago. Interestingly, over 30% of workers believe their bosses can’t tell when they give less effort at work — a statistic that may indicate some “quiet quitters” do so because they believe no one will notice.
Layoffs Become Mainstream
While most job seekers are not overly worried about layoffs or losing their own jobs, 14% are very worried. Hospitality and tech workers are the most likely to be “very worried,” while education workers are the least likely (11%). One-third of tech workers report being more worried than last year, compared to 25% of the general workforce.
COVID-19 Eats Into Vacation Time
Almost half of employed job seekers have taken less vacation time this year compared to last year. Of the 28% who report having missed work this year due to COVID-19, 38% said the event caused them to take less vacation time than they had hoped or planned, with 4-5 missed days being the most common amount of missed work.
“It has been a job seeker’s market for some time, but now the outlook appears increasingly uncertain,” commented Kevin Harrington, CEO of Joblist. “My biggest piece of advice for active job seekers is to evaluate new opportunities extra critically during this time. It might be more difficult to switch roles later, so make sure you are confident in your decision and have a backup plan before quitting.”