Axios reports that "for a while, it seemed like everyone was job-hopping. Well, those days are likely behind us — especially in pandemic-fueled sectors, including tech … The red-hot labor market is cooling off. Demand for workers is down sharply from last year, according to new data from the job site Indeed."
The story suggests that "tech's woes could be an early indicator of what's to come in the broader labor market, which has stayed strong despite other worrying signs in the economy. Fewer job openings is a sign of less demand for workers - and an indicator you won't be able to job hop your way to the kind of sky-high pay increases certain professionals scored in 2021.'
Axios writes that ZipRecruiter's chief economist Julia Pollak says that "fewer workers are quitting their jobs for better prospects," and that "amid increased fears of a possible recession, employees are prioritizing job security over pay."
One caveat: "While overall job listings are down 9% on Indeed this year, they're still 50% higher than pre-pandemic levels."
- KC's View:
I'll say it again. This is definitely not the time for management to exact retribution … it is, in fact, a great time for healing and the creation of caring cultures in which everyone feels invested in the business and, in fact, in each other's success.