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Workers want to change jobs in challenging employment market

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Millions of workers embarked on job-hopping journeys, enticed by plentiful opportunities and substantial pay raises offered by companies eager to hire.

However, the landscape for salaried, white-collar positions has cooled since then, but the desire for change among workers remains fervent.

A recent LinkedIn survey of 1,000 U.S. professionals indicates that approximately 85% are contemplating a job switch this year, a significant increase from the 67% recorded a year earlier.

Job seekers actively exploring new opportunities are discovering that their leverage in negotiations has diminished compared to the recent past.

Data from job boards suggest that companies are now extending less generous compensation packages and reduced flexibility to new hires.

Negotiations over benefits like additional vacation time are also seeing stricter limits imposed by employers.

Job offers

However, securing an offer has become more challenging for many, especially in white-collar fields like finance, marketing, and software development.

According to data from Indeed, the number of job listings in these sectors has fallen below pre-pandemic levels.

On LinkedIn, there is now one job opening for every two applicants, a noticeable shift from the situation a year ago when jobs outnumbered applicants two to one.

The result is a growing sense of stagnation among many workers, contributing to increased job dissatisfaction.

Pay raises

While grappling with questions related to work-life balance and facing inflation erasing recent pay raises, employees are also being urged by their employers to do more with less.

Gallup’s latest survey data reveals a decline in job engagement among U.S. workers in the latter half of 2023, following a slight improvement in the first half.

Catherine Fisher, a LinkedIn vice president tracking job trends, commented, “The pendulum has swung back, and the power is in the hands of the hiring managers.”

Job offers are increasingly less lucrative across the U.S. workforce.

Workers who changed jobs in August 2022 enjoyed an average pay increase of 8.4%, significantly higher than the 4.9% raise for those who remained in their positions, as reported by the Federal Reserve Bank of Atlanta.

However, by the past month, the average pay bump for job-switchers had dropped to 5.7%, compared to 4.9% for those who stayed put.

In a job market marked by shifting dynamics and heightened competition, adaptability and perseverance have become key attributes for those seeking new opportunities in their careers.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Money

Bitcoin surges closer to all-time high

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Bitcoin surged to new heights on Monday, inching ever closer to its all-time high as the cryptocurrency market continued its bullish momentum following a weekend pause.

The flagship cryptocurrency recorded a remarkable 7.65% increase, reaching a price of $67,608.30, according to data from Coin Metrics.

Earlier in the day, it peaked at $67,977.77, marking its highest level since November 2021 when it achieved its previous all-time high. Ether, the second-largest cryptocurrency, also experienced gains, rising by 3.41% and trading near January 2022 highs at $3,588.83.

Both bitcoin and ether are riding the wave of their best week in almost a year, with bitcoin witnessing a 21% surge and ether climbing by 16%.

However, the weekend saw a temporary halt in their ascent as the market absorbed two days of significant outflows from the Grayscale Bitcoin Trust (GBTC), which were offset by inflows into other newly launched bitcoin exchange-traded funds (ETFs).

Market dynamics

Antoni Trenchev, co-founder of crypto exchange Nexo, noted the influence of these new ETFs on market dynamics, suggesting that major movements are now occurring during regular trading days rather than weekends. He emphasized the potential for explosive price action amidst strong demand from these new spot ETFs.

Although bitcoin currently stands around 3% below its intraday record of $68,982.20, it continues to uplift other crypto tokens, particularly meme coins like Dogecoin and Shiba Inu coin, which surged by 14% and 45% respectively.

Analysts interpret this as a sign of renewed interest from retail investors in the crypto market, as meme tokens’ weekly trade volume recently reached its highest level since late 2021.

Meanwhile, the rally in crypto equities varied, with Coinbase and Microstrategy experiencing gains of 11% and 24% respectively, while miners witnessed a downturn.

Companies such as CleanSpark, Cipher Mining, Iris Energy, Marathon Digital, and Riot Platforms faced declines ranging from 5% to 7% as concerns over the upcoming halving event in April weighed on investor sentiment.

Although some analysts foresee potential short-term corrections due to extreme profit margins, long-term investors remain optimistic.

They anticipate sustained upward momentum driven by increasing demand through new U.S. ETFs and tightening supply post-April halving.

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Money

Taxing times: 64% of Aussies think they pay too much tax

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As the cost of living continues to rise, a staggering 64% of Australians are voicing their concern over the amount of tax they pay annually, according to recent research conducted by Finder, Australia’s leading comparison site.

The survey, which polled 1,004 respondents, found that nearly two-thirds of Australians, equating to approximately 13 million individuals, feel burdened by the tax they contribute each financial year.

Of particular note is the sentiment among millennials, with a striking 80% expressing dissatisfaction with their tax contributions. Following closely behind are Gen Xers, with 72% sharing similar sentiments. Comparatively, Gen Z (63%) and baby boomers (39%) exhibit less discontent with their tax obligations.

Sarah Megginson, a personal finance expert at Finder, highlighted the strain that the cost of living imposes on individuals’ financial situations.

“Budgets are stretched thin, with many struggling to make ends meet,” she noted. “While inflation is trending downwards, the financial burden remains heavy for a significant portion of Australians.”

Tax hope

However, there is a glimmer of hope on the horizon.

The Australian government has announced plans to implement tax cuts commencing July 1, aimed at providing relief to taxpayers grappling with the escalating cost of living.

According to Finder’s analysis, Australians earning between $45,000 and $135,000 annually stand to benefit from a further tax cut of $804, in addition to previously announced reductions.

This translates to a substantial increase in disposable income, potentially alleviating financial strain for many households.

For instance, an individual earning the median Australian income of $83,200 could expect a tax cut of $1,759 over 12 months, nearly double the previous $955 reduction.

Meanwhile, those earning over $200,000 annually will receive approximately $4,529 under the new stage 3 tax cuts, compared to $9,075 under the previous scheme.

Money back

Megginson emphasized the significance of this financial injection in easing the burden of everyday expenses.

“Those struggling with everyday costs will see more money back in their pocket to help battle expenses,” she remarked.

“If your budget allows, stashing some of this extra cash is a wise move. Every bit helps build a buffer for those unexpected rainy days.”

Megginson advised individuals to explore avenues for potential savings, such as switching service providers to reduce expenses. For those unable to save, she recommended allocating the extra funds towards paying down debt and bills to alleviate financial pressure.

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Money

Anticipation builds for US jobs data and it’s global impact

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What to expect on. a global scale as investors brace for key U.S. employment figures.

Investors and economists are eagerly awaiting the release of the latest US jobs data, anticipating its potential impact on global market trends.

The numbers are expected to provide crucial insights into the health of the world’s largest economy and may influence investment decisions and market sentiments worldwide.

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