Record-Breaking Job Search Surge: Nearly 30% of Workforce Now Seeking New Opportunities

28.4%

The percentage of people looking for new jobs has surged from 19.4% in July 2023 to 28.4% in July 2024, the highest number since March 2014. This stems from dissatisfaction with the job, as well as concerns about compensation and benefits. The average expected annual salary slightly decreased to $65,000, while the average reservation wage rose to $81,000, just below the March 2024 record.

7.1%

New government data suggests that the job market from early 2023 to early 2024 wasn’t as strong as initially believed, with employers potentially adding 818,000 fewer jobs than reported. This would reduce the average monthly job growth from 246,000 to around 178,000. The Labor Department's preliminary estimate will be finalized in February, though analysts expect the eventual revision to be smaller.

44%

A survey by Careerminds found that 44% of single parents in the U.S. had to decline job interviews due to inflexible scheduling, with only 34% offered alternatives. Child care was the biggest barrier for 68% of the 3,000 respondents, and 48% felt pressured to hide their parental status during interviews. The survey highlighted a need for more flexible job practices, with the tech sector seen as the most accommodating, followed by healthcare, education, and hospitality industries.

1,000

Mastercard revealed plans to lay off 1,000 employees, approximately 3% of its global workforce, as part of a restructuring strategy aimed at prioritizing international markets. This workforce reduction follows a $190 million restructuring charge disclosed in the company's second-quarter earnings report. Most employee notifications will occur this quarter, with Mastercard emphasizing its commitment to supporting those affected.

83%

Around 60% of leaders report a decline in employee engagement with hybrid work models, despite 83% of employees feeling most productive in such settings, according to a Zoom survey. The survey, which gathered responses from over 600 IT and C-suite leaders and nearly 1,900 knowledge workers worldwide, revealed that 84% of organizations in the Asia Pacific (APAC) region are utilizing hybrid or remote work models. Additionally, 85% of APAC leaders believe generative AI has boosted productivity, though many employees still find it challenging and are concerned about its impact on their jobs.