Job seekers want more money
Job seekers throughout the U.S. are in search of better compensation, according to LinkedIn’s latest Workforce Confidence Index survey. Some 56% of respondents cited it as a top motivation for seeking out a new opportunity. That stat is even higher in industries hard-hit by the pandemic, such as entertainment (69%), wellness/fitness (67%), retail (64%) and education (63%). Several industries have faced pay cuts and job losses, while the hunt for higher pay may also be attributed to the rising inflation rate, which climbed to 6.2% in October.
By Ali McPherson, Editor at LinkedIn News
Job seekers across the U.S. want a raise, according to the latest data from LinkedIn’s Workforce Confidence research. And that’s especially true for those in fields hit hard by the pandemic.
Among all job seekers, 56% cited a desire for better pay when asked why they were considering or actively pursuing a job in a new industry. That was the most popular reason cited — ranking ahead of other considerations such as better alignment with personal values, better opportunities to move up or more flexible hours. And it’s even higher in industries like entertainment (69%), wellness/fitness (67%) retail (64%) and education (63%) that may have endured a difficult mix of pay cuts, job loss or harsh working conditions since the onset of COVID-19.
Even software and information-technology services, a field that held up well during the pandemic, is seeing substantial interest in higher pay, at 57%. Some amount of hunting for higher pay can likely be attributed to rising inflation. October’s inflation rate abruptly climbed to 6.2% — the fastest rate of increase in 31 years. While economists mostly blame short-term factors that could reverse soon, the American public may not be so easily mollified.
In some fields, however, job seekers’ pursuit of higher pay is less intense. Notable examples include legal (48%), hardware and networking (47%) and energy and mining (47%). In law, for example, job seekers considering a new industry are more concerned (55%) about finding a new work situation that aligns better with their interests and values.
What factors are most important to you when searching for a new job opportunity? Weigh in below. And read more about this #WorkforceConfidenceIndex story here: https://lnkd.in/g4vFJ3yq.
