Joblist Survey Finds 31% of Hospitality Workers Regret Quitting During the Great Resignation

Despite a strong job market through the first half of 2022, job seekers are bracing for conditions to worsen in light of growing concerns about inflation, gas prices, and a potential recession, according to the Joblist Q2 2022 U.S. Job Market Report. The report, announced today by job search platform Joblist, finds that 80% of job seekers expect a recession within the next year, and 60% feel urgency to find a job now before the job market potentially becomes more difficult.

Joblist’s quarterly study, which surveyed over 15,000 job seekers from April to June, explores a wide range of topics facing American workers, including how pay raises compare to inflation, the effect of high gas prices on commuters, regrets from the Great Resignation, and what’s causing the recent increase in “unretirements.” The report’s key findings include:

• 41% of workers received a pay raise in the first half of 2022, but only 28% of these raises were more than the ~8.5% inflation rate.
• Gas prices are a major concern for most commuters, with 59% claiming that rising costs at the pump are placing a “high” or “very high” level of financial strain on them.
• One in four people who quit their previous job say that they regret their decision, and 42% say that their new job has not lived up to their expectations.
• Over two years into a pandemic that forced millions of premature retirements, the majority of retired workers who are looking to re-enter the workforce (60%) say that they are simply “looking for something to do,” while only 27% cite financial reasons.

Widespread Recession Concerns

Soaring prices, rising interest rates, and a volatile stock market have led many to worry that a recession is on the horizon. In the Joblist survey, 80% of job seekers expect the U.S. to enter a recession in the next year. Two out of three job seekers report that they are “worried” or “very worried” about a potential recession, while only 7% say that they are not worried at all.

Inflation Outpaces Pay Increases

Pay raises are common so far in 2022, with 41% of employed job seekers reporting that they have already received a raise this year. However, only 28% of these raises have been higher than inflation at 8.5%. Despite recession concerns, 78% still believe they can make more money by switching jobs in today’s market – the same result as in a November 2021 Joblist survey. Hospitality and retail workers are the most likely to say that they could make more money by switching jobs (both 87%), whereas educators (71%) are the least likely to expect that switching jobs would come with a pay increase.

Gas Prices Strain Commuters

Gas prices are proving difficult for the 86% of workers in the survey who commute by car. 59% of these commuters report that rising gas costs are imposing a “high” or “very high” level of financial strain on them. Employers generally are doing little to alleviate the strain – only 8% of commuters reported that their employer had taken any measures to help offset gas costs.

Great Resignation Brings Great Regrets (For Some)

One in four workers (26%) who quit their previous job say that they regret the decision. Hospitality workers (31%) are the most likely to regret quitting, while healthcare workers (14%) are the least likely. As regret sets in, 17% say they would go back to their old job and another 24% are “maybe” open to returning; 23% say that their former employer has reached out to them about coming back.

“Unretirements” On the Rise 

Although many have speculated that economic concerns are driving the recent increase in retirees rejoining the workforce, the majority of retired job seekers (60%) say that they are simply “looking for something to do.” Most are “happy” (52%) or “excited” (42%) to get back to work, and 79% are looking exclusively for part-time jobs.

“Job seekers are worried that a recession is coming and are feeling more urgency now to find jobs before conditions change,” stated Kevin Harrington, CEO of Joblist. “So far, the market is proving mostly resilient, despite these job seeker concerns. Hopefully that trend continues in the months ahead.”