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☆ This one career mistake may be costing you $300,000 in retirement savings. Here's how to avoid it.
▼ + stars: | 2024-10-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

But there's one hiccup: your retirement savings rate could fall behind and the opportunity costs could pile up. The reason is that the most common default savings rate was quite low, at only 3%. Those who saw a raise below 10% saw a drop in their savings rate and the dollar amount they saved. Those lucky enough to snag an increase above 10%, still ended up with a higher dollar amount saved even with a lower savings rate. For passive savers who are stuck in their ways, it may be up to employers to make the adjustments by increasing the default savings rate.

Persons: switchers, —, It's Organizations: Service, Vanguard

☆ The East and Gulf Coast ports strike could be a no-win situation for the Biden administration
▼ + stars: | 2024-10-02 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

President Biden said on Tuesday that his administration will be "monitoring for any price gouging activity" that benefits foreign ocean carriers, including those on the USMX board. He also said "foreign ocean carriers have made record profits since the pandemic, when Longshoremen put themselves at risk to keep ports open." UBS forecast that 20% of Maersk's total volume would touch a U.S. port that would be impacted by the strike. Acting Secretary Julie Su lashed out at the idea that labor wage increases would be passed onto U.S. exporters and importers. I know they understand, just as consumers and American workers understand, that foreign companies who profit from our economy and who employ American workers and have an impact on American consumers should do the right thing, and in that battle, we are always going to stand with American workers, American businesses and American consumers."

Persons: Biden, Longshoremen, majeure, Daggett, Harold Daggett, Lars Jenson, Pete Buttigieg, Julie Su, Taft, Hartley, Buttigieg, Larry Lindsey, Su, Peter Friedmann, I've, nonfarm, Helene, switchers, they're, Jim Bianco, CNBC's, Peter Boockvar, Alan Baer, Steve Lamar, Taft Hartley, Lamar, CNBC's Jeff Cox Organizations: CMA, U.S, United States Maritime Alliance, Vespucci, Federal Reserve, Transportation, Labor, International Longshoremen's Association, UBS, Maersk, Federal Maritime Commission, ILA, Boeing, The Lindsey Group, Agriculture Transportation Coalition, Bianco Research, Bleakley Financial, USA, American Apparel and Footwear Association, Biden Administration, — Locations: East, Gulf Coast, U.S, autoworkers

☆ Private payrolls show better-than-expected growth of 143,000 in September, ADP says
▼ + stars: | 2024-10-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Private sector hiring picked up in September, indicating the labor market is holding its ground despite some signs of weakness, payrolls processing firm ADP reported Wednesday. While hiring increased, the rate of pay growth took another step down. The ADP count comes two days ahead of the Labor Department's nonfarm payrolls report, which is expected to show growth of 150,000, following August's disappointing showing of 142,000, of which 118,000 came from private sector hiring. While the ADP report serves as a precursor to the official count, the two can differ, sometimes by wide margins. In a speech Monday, Fed Chair Jerome Powell characterized the labor market as "solid" while noting that it has "clearly cooled" over the past year.

Persons: Dow Jones, switchers, Job, nonfarm, Jerome Powell, Powell Organizations: Companies, Labor, Federal Reserve

☆ America has the fewest jobs available since January 2021
▼ + stars: | 2024-09-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

CNN —The number of available jobs in the US shrank more than expected in July, an indication that demand for workers continues to wane amid a cooling labor market. Wednesday’s data is the first in a series of critically important economic metrics released this week about the US labor market, culminating with the Friday jobs report. As the labor market has slowed, it’s come back into balance: There are now nearly 1.1 jobs available for every person looking for one. The monthly jobs report for July showed gains of just 114,000 — far below expectations — and the unemployment rate shot to 4.3% from 4.1%. Separately, annual labor market data revisions showed job gains for the year ending March 2024 were less robust than initially thought.

Persons: “, ” Oliver Allen, ”, it’s, hasn’t, ” Allen, Robert Frick, ” Frick, ” ‘ Haggard, haggard, Noah Yosif, ” Julia Pollak, ZipRecruiter’s, ” Pollak, Wednesday’s, they’ve Organizations: CNN, Bureau of Labor Statistics, Federal Reserve, Labor, Pantheon Macroeconomics, Federal, Navy Federal Credit Union, American Staffing Association, ZipRecruiter

☆ Restaurants and hotels were helping power the booming job market. Now, they're barely hiring.
▼ + stars: | 2024-07-10 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Still, the industry largely saw strong monthly job gains following the losses it faced early on in the pandemic, averaging 205,000 jobs a month in 2021. Data out Friday from the Bureau of Labor Statistics showed this industry saw a month-over-month job gain of 7,000; the overall nonfarm payroll job gain in June was 206,000. The industry has historically had higher rates of quits and job openings than the overall labor market, per the Job Openings and Labor Turnover Survey. Additionally, the healthcare and social assistance sectors have seen robust job growth and likely will be looking for job seekers long-term. AdvertisementThe overall tougher labor market still has potential for job seekers.

Persons: —, switchers, Julia Pollak, " Pollak, Pollak, Nick Bunker Organizations: Service, Business, Bureau of Labor Statistics, Labor, BLS, Healthcare, North America Locations: Federal

☆ Job switchers hoping for a big raise are in for disappointment
▼ + stars: | 2024-07-07 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Read previewHere's some less-than-great news if you're looking to job-hop because of your pay: People changing roles likely won't be getting as big of a wage bump as past job switchers. However, the report said that "median pay raises appear to have moderated to around 10%" as of this past May. The drops in the median pay raise for job-to-job movers from 2022 to 2024 were felt across workers in all income groups, the Bank of America Institute found. Still, the report noted that lower-income Bank of America customers — those making under $50,000 a year — had the highest median pay gains. AdvertisementThe report said that those middle- and upper-income job seekers may "have somewhat less leverage and bargaining power in negotiating a raise on taking a job."

Persons: —, David Tinsley, Tinsley, there's, switchers Organizations: Service, Bank of America Institute, Business, Bureau of Labor Statistics, Bank of America, New, of Labor Statistics Locations: Atlanta

☆ Private payrolls grew by just 150,000 in June, less than expected
▼ + stars: | 2024-07-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Private payroll growth edged lower in June, according to a report Wednesday from ADP that indicates a potential slowdown in the U.S. labor market. Companies added 150,000 jobs for the month, below the upwardly revised 157,000 in May and the Dow Jones consensus estimate for 160,000. The sector added 63,000 jobs, easily the biggest gain among the categories that payrolls processing firm ADP measures. ADP's report serves as a precursor to the more closely watched nonfarm payrolls count that the Labor Department will release Friday. For May, the BLS reported that private payrolls rose by 229,000, or 72,000 more than ADP's estimate.

Persons: Dow Jones, Nela Richardson, Job switchers Organizations: Companies, Labor Department, ADP, of Labor, BLS Locations: U.S

☆ What the new Goldilocks job market means for you
▼ + stars: | 2024-04-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

Business Insider looked at how components of the labor market have settled down, like wage growth. And that more boring but steady labor market could be great news for workers and job seekers. The US could be in a Goldilocks job market. Job switchers are seeing higher wage growth than people staying, according to the 12-month moving average of median wage growth from the Atlanta Fed's Wage Growth Tracker. So what will happen to the Goldilocks job market?

Persons: Nick Bunker, Bunker, —, That's, Julia Pollak, ZipRecruiter's, " Pollak, Pollak, Job, Julie Su, switchers, Eugenio Alemán, Raymond James, Juliana Kaplan Organizations: Service, North America, BLS Locations: Atlanta

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's how you know it's time to leave your jobA majority of Americans, 95%, said they plan to look for a new job in 2024, according to a survey by job site Monster. Money's a big part of this: 45% of American workers say they need a higher income. Data from the Federal Reserve shows that job switchers increase their salary more quickly on average than those who stay put, but hiring professionals say it's still important for candidates to be strategic when making career moves.

Organizations: Federal Reserve

☆ 95% of Americans plan to look for a new job in 2024, survey finds — Here's how to switch strategically
▼ + stars: | 2024-03-29 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

A majority of Americans, 95%, said they plan to look for a new job this year, according to a January 2024 survey by job site Monster. Money is a big reason, with 45% of workers saying they need a higher income. Data from the Federal Reserve shows that job switchers increase their salaries more quickly, on average, than those who stay put. The first time she switched jobs, she took a $20,000 pay cut in order to gain experience. Abdul told CNBC she continued to grow her salary through promotions and other job hops.

Persons: Kyyah Abdul, I've, Abdul, She's Organizations: Federal Reserve, Finance, CNBC Locations: Los Angeles

☆ Remote workers who switch to in-office jobs are boosting their pay by as much as 30%, says new research
▼ + stars: | 2024-03-27 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Salaries for fully in-office roles are climbing in the United States. As of March 2024, hybrid roles pay $59,992 on average, in 2023, that number was $54,034, ZipRecruiter reports. Remote jobs now pay $75,327, but in 2023, they paid an average $69,107. Given how competitive the job market has been in recent months — especially for remote roles — Bui says it's a "fair trade-off." It's too soon to tell if higher salaries will be enough to convince people to choose an in-office job over a remote offer.

Persons: switchers, Johnny Bui, Bui, — Bui, it's, Julia Pollak, ZipRecruiter's, Pollak, It's Organizations: United States . Companies, CNBC, Visa, LinkedIn, Employees, Owl Labs, Employers Locations: United States, U.S, Austin , Texas

☆ Policy changes look to reduce 401(k) plan 'leakage'
▼ + stars: | 2024-02-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

About 40% of workers who leave a job cash out their 401(k) plans each year, according to the Employee Benefit Research Institute. The 401(k) ecosystem would have almost $2 trillion more over a 40-year period if workers didn't cash out their accounts, EBRI estimated. 85% of workers who cash out drain their 401(k)It's not all workers' faultIt's not all workers' fault, though. By law, employers can cash out the small account balances of former employees who leave their 401(k) accounts behind. It's not just workers who benefit: Administrators keep more money in the 401(k) ecosystem, likely padding their profits.

Persons: Craig Copeland, —, whittle, Spencer Williams, Vanguard Group —, wouldn't, Williams, who's, It's Organizations: Getty, Research, Fidelity Investments, Vanguard Group

☆ The first step you need to take when changing careers—it's the 'best thing' to do, says Yale expert
▼ + stars: | 2024-01-17 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

If you've ever thought about quitting your job and exploring a new path, now is a great time to switch careers. Businesses typically refresh their hiring budgets at the start of the year, meaning there are more job opportunities to explore, and with travel slowing down after the holidays, more people are unencumbered and willing to network, making it easier to strike up meaningful connections. Conversations with close friends won't yield the most valuable insights, says Lipman, who is also the bestselling author of "NEXT! "You can post a networking request on LinkedIn or Instagram, or if you have a list of industries you're interested in, you can text people and just say, 'Hey! I'm looking to transition careers, and am interested in learning more about working in tech (or whatever the industry is), do you know anyone I can chat with?'"

Persons: Joanne Lipman, Lipman, Erin McGoff Organizations: Yale University Locations: New York

☆ AI Career Switchers: Meet Five People Who Quit Old Roles for AI Jobs.
▼ + stars: | 2024-01-02 | by ( Aaron Mok | ) www.businessinsider.com time to read: +10 min

These workers in accounting, product management, defense, and music quit their jobs to work in AI. Moritz Kremb quit his product manager job to focus on his AI business. Ted Lebantino says there's a high learning curve in developing AI skills. To make the jump into AI, Kremb suggests making a name for yourself on social media by creating content about AI. As for Fineberg, the AI startup CEO says you don't even need to quit your job to break into it.

Persons: —, Moritz Kremb, OpenAI's ChatGPT, Kremb, Weeks, Moritz Kremb There's, who've, Justin Fineberg, there's, Justin Fineberg Justin Fineberg, Uber, Fineberg, Jacqueline DeStefano, Tangorra, Lockheed Martin, Ted Lebantino, — Lebantino, Javier Orman, Javier Orman DeStefano, DeStefano, Orman, switchers Organizations: Service, Business, Meta, Netflix, New Yorker, Omni Business Intelligence Solutions, Lockheed, San Francisco Bay Area, LinkedIn Locations: New, New York, Long, San Francisco Bay, Chicago

☆ 10 cities where people are moving for a new job
▼ + stars: | 2023-11-15 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Many workers reported cost of living as the most significant reason for moving states for a new job. Cities including San Francisco and Miami saw net population losses in the third quarter of 2023. New data from the Bank of America Institute looks at where job switchers are moving for those new roles , and which cities are increasingly luring in more new workers. San Francisco had one of the lowest shares of job changers moving in at under 11%. For many of these cities, Bank of America found population change and job growth went hand-in-hand.

Persons: —, San Francisco, they're, Gen Zers, Bostonians Organizations: Miami, Service, Boston, Bank of America Institute, Los Angeles . Bank of America, of America, Bank of America, Workers, Sun, San Franciscans Locations: Boston, Portland, San Francisco, Boston —, Oregon, Chicago, New York City, Miami, Los Angeles, Columbus, Austin, San Antonio, Las Vegas, Tampa, Seattle

☆ Is the Great Resignation over? Why bosses are leaving at record rates
▼ + stars: | 2023-11-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

sturti | Getty ImagesThe Great Resignation may be over for most workers — but for some top honchos, it's only just begun. CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. "CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles."

Persons: Gray, Alexander Kirss, Covid, switchers, Kirss, Carlina, —, LaShawn Davis, Challenger, Andrew Challenger, Davis, there's Organizations: Challenger, Christmas, Gartner, CNBC, Employees, Hospitals Locations: Ukraine

☆ 83% of Gen Z say they're job hoppers. Here's how to handle old workplace retirement funds
▼ + stars: | 2023-09-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Office communication is becoming far more casual, and Gen Z is leading the shift, new research has found. Job hoppers earned increasingly more than job stayers during the Covid-19 pandemic, but gains have languished. Wages for "job switchers" were 5.6%, as wages for "job stayers" slid 5.2%, according to Atlanta Fed data. However, job hopping won't necessarily make work difficulties disappear. As your funds keep growing for your retirement, keeping tabs on your old workplace accounts after you switch jobs can help ensure you aren't losing track of those accounts over time.

Persons: Sophia Bera Daigle, Bera Daigle, Daigle, haven't Organizations: Workers, Atlanta Fed, CNBC FA Locations: Austin , Texas

☆ The 3 best steps to take with an old 401(k), according to a money expert: 'Choose your own adventure'
▼ + stars: | 2023-09-29 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

That's about 25% of money in all 401(k) plans. Typically, as long as you have $5,000 invested in your employer's plan, you can leave it there when you leave. A 401(k) plan comes with limited investment options, and the ones in your old plan may not be very attractive. This makes a lot of sense for people who gravitate toward simple, passive investing strategies, which tend to be available in just about every 401(k) plan, says Betz. A 401(k) is just about always going to come with a limited menu of investment options, and maybe this one is full of high-fee, low-performing mutual funds.

Persons: switchers, that's, Jason Betz, it's, Yoav Zurel, Betz Organizations: Ameriprise, Employers

☆ The boss is back in charge
▼ + stars: | 2023-09-17 | by ( Beatrice Nolan | Sarah Jackson | ) www.businessinsider.com time to read: +7 min

After a brief transition of power to workers, it feels like bosses are back in charge. Between the rise of AI, return-to-office mandates, and layoffs — employee anxiety is high. Between the rise of job-threatening AI, strict return-to-office mandates, and sweeping layoffs, it feels like bosses are clawing back what little remains of employees' power . The economic trend began in early 2021 in the wake of the pandemic and saw millions of workers quit their jobs . AdvertisementAdvertisementThe charge is largely being led by Big Tech and banks, with varying degrees of severity and pushback.

Persons: didn't, Peter Cappelli, Cappelli, Erin Kelly, Stanford, Nick Bloom, they're, Raj Choudhury, OpenAI's ChatGPT Organizations: Service, Companies, Wharton Business School, MIT Sloan, Big Tech, Amazon, Web Services, Harvard Business School, Octopus Energy Locations: Wall, Silicon

☆ American workers are demanding almost $80,000 a year to take a new job
▼ + stars: | 2023-08-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The amount of money most workers want now to accept a job reached a record high this year, a sign that inflation is alive and well at least in the labor market. Over the past three years, which entails the Covid-19 pandemic era, the level has risen more than 22%. Though there was a gap between the wage workers wanted and what was offered, satisfaction with compensation and upward mobility increased across the board. Job seekers, or those who have looked for work in the previous four weeks, declined to 19.4% from 24.7% a year ago. That came as job openings fell 738,000 to 9.58 million, according to the U.S. Bureau of Labor Statistics.

Organizations: New, Federal, New York Fed, Atlanta Fed, Employers, U.S . Bureau of Labor Statistics

☆ Job seekers are still intrigued by the tech industry, even after layoffs and the threat of AI
▼ + stars: | 2023-07-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

However, many job seekers are still intrigued by this work — at least based on those searching for roles related to software development. Pay could be a reason why job seekers are thinking about positions related to software development. Job seekers eager to check out tech roles seem to be brushing aside the decline in postings, recent attrition, and concerns about the future of AI in the sector. "I think that there's, amongst many job seekers, an expectation that software jobs are going to continue to be a good, high-paying occupation," Stahle said. "And as far as things like AI go, there's still kind of a lot to see as to the way that that's going to unfold.

Persons: Cory Stahle, switchers, it's, Stahle, Job, there's, that's Organizations: Service, of Labor Statistics, Bureau of Labor Statistics Locations: Wall, Silicon, —

☆ The 'great resignation' has become the 'big stay,' says economist: How Gen Z, millennials can benefit
▼ + stars: | 2023-05-19 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

After two years of record-high quits, the "great resignation" could be fizzling out. But the great resignation, a trend that spawned a million colloquialisms and widespread panic among bosses, isn't driven entirely by economics. "The great resignation, at its core, is a people shock," Richardson explains. The labor market is 'starting to re-balance'The demand for talent and supply of candidates is finally evening out. While there are still a lot of job openings, these numbers are nowhere near the historically high level that spurred the great resignation.

☆ The Great Resignation is giving way to the 'Big Stay' as job-hopping slows down
▼ + stars: | 2023-05-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

It may be accurate to say the quitting situation is evolving into the "Big Stay," per ADP's chief economist. "The Big Quit of 2022 could be easing into the Big Stay of 2023," Richardson wrote in her recent commentary. "A year later, all three of these dynamics are abating, and the great resignation itself is looking like a thing of the past." Pollak said that "to the extent that there is a big stay, it is not taking place across the economy." Even if the Great Resignation might not be prevalent in all areas of the economy right now, it could emerge again.

☆ US employees are more satisfied than ever, new survey finds
▼ + stars: | 2023-05-11 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

But a new survey released by The Conference Board on Thursday found that US employees’ job satisfaction overall is the highest it has ever been since the survey began in 1987. Just over 62% of survey respondents indicated overall satisfaction with their jobs, a 2.1 percentage point increase over the prior year’s survey and a 5 percentage point jump over that recorded in 2020. … Across the majority of 26 factors surveyed, employees with hybrid work arrangements report the greatest job satisfaction compared to fully remote or fully on-premises workers,” Board researchers said in their analysis. Survey respondents who had recently changed jobs also were more likely to say they were satisfied. “Overall job satisfaction is 3.6 percentage points higher among those who have found a new job since the pandemic began, compared to those who have not,” Conference Board researchers wrote.

Government officials, worried about a constrained labor force in a state where population growth has stalled, have taken a cover-the-waterfront approach. After raising starting wages from $17 an hour to around $24 and overhauling hiring strategies, Drees still has 200 open jobs at this and two nearby facilities, where he is hoping to add to current staffing of 1,200. That reshuffling may be one reason the Fed is finding it harder than expected to slow a job market struggling to match workers into open positions. Minnesota has had a particularly large imbalance: The 12-month moving average of available positions last year reached 2.75 for every unemployed person. "Nowadays you look online and there are just hundreds of day-shift job positions," he said.

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