More workers are staying put — What that means for the job market - video Dailymotion

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00:00So 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?

00:08Yeah, we're seeing this shift between, you know, no, we're not seeing a lot of layoffs.

00:14We're seeing layoff and terminations remaining historically low.

00:17We're seeing the quits rate also remaining historically low.

00:19So we're not seeing a lot of people vacating those positions.

00:22But at the same time, we're seeing unemployment, which while low has been starting to pick up a little bit.

00:28We currently have more unemployed people than there are job openings for them to jump into.

00:33Yeah, it's interesting. You talk about job hugging, which I can assume what that means.

00:38But if job hopping is lower and tenure is increasing, do you think that's a temporary shift or something that could be more permanent?

00:47From the data that we're seeing internally from ZipRecruiter surveys and our marketplace platform,

00:53we're seeing that the response to job hugging and staying in place for a lot of workers is really driven by macroeconomic uncertainty.

01:03A stable paycheck is better than the risk of going and looking for a different opportunity.

01:06So we're seeing the current conditions really driving a lot of that change.

01:11But businesses are seeming to embrace the stability and the loyalty from their workforce.

01:16We're seeing the focus on institutional knowledge and other factors of keeping your workplace stable

01:23that are benefiting businesses as they're looking to reduce those costs, reduce hiring costs,

01:28and keep things a little bit more flatlined for the time being.