With U.S. unemployment recently hitting its highest level in years, there’s a new trend in the labor market. It’s called job hugging.
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Michelle Reisdorf of Robert Half joined WBBM’s Rob Hart on the “Noon Business Hour” this week to go over the pros and cons of “hugging” and why its popular right now. Some of the reasons are positive.
“A lot of candidates over the last couple of years have made some significant job changes. And right now, they’re just staying put because maybe they found the ideal role that has perfect flexibility or a great culture or is really fulfilling overall,” Reisdorf explained.
However, there’s a flipside. Hugging too tightly might cause some people to miss out on opportunities.
“Even in a job-hugging environment, you should still be looking, because there are always opportunities for advancement or higher pay, maybe greater flexibility out there,” Reisdorf told Hart. “You just have to do your research.”
Last week, Audacy reported that unemployment numbers had grown to levels not seen since 2021.
Mark Hamrick, senior economic analyst at Bankrate, said that we do seem to be in a “no hire, no fire” job market, which indicates that hugging might be the right idea. It’s a different world than the “Great Resignation” era coming out of the COVID-19 pandemic, as Hart noted.
Still, Reisdorf said there are a few things that might convince huggers to loosen their grip. Good benefits and higher pay are at the top of the list. So, how do people know when to hug and when to let go?
“Any move you make should be well thought out and well researched and you know well calculated when you make that decision,” Reisdorf said.