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4w ago

U.S. Workers Embrace “Job Hugging” After Quits Rate Falls to 2.0%

Economic uncertainty fueled by higher interest rates has pushed U.S. workers to cling to jobs at the expense of pay increases.

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More employees may be "job hugging," but it could be increasing feelings of being stuck and resentment toward their workplaces.
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Overview

  • The Bureau of Labor Statistics reports that the voluntary quits rate dropped to 2.0% in June, matching lows unseen since before 2016.
  • Consultants at Korn Ferry have coined the term “job hugging” to describe employees holding onto their positions amid a cooling labor market.
  • A Conference Board poll finds 34% of CEOs planning workforce cuts over the next year compared with 27% expecting to hire, highlighting corporate caution.
  • Labor experts warn that staying in place can limit wage growth and skill development relative to workers who switch jobs.
  • Surveys from Glassdoor and Gallup show roughly two-thirds of employees feel stuck in their roles, creating pent-up dissatisfaction that could spark another resignation wave once market confidence returns.