People Are On the Move Once Again

employers are hiring, tax accountants, new job, new tax bracketUntil a couple of years ago, people who were employed, even underemployed, did not dare leave their jobs. This was making it very easy for some corporations to just keep piling on the work, without offering more compensation or better benefits. After all, jobs were hard to find, health care isn’t cheap, and their employees were pretty much held captive. But all of that has changed now.Wall Street Journal article says:”

“Voluntary Job-Quitting Hits Highest Level in Nine Years

The number of Americans who voluntarily quit their jobs climbed to a post recession high in December, suggesting workers are confident about their employment prospects despite financial-market turmoil and a slowdown overseas.

The Labor Department’s monthly Job Openings and Labor Turnover Survey, or Jolts, showed the number of voluntary quits rose to nearly 3.1 million, the highest level since December 2006. Hires, meanwhile, increased to nearly 5.4 million workers, also a post recession best.

Taken together, the figures signal a strong finish to the year for the U.S. labor market. Americans are more likely to voluntarily leave one job if they think they can do better elsewhere, and companies appeared ready to absorb them.

The more closely watched Labor Department jobs report last week showed the U.S. economy added 280,000 jobs in November, 262,000 in December and 151,000 in January. The unemployment rate hit an eight-year low and wage growth accelerated last month.

While the monthly employment summary shows net job gains or losses, Jolts offer additional detail: the monthly pace of hiring, separations and job openings. The latest report on the economy’s churn shows a labor market that has in some respects returned to prerecession levels.

There were 5.6 million job openings in December, the second-highest level on record (July 2015 was higher; records date back to December 2000 and aren’t adjusted for population growth). And layoffs dropped to 1.6 million, the lowest level in more than a year.

In our Indian River County area, we talk to clients who are looking for more people to help keep their businesses running on all cylinders. We also have clients who have faced tough times and now they are being courted by several companies.

If you have a situation where you are trying to decided between several offers, make an appointment, if we have done your taxes for you, we have a good idea of your history, and we can be objective about helping you decide which career opportunity will be the best one. It’s not always just about the money. Sometimes there are other factors to take into account when the money offer is close to the same as others.

Remember also, if you have a 401k with your current employer, you will want to roll that over, or decided what else you should do. We can help with that as well.

McCain and Samons, at your service!

 

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