How To Get Ahead By Quitting

Published on: 06/24/2021

In this edition of Chart Talk, Tony Ogorek and Jeff Viksjo discuss getting ahead by quitting your job.

TRANSCRIPT:

TONY:

I’m Tony Ogorek, I’m here with Portfolio Manager Jeff Viksjo, and today we are going to talk about getting ahead by quitting your job.  Jeff, you know, there’s a lot of scuttlebutt out there that we’ve got a lazy nation, people are getting next to $300 a month in employment, they’d rather work on their tan then work on their job, and I don’t know if that’s entirely accurate.

JEFF:

Tony, typically if you stay with your company you’d get a raise of about 3-5%.  If you switch jobs and get a new job, typically you can get a raise 10-15%.  So there is that opportunity to that.  But in order to switch jobs, you’ve got to feel good about the economy, the outlook.  A year ago during the pandemic, nobody was quitting.  People just craved job security.  Now a year later, we’re coming out of it, and I think employees see an opportunity not only for a pay raise Tony, but I think flexible work arrangements are important too.

TONY:

And you know part of the reason these jobs are difficult to fill, is because people are moving around a lot, and they do understand that they can do work at home and be just as effective as they can be in the office.  So if an employer is really being inflexible and saying everybody’s gotta be in, and they know there are other employers that offer them maybe 2 days at home rather than 5 days in the office, they’re going to take a look at that opportunity.  So, we’ve got a chart here which really sort of demonstrates that, don’t we?

JEFF:

Yes, we look at job openings, that’s the blue line, surging in the last 6-months. But we also see the quit rate, which is the red line, also surging.  Now while the higher quits does cause some problems for corporations, as turnover will.  You know really Tony, these are signs of a healthy labor market.

TONY:

Yeah and I think that’s great news for the economy.  I think it’s great news for workers.  And employers have got to get smart and offer people more flexibility because what the pandemic has done, is demonstrated that there is more than one way to accomplish high quality work.  People see that, they want it, and they are going to move to find it.  And obviously, we’ve got a lot of openings that they can move to.

Hopefully this given you a little bit of insight into what’s going on in the job market today.  Thank you for joining us!  We look forward to seeing you at our next Chart Talk.

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