Daniel Zhao, Lead Economist at Glassdoor, joins TheStreet to share what he feels will happen in the 2025 job market.
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00:00So, how would Glassdoor describe the job market in 2025?
00:08Yeah, well, so I think right now the job market is at a point where it's kind of treading water,
00:16right? So, the unemployment rate is still relatively low by historical standards,
00:21wage growth is still coming in at a reasonable rate, but there are some signs that the job
00:27market is not as healthy or not really working for employees and job seekers in the way that
00:32it was even just a few years ago, right? What are those signs? Yeah, so, for example,
00:37hiring has slowed down a lot and quitting has slowed down a lot, and those are generally signs
00:43that employers are hesitant to bring on new people, right? But also that employees are hesitant to
00:50take a risk and try to find that new job, and that's often when people can get the most growth,
00:56right? When you switch jobs, you can get a bigger raise, you can get, you know, a better title,
01:00you can get more career opportunities, but right now a lot of people are sitting tight, they feel,
01:06so even if they're in a job, they might not be happy in that job right now, and I think
01:10that kind of characterizes the job market we have right now. So, according to a recent Glassdoor
01:15survey, 50 percent of professionals are planning a career pivot in 2025. What do you make of that
01:24number, and what does that say about the sentiment out there? Well, I think it's really a sign that
01:31people do feel kind of stuck where they are right now, and they want to try something new. So, like
01:36I was saying, there's this desire to quit even if that opportunity isn't necessarily there,
01:42so I think a lot of people are going to have to get creative and thinking about ways to try new
01:47things or get exposure to new fields or new areas that they maybe want to explore, right? So,
01:54maybe people are going to, you know, start exploring more side hustles, start exploring
02:00entrepreneurship as a path to getting exposure to those fields, and
02:04if they can't necessarily just find a job in those sectors.
02:17you