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Search resuls for: "Job switchers"


13 mentions found


☆ Call it the Great Cash Out: Almost half of job switchers are making the mistake of cashing out their retirement savings when they go
  + stars: | 2023-04-05 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +4 min
Americans are rushing to cash out their 401(k)s, and it's not just about being strapped for money. Cashing out when you leave a job can mean you miss out on major long-term savings, experts say. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAmericans have been cashing out their retirement savings at an "alarming" rate. That's despite the IRS's 10% penalty, under most circumstances, for those under the age of 59.5 who choose to cash out. Of the workers withdrawing from their funds after a job separation, only 27% were fired or laid off.
☆ Are you getting a pay raise this year?
  + stars: | 2023-02-16 | by ( Cindy Perman | ) www.cnbc.com   time to read: +9 min
"Job switching is one of the best ways to get a raise," Nick Bunker, economic research director at Indeed, told CNBC. In January, for example, those who stayed got an average raise of 5.4%, while those who switched scored an average salary increase of 7.3%. Your best shot at getting that raise is going in there prepared. "State facts so you can show your boss what you're worth," Vicki Salemi, a career expert at Monster.com, told CNBC. Here are a few tips for asking for a raise: Know the going rate for your line of work.
☆ 96% of workers are looking for a new job in 2023, poll says: What to know before you job hop
  + stars: | 2023-01-13 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +2 min
In fact, the difference in wage growth for job switchers relative to those who stay in their current role is at a record high. The latest data shows job switchers have seen 7.7% wage growth as of November, while workers who have stayed in their jobs have seen 5.5%, according to Daniel Zhao, lead economist at Glassdoor, citing data from the Atlanta Federal Reserve. watch nowAlthough there is a chance that the job market will cool as recession fears take hold, recent government data shows the U.S. labor market is still strong, with a record low unemployment rate of 3.5%. Key considerations before taking a new jobThere are other things to consider besides salary before accepting a new position, Safani said. Workers can have both — a higher salary and a positive, healthy work environment.
☆ If you want higher pay, your chances are better now than in 6 months, says expert: 'Make your moves as soon as possible'
  + stars: | 2023-01-09 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Higher pay has been needed to keep up with inflation. Wage growth, based on average hourly earnings, is up 4.6% from a year ago. watch now"People who switch jobs are much more likely to be getting a raise above inflation than people who are staying in their jobs," Zhao said. But with a possible economic downturn looming, workers seeking higher pay face a more complex decision as to whether to stay or go. With pay rates so competitive now, even some laid-off workers are finding higher offers than what they were earning before, according to Pollak.
☆ FTC Proposes Banning Noncompete Clauses for Workers
  + stars: | 2023-01-05 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Federal Trade Commission on Thursday issued a proposal to ban the use of noncompete clauses, a move that would allow workers to take jobs with rival companies or start competing businesses without the threat of being sued by their employers. The FTC said noncompete clauses constitute an exploitative practice that undermines a 109-year-old law prohibiting unfair methods of competition. Noncompete clauses, which typically bar employees from joining a competitor for a period after they quit, affect nearly one in five American workers, according to the agency. Long associated with higher-paid managers, the clauses have also been imposed on lower-wage workers who lack access to trade secrets, strategic plans and other reasons that could be cited for hampering job switchers, the agency says.
☆ Workers still quitting at high rates — and getting a big bump in pay
  + stars: | 2023-01-04 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
Filadendron | E+ | Getty ImagesThe share of workers who quit their jobs jumped in November for the first time since last spring — and they're getting a big pay bump for moving, data shows. The labor market remains strong by historical standards, characterized by a high level of job openings and low layoffs. That translates to ample opportunity for workers, who generally get an increase in pay when they accept a new position. In other words, the average consumer lost buying power because rapidly rising prices for goods and services outstripped pay growth. Wage growth has moderated a bit from 2021, though remains strong relative to its pre-pandemic trend, Bunker said.
☆ Has your boss recently given you a nice raise so you'll stay? Are you an employer paying workers more not to quit? Tell us about it.
  + stars: | 2023-01-02 | by ( Tami Luhby | ) edition.cnn.com   time to read: 1 min
New York CNN —Workers who stick with the same employers are enjoying the biggest raises in nearly a quarter century. In November, the median wage growth over the past year for job stayers was 5.5%, according to the Federal Reserve Bank of Atlanta, which began keeping records in 1997. (Job switchers have had it even better, with a median wage growth of 7.7%.) CNN wants to hear from workers who recently received hefty pay hikes to entice them to stay at the same company and from employers who are doling out generous raises to retain their staffs.
☆ With inflation still elevated, a recession looming, and workers still in short supply, the minimum salary people will accept right now is almost $74,000
  + stars: | 2022-12-20 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com   time to read: +6 min
That's according to average reservation wage results from the New York Fed's SCE Labor Market Survey. The average reservation wage in November 2022 was $73,667, 4.7% higher than the average a year earlier. Prices are soaring, the labor market is still hot, and some small businesses are having a hard time filling openings. The average reservation wage from March 2020 to November 2022 climbed more for employed people, compared to peers who aren't working. The record reservation wage also backs up what economic data has continually shown: The labor market doesn't seem too worried about a recession.
☆ Gen Z wants equality, diversity, and flexibility at work, but it may cause them to sacrifice financial security
  + stars: | 2022-12-06 | by ( Alexandra York | Jacob Zinkula | ) www.businessinsider.com   time to read: +5 min
Some Gen Zers are focusing on a company's mission and job security during their job searches. As a recession looms, Gen Zers might want to consider their financial futures when applying for their next role. Additionally, over half of Gen Z could enter retirement without sufficient savings due to savings challenges and rising costs, Boston University economist Laurence Kotlikoff previously told Insider. In fact, the typical annual salary for Gen Z employees was $32,500 in 2021, according to research from the personal finance site GoBankingRates. To be sure, plenty of Gen Zers understand the financial pressures to come and are prioritizing salary in their job search.
☆ Employees Are Using Job Offers to Win Big Raises From Their Employers
  + stars: | 2022-11-28 | by ( Aki Ito | ) www.businessinsider.com   time to read: +10 min
Employers, not surprisingly, hate that people are using job offers as bargaining chips. That strategy may work for employers in a normal job market, when it's hard to find another job, let alone a better-paying one. "Employees are finding that there's a big gap between where they are and what they can get." "The job market is still performing very well," says Jay Denton, the chief analytics officer at LaborIQ, a compensation-data provider. Independence, it turns out, pays way, way better than loyalty.
☆ Meet a Great Resignation quitter who thinks the whole movement is a lie: 'It's still not to the benefit of the worker'
  + stars: | 2022-11-24 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +7 min
download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicySharon thinks the Great Resignation is a lie. "Everyone was saying it's the Great Resignation, it's the worker's advantage, you could get a job anywhere," she said. "So I went in with the mentality thinking that if I'm going to quit, now's the time to go." Sharon said she'd been feeling regret, worry, and skepticism about just how powerful the Great Resignation is. But until that, I feel like the Great Resignation is a lie."
☆ The Great Resignation isn't paying off like it was this summer
  + stars: | 2022-11-12 | by ( Madison Hoff | ) www.businessinsider.com   time to read: +4 min
The Atlanta Fed's Wage Growth Tracker shows wage growth for job switchers has slowed. However, wage growth is still stronger for job switchers than job stayers. However, wage growth for job switchers was still above overall wage growth in October of 6.4%. Although wage growth may have slowed from this summer for job switchers, it's still higher than the growth of their peers who have stayed in their positions. "As the economy slows, job switchers will increasingly have to make the trade-off between higher pay for less job security."
☆ Great Resignation quitters got big raises—now, they're worried about their job security
  + stars: | 2022-10-27 | by ( Morgan Smith | ) www.cnbc.com   time to read: +3 min
Millions of Great Resignation quitters traded up into higher-paying jobs. More than half (56%) of people who started a new, better-paying role in the last year are worried about their job security, according to financial services company Bankrate, which surveyed 2,458 U.S. adults in August. 'Last one hired, first one fired'A vast majority of U.S. CEOs (91%) believe we're headed toward a recession, according to a recent KPMG survey of 1,325 CEOs. At some companies, marketing budgets, human resources employees and contract workers are often the first to go, Foster notes. What you should do if you're worried about your job security
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