Adecco Talks: Debt-driven job hunting, entry-level competition, and healthcare quits

The big players are driving up wages

To help employees meet their financial obligations, many large employers are starting to raise their wages for entry-level positions. This trend may possibly create a ripple effect and nudge others to follow suit to attract and retain top talent.

How much are employers upping their game?

● Sam’s Club announced hourly wage increases of 3% to 6% based on years of service, helping employees reach the maximum pay rate more quickly

● In recent years, Bank of America has upped starting pay for hourly workers to attract talent to less appealing, non-remote roles

● Amazon’s decision to raise wages came as the company, one of the largest employers in the US, faced increasing pressure from warehouse workers for better contracts and working conditions

● Major companies offer an average of $13.75 above the federal minimum wage

There are many reasons behind this trend, including rising inflation and cost of living, but employers who ignore their competitors’ wage rates can end up losing workers and money on recruiting and training new hires.  

If you’re not sure how retention is impacting your workforce – and your bottom line – check out our Cost of Turnover Calculator to learn more.

Rising debt plays a major role in career choices

Rising mortgages, credit cards, loans, and other debts are reshaping financial and career paths for workers, and it’s leading to higher stress, lower job mobility, and heightened concerns about job security.

In addition, younger generations like Gen Z and Millennials feel the pressure as they navigate growing financial burdens.

So, what does it all mean?

Over 40% of US workers plan to change careers due to financial concerns, with 56% likely to find a second job within the next year to supplement their income.

Take this opportunity try our Salary Calculator to compare your wages against the average in your area.

Openings and quits in healthcare

The health sector has experienced significant shifts in employment – with both openings and quits reaching unprecedented levels. High demand, combined with workforce burnout and shifting job preferences, have created a volatile job market, further straining healthcare systems already under pressure.

Burnout from prolonged stress, heavy workloads, and limited mental health support, especially after COVID-19, is driving record quits in the health sector and highlights the need for systemic improvements.

Generational differences add to this trend, as younger workers prioritize work/life balance and mental health. This is pushing organizations to adapt their workplace culture to retain talent and work with specialized recruiters, like Adecco’s Healthcare & Life Sciences team, to find the right hires.

Additional trends we saw

● US labor market added just 12,000 jobs in October, while the unemployment rate held steady at 4.1%

● Strikes, including a major Boeing strike in the Pacific Northwest, and hurricane-related business closures weighed on October’s jobs report

● Temporary help services lost jobs, and manufacturing employment declined largely due to strike activity

Navigating what’s ahead

Adecco can bring the expertise you need, whether it’s for entry-level or skilled talent.

Our recruiters are located across the country, meaning they understand your region, your local competitors, and your candidate pools. We also have specialized recruitment teams experienced in handling your industry’s unique challenges and tapping into our extensive candidate database.

To learn more about how we can help you find the right people for the right roles, contact us today.