ZipRecruiter Economist Nicole Bachaud explains why workers are choosing stability over risk
Transcript:
Caroline Woods: So is it just that it’s harder, maybe, to find a job right now. But it’s not necessarily that a lot of people are losing their jobs right now?
Nicole Bachaud: Yeah we’re seeing this shift between, you know, no, we’re not seeing a lot of layoffs. We’re seeing layoffs and terminations remaining historically low. We’re seeing the quits rate also remaining historically low. So we’re not seeing a lot of people vacating those positions. But at the same time, we’re seeing unemployment, which, while low, has been starting to pick up a little bit. We currently have more unemployed people than there are job openings for them to jump into.
Caroline Woods: Yeah, it’s interesting you talk about job hugging, which I can assume what that means. But if job hopping is lower and tenure is increasing, do you think that’s a temporary shift or something that could be more permanent?
Nicole Bachaud: From the data that we’re seeing internally from ZipRecruiter surveys and our marketplace platform, we’re seeing that the response to job hugging and staying in place for a lot of workers is really driven by macroeconomic uncertainty. A stable paycheck is better than the risk of going and looking for a different opportunity. So we’re seeing the current conditions really driving a lot of that change. But businesses are seeming to embrace the stability and the loyalty from their workforce. We’re seeing the focus on institutional knowledge and other factors of keeping your workplace stable that are benefiting businesses as they’re looking to reduce those costs, reduce hiring costs and keep things a little bit more flatlined for the time being.
Watch Nicole’s full interview:
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