More Jobless Execs Willing to Head for Greener Pastures

July 15, 2004 ( - The number of jobless managers and executives willing to move to a new town to find work took a dramatic leap during the second quarter.

The latest survey from outplacement firm Challenger, Gray & Christmas found that 16.5% relocated for new jobs in the second quarter, up 25% from a first-quarter relocation rate of 13.2% and the highest since the fourth quarter of 2001 when 17% of job seekers relocated.

More than half (51.2%) of the managers and executives surveyed also changed industries in their new positions, 18% more than in the first quarter (43.6%). This is the highest level of industry switching since the second quarter of 2002 when it reached 54.9%.

“The economy may be at its strongest since 2000, but the job market has been much slower to recover. While evidence shows that employers are finally starting to add some workers, we have not seen a significant drop in job search times, which strongly suggests that employers are being very selective,” observed John Challenger, chief executive officer.

Since the beginning of the recession in the second quarter of 2001, the percentage of managers and executives relocating has averaged 14.9%. The percentage of job seekers changing industries has averaged 47.6%.

The quarterly survey covered 3,000 discharged managers and executives.