6 reasons why you might regret quitting your job in 2023

New year, new resolutions. Same old concerns about getting a better job and more pay.

Job search platform Joblist surveyed 30,000 job seekers across the United States to understand the state of the job market going into 2023. The results are not particularly comforting. While job seekers still believe it’s their market, layoffs are on the rise, and pay raises have not kept up with inflation. If anything, the survey indicates that we should strap in and prepare for a rocky ride in 2023 if inflation and layoffs keep rising. Here are the key findings:

Job seekers still feel rosy about the market

Among the respondents, 52% believed they, not employers, have the upper hand in the job search, while 78% believed they stand to make more if they change jobs.

But some who did quit, end up regretting it

Twenty-two percent of respondents who quit a job in 2022 said they regretted it. These were the top reasons, according to the survey:

49%: “Harder to find a job than expected”
20%: “New job was not what I had hoped”
14%: “I miss the people at my old job”
13%: “Economy has worsened since I quit”
13%: “Old job was better than I realized”
7%: “Decline in work-life balance”

Layoffs are on the rise

Thirty-four percent of employees work at a company that’s currently in the midst of a hiring freeze, and 14% said their companies have already announced or will announce layoffs. However, concerns are industry specific. Over 75% of healthcare and education workers said their companies are still hiring, while 22% of tech employees were very worried about layoffs.

Pay still lags behind inflation

While 53% of employees received a raise in 2022, over 80% of these raises were less than 10%, and 65% were less than 5%. Only 59% of workers who asked for a raise got one. However, 65% of the people who asked for a raise cited cost of living as their reason. Only 45% of employees said they are financially comfortable. 

Employees want remote options, except maybe Gen Z?

Forty-three percent of employees said they would quit if they are required to work in person full-time. Surprisingly, however, 57% of Gen Z would like to work in person, while only 27% in that age group want a remote job compared to 49% of millennials.