Half of Workers Say They’re Ready to Quit. Here’s Why So Few Are Actually Doing It

Nearly half of the American workforce says they're contemplating a job change or intend to do so within six months, yet many remain in their current positions. Despite an increase in competition for limited job openings, many job seekers are resorting to fabricating or omitting details on their resumes and cover letters. Job hunting has become a daily routine for numerous American workers, but landing a new position continues to be the most challenging aspect.

This predicament stems from the persistently low-hire, low-fire labor market, which continues to vex workers eager to transition.

According to FlexJobs' State of the Job Search Report, more than half of the respondents conduct daily searches for job openings. The government's data on job turnover corroborates this sentiment. In June, the quits rate stood at 2.0%, while employers' hiring rate was a mere 3.4%, both near their lowest levels in years, reported the Bureau of Labor Statistics (BLS).

A new job often serves as the primary avenue for significant wage increases, and a stagnant market not only delays career progression but also hampers wage growth throughout the economy.

Employers' lack of responsiveness topped the list of frustrations, cited by 61% of workers, followed by difficulties in finding suitable roles (54%) and the need to repeatedly input identical information (47%). The stress is evident in the application process, with 48% of applicants admitting to modifying or embellishing information on their resumes or cover letters, most commonly by omitting previous roles or experiences or overstating their skills.

The strain is palpable in the job market, where 48% of unemployed Americans have been jobless for 27 weeks or more, as per the BLS's July jobs report. Although payrolls declined by 23,000, and revisions erased an additional 103,000 jobs from May and June, the unemployment rate remains low at 4.1%. However, the pattern of low hiring and low firing that has prevailed for two years has not shifted: layoffs are rare at a 1.1% rate, and so is hiring. Job openings fell by approximately 178,000 in June.

The evolving job search landscape has rendered it increasingly difficult for workers at all career levels, according to Keith Spencer, a career expert at FlexJobs. Workers must now adopt a more strategic and persistent approach to compete in this challenging environment. Interestingly, the pay gap between employees who frequently switch jobs and those who remain in their current positions is widening.

As of July, job switchers received raises of 7.0% compared to 4.4% for those who stayed put. Worker confidence in their career prospects is evenly divided, with 36% feeling less confident than a year ago, 35% feeling the same, and 29% feeling more confident, as disclosed in the FlexJobs survey.