Reconsider Changing Jobs for Now
March 6, 2008
American consumers who are in any form of debt may want to reconsider their plans if they are thinking of changing jobs. A new study conducted by the New York consulting firm Mercer reveals that employers are being more patient and cautious in new hires.
The Mercer survey was conducted with 126 US employers. Of those, nearly thirty-three percent are considering either freezing new hires altogether or planning to downsize their current staff. The most common reason given for this action is the changing economic conditions.
Steve Gross, spokesman for Mercer, says: “Some companies are taking a harder line on adding staff”. This could mean many of those wishing to change jobs might find it more difficult and the time between jobs longer.
The results of the survey seem to be in line with government figures. The U.S. Labor Department numbers reveal hiring slowdowns as well. There were only 4.6 million new non-farm hires in December of last year, which is down from a high of 5.1 million in July 2006.
As might be expected, much of the downturn can be attributed to the housing market and the financial market. Construction jobs, especially those that are related to new home builds, are either downsizing significantly or putting hard freezes on new hires. Financial companies are also being more cautious in their hires, with several big name institutions beginning to lay off workers as a result of the mortgage lending crisis.