Financial Tips for University Alumni to Keep in Minds During a Job Hunt
Here are 5 tips to help your recent graduate stay financially smart while looking for a job
Have you hugged work recently? Maybe you should.
Forget job hopping, more people are hugging in the cooling labor market.
“Amazing speeds show that more and more employees are known colloquially to “hold the job.” In other words, I hold the job for my dear life,” reports Korn Ferry, an organizational consulting firm.
According to the Eagle Hill Retention Index, most employees will be sticking to their current employers for the next six months.
“Uncertainty lingers around broader economic outlooks and employment threats, including AI and automation, has led to a decline in workers’ trust for almost all U.S. workers,” Melissa Jezior, president and CEO of Eagle Hill Consulting, said in a statement.
According to the Bureau of Labor Statistics, the resignation rate – the rate at which workers voluntarily leave their jobs and the labour market perception measures have been staying about 2% since the beginning of the year. That’s important as levels have not remained that low since 2016, except for the Covid-19 pandemic.
According to Mark Zandy, chief economist for Moody’s analysis, the increasing resistance to change in employment reflects growing concerns about job safety as nervous employers become more cautious.
“It could also reflect a surge in job switching that occurred during the pandemic. Workers have landed in better jobs because they are more suited to their skills and interests, have paid better and are now reluctant to quit those jobs,” he said.
US employers added just 73,000 jobs in July as payroll growth slowed amid President Donald Trump’s import duties, immigration crackdowns and massive federal layoffs.
With employment stalled and employment growth slower, workers are nervous about landing their next gig, so they remained in place instead. But they aren’t very happy about it.
Social media has cautionary substances such as frustrated job seekers submit hundreds of applications without a callback, or submit eligible candidates submitting entry-level positions.
“My cousin made the mistake of quitting his job because the situation was so toxic,” one person said on Reddit. “She thought that in her own experience she would easily find something new, so now she’s working overnight at a gas station to stop her money bleeding.”
Workers say employers have an advantage and use it to carry out return missions to the office and reduce benefits.
“They know how bad the job market is, so they can get away with this. Their employees can’t leave because they don’t have a good opportunity there,” another employee said on Reddit. “It made so frustrating and made many people in my company feel hopeless. We’re stuck.”
