The Bureau of Labor Statistics measures the quit factor. Quits are when you voluntarily leave your job and during the great recession, quits were at an all-time low. In other words, many people just hung onto their jobs because stability in an a-okay job was more important than seeing if the grass was greener somewhere else.
That is changing. As a matter of fact, in November 2014, we had over 2.6 million quits. The number of quits has almost caught up to pre-recession levels and is only 6.6 percent behind.
The gray area in the chart represents the official recession as determined by the BLS. Bottom line, more people are quitting their current jobs for different opportunities.
The quit factor is also a great indicator that the job market is heading towards full employment. Many employers are already feeling the effects of losing great employees because they know how hard it may be to replace them in 2015. For job seekers, this is the first time in the last seven years where you will have better negotiating power when changing jobs.
How do you know if it may be time to quit your job?
- You don’t like your job but you are getting paid well and have stability. If you are good at what you do but can’t stand where you work, it is go time! You will find the job market needs great people and you most likely will find a company that will be awesome to work for. The best news is that you have a decent job and don’t need to make a job change unless the new opportunity is a home run fit!
- You still think we are in a recession. Mentally, many of you hit hard by the recession are content with your current employment. If your job is not up to your standard, many companies are hiring because they are growing. This is great news for your job search as long as you really believe the recession is over (which it is!).
- Your job is not going anywhere. Since the recession, each day, week and year you are doing the same tasks over and over. You are also being told that your company isn’t hiring anymore help. If you feel overworked doing the same thing every day, it is time to freshen the resume.
- Your current company is still living in the recession. You can usually tell this if you are still covering the work of other employees that have not been rehired!
If you like your job but have not seen a raise since the recession, this is a great time to ask for one. The job market really is that good.