Last Updated on December 20, 2023 by Robert C. Hoopes
Title: Tech and Healthcare Workers Consider Quitting Jobs, Payscale Report Reveals
A recent report by Payscale indicates that a significant number of highly-paid employees in the tech and healthcare sectors are contemplating leaving their current jobs. The report, which gathered data from over 770,000 U.S. workers between November 2022 and October 2023, sheds light on a growing trend among professionals seeking better opportunities elsewhere despite their lucrative salaries.
Shaking up the job market, senior product managers emerge at the top of the list, with a staggering 66% planning to make a career move, despite earning a median annual salary of $144,000. This revelation raises concerns about the tech industry’s stability and the factors contributing to the high attrition rate.
While senior product managers appear most inclined to quit, other professions that made the list include phlebotomists, line cooks, patient care technicians, emergency room registered nurses, and cybersecurity analysts. The broad scope of industries experiencing high levels of turnover suggests that the lure of greener pastures knows no boundaries.
Several factors are causing workers to consider quitting their jobs. The current shaky economy, paired with the pressures of return-to-office mandates and stressful work environments, has left employees seeking more stable and fulfilling positions. Additionally, recent layoffs within the tech industry have further spooked senior product managers, driving them to explore career alternatives that offer greater job security.
The healthcare sector, renowned for its alarming rates of burnout and turnover, must address systemic problems and ensure fair compensation to retain its valuable workforce. Many professionals are resorting to salary transparency data to assess better-paying opportunities, particularly in states where such data is legally required to be disclosed.
The report highlights the ongoing wage growth, with an average increase of 5.4% year over year as of October. This upward trajectory has prompted employees to search for better-paying positions by switching companies, seeking the desired pay bump they desire. However, the pace of quitting may decelerate in the upcoming year, depending on the state of the economy.
Employers are budgeting for a 3.8% average raise for the next year, while the gap between wage growth and inflation is gradually narrowing. Nevertheless, managing wages within an uncertain economy and inflationary pressures could exert further strain on employees and potentially lead to heightened quitting rates.
In an effort to navigate these challenging times, the report recommends resources such as signing up for CNBC’s newsletter and acquiring the Warren Buffett Guide to Investing for financial success. By being proactive and well-informed, professionals can safeguard their careers and make informed decisions amidst the current dynamic job market.
As we embark on a new year, the fate of the job market hangs in the balance. The choices made by employees, employers, and the overall state of the economy will ultimately shape the course of the professional landscape.