Insider Finance - Business - The Great Resignation isn't paying off

Nicholas Carlson  November 14, 2022

Hello, Insiders. I recently asked our Republican readers to email me their thoughts on Donald Trump following the GOP’s lackluster midterm performance — and it’s safe to say our inbox was bursting with responses. 

While a few of you came to Trump’s defense, most said they would rather see Ron DeSantis on the 2024 ticket. 

“Time for Trump to step aside”, Jay A. wrote to me, suggesting that Trump should instead support whomever the Republican Party put forward: “Hopefully that is Ron DeSantis.”

Meanwhile, Ashley C. couldn’t have been clearer: “Do I need to say it again? Trump SHOULD step aside.” 

You can read more of the responses here — and, of course, let me know your own thoughts by emailing insidertoday@insider.com. 

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The big story

iStock; Michael Burrell/Getty Images; Alyssa Powell/Insider

The Great Resignation isn't paying off like it was this summer.

When US workers began quitting their jobs at a higher rate than usual in 2021, it was partly due to their confidence they could negotiate for higher wages elsewhere. The Great Reshuffle ensued, with Federal Reserve Bank of Atlanta researchers finding in July that job hoppers netted themselves a median annual raise of 8.5%, versus 5.9% for those who stayed put. Boom times!

But now the Fed’s wage growth tracker indicates the window to make a lucrative career move might be closing. Wage growth ticked down from that 8.5% figure this summer to 7.6% in October. Job-hoppers, experts told Insider, don’t have quite as much bargaining power as they did before.

The good news for anyone thinking about making a jump is that it’s still higher than overall wage growth, which sits at 6.4%. TL;DR — quitting for a new job is still profitable for now. The job market remains strong and, observers said, job switching is still a trend. That may not last long, however. 

"In general, voluntary job switchers have more leverage than job stayers, but a recession hits all workers hard," said Daniel Zhao, lead economist at Glassdoor. "As the economy slows, job switchers will increasingly have to make the trade-off between higher pay for less job security."

Read the full story here.

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• To land a job in tech, you need to pass this test — but pretty much everyone is cheating. Thanks to online “exam dumps”, fraudsters are able to comb through copies of exams for major tech systems to rack up professional credentials — and the companies issuing the certifications are powerless to stop them. Read how cheaters are landing jobs and pay rises.

• This sure looks like crypto's Lehman moment. Crypto exchange FTX’s spectacular implosion is drawing comparisons to the 2008 collapse of Lehman Brothers, during the peak of the subprime mortgage crisis. FTX’s bankruptcy will have ramifications for the opaque and seemingly fragile cryptocurrency market, regulatory experts say. Here’s how crypto is teetering on the edge.

• Everyone keeps getting inflation wrong — and you could be missing out on a higher salary as a result. American workers and their employers have continued to underestimate how much prices will rise in the future, meaning many people have miscalculated how much of a raise workers need to keep up. Here’s how it impacts your salary negotiations. 

• The week that changed Facebook forever. Meta employees are starting to lash out at CEO Mark Zuckerberg, after a mass layoff of 11,000 workers left those who remained confused and shell-shocked. Go inside the harrowing week at Meta. 

• Salesforce insiders say top salespeople were set up to fail. Last week, the cloud computing giant laid off an undisclosed number of employees, with reports saying hundreds of workers were impacted. Now, former employees say the company’s performance review system set up staff for failure ahead of the layoffs. Read the full story. 

Today’s sound bite

"[TikTok is] very ambitious. They are thinking about all these ways that they can make money from their newfound influence."

Insider’s Dan Whateley on TikTok’s dive into e-commerce, and check out the full segment in today’s episode of The Refresh from Insider.

Watch this

Millions of unexploded military remains are scattered across Afghanistan and many locals say that collecting them is their only shot at feeding their families.

Today's team

Nicholas Carlson (@nichcarlson), Hallam Bullock (@hallam_bullock), Lisa Ryan (@lisarya), and Shona Ghosh (@shonaghosh).

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