How many tech professionals quit their jobs in January?
According to new Job Openings and Labor Turnover Survey (JOLTS) data from the U.S. Bureau of Labor Statistics, some 534,000 professionals in the Professional and Business Services category (which includes technology jobs) voluntarily quit in January, down from 614,000 in December.
It’s worth noting that turnover in December was at its highest level since tracking began in 2002.
Many economists treat the level of voluntary quits as a measure of economic health, assuming that people are leaving their current employers in order to pursue better opportunities at other firms (or as freelancers). If the economy is weak, the thinking goes, people are less likely to quit their jobs; but when there’s substantial demand for professionals of all skill-sets and experience levels, those same people feel more confident about trying something new.
As indicated by Dice’s most recent Salary Survey, jumping jobs is also a good way for employees to rapidly boost their wages. Some 23 percent of respondents said that their most recent salary increase was due to changing employers, second only to merit increases (at 37 percent).
Voluntary quits have stayed high for the past several months, suggesting that the tech economy remains strong.