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18- to 34-Year-Olds, Low Earners Tops Among Job-Hoppers
ST. LOUIS, (PRNewswire) June 5, 2005 - Eighteen- to 34-year-olds and low earners were much more likely than their older, higher income counterparts to make voluntary career moves in the first quarter of 2005, according to Lee Hecht Harrison's Career Mobility Index®.
The Index, based on a nationwide telephone survey of 1,009 adult Americans, shows just 4.1 percent of working Americans overall left their employer voluntarily for a new post last quarter. By contrast, 8.3 percent of those ages 18-34 and 10.7 percent of those with a household income of less than $25,000 per year did so.
John Bateman-Ferry, senior vice president and general manager of the firm's Rochester office, said that the widespread job-hopping many companies feared would take place this year has yet to occur. "There was an expectation that a large number of employees who had stayed in jobs they were unhappy with because they had nowhere else to go would start pursuing new opportunities afforded by economic expansion. But so far the job market hasn't caught up with the rest of the economy."
The exception, Bateman-Ferry said, is at the bottom rung of the job market, and the fact that job-hopping is concentrated among younger and lower- wage workers is consistent with recent data from the U.S. Bureau of Labor Statistics.
"While unemployment fell from 5.4 percent to 5.2 percent in the first two months of the quarter, average weekly earnings also fell by 0.4 percent. Job creation has been slow overall, but there has been growth in low paying sectors like hospitality services, administrative services, health care and social assistance. As a result, there are far more opportunities for entry-level workers to make career moves than for older, more highly compensated employees," stated Bateman-Ferry.
Regardless of the overall health of the job market, Bateman-Ferry advises workers to exercise caution when making voluntary career moves. "Unless your work situation is absolutely untenable, you shouldn't make a move just because you can. Seizing a new job opportunity without assessing how it will help you advance your career can have detrimental consequences. Instead, identify your priorities and goals and seek a job that will help you meet them. And do your homework on your prospective employer. Even if the position is your dream job, don't settle for an organization with poor long-term prospects or a culture where you won't fit in."
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Job Market Continues Growth As Worker's Confidence Levels Increase
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