Gen Z and millennials lead latest wave of quits

Gen Z and millennials lead latest wave of quits

The Covid-19 pandemic has sparked a wave of quits nationwide – and new data shows even more Americans plan to change jobs soon, with Gen Z and millennials leading the wave .

According to Bankrate’s August jobseeker survey, about 55% of American adults are considering changing jobs, and nearly double Gen Z (ages 18-24) and Gen Y ( 25-40 years). Baby boomers (age). 57-75) They said they were looking for a new job soon (77% and 63% vs. 33%, respectively).

Bankrate has partnered with YouGov Plc to survey 2,452 working adults in the United States, which means they are currently working or actively looking for work, July 28-30. They released their findings on August 23.

The discomfort of working from home and the booming job market have prompted millions of workers to leave their employers in a mass exodus called “The Great Regeneration”. This historic wave of quits, driven by the desire for higher wages and greater job flexibility, reached an all-time high for the third consecutive month.

Bankrate senior economic analyst Mark Hamrick told CNBC Make It that young adults, facing grim job prospects and job losses during the pandemic, are particularly yearning for change. “Gen Z and Millennials are the most mobile participants in the workforce for several reasons,” he says. “They don’t make as much money as their older and older counterparts, so they’re more eager to find better paying jobs, and they’re more technically savvy, so they’re in a better position to take advantage of it. . “There are possibilities for remote work.”

Survey data supports this trend, as about 72% of respondents earning less than $ 30,000 per year said they plan to look for a new job, compared to 44% of those earning $ 80,000 or less per year. earn more than that.

As these workers are looking for their next opportunity, flexible working arrangements were as important as higher wages and job security. According to the survey, flexible working hours were a top priority for Gen X (62%) and Gen Y (60%), compared to 47% for baby boomers.

Work has always played an influential role in people’s lives, but many have faced forced isolation during the COVID-19 pandemic, resulting in a widespread existential crisis. “When you face a deadly threat like Covid-19, it’s natural to reassess our work and our lives,” says Hamrick. “Everyone thinks about what they expect from their job and there is a sense of urgency in taking control of their career. ”

Workplace expert Lauren Stiller Ricklin says young workers have less control over their jobs, so they’re more likely to quit. “The feeling of a lack of control over work-life balance and the conditions of their work are major motivators to leave work,” she says.

Another sneaky factor that drives some Gen Z and Millennials to quit their jobs is ageism, says Stiller Ricklen. “I constantly hear from young activists saying that they don’t feel respected in the workplace, because people stereotype them, reject their opinions or are not supervised,” she says. “If you don’t feel respected in your job, you will have to explore other options.

But these issues are not new with the pandemic. Millennial concerns about low wages and job stability have existed since the Great Recession of 2007 pushed this generation out of the corporate ladder. According to a 2019 analysis by Census Bureau economist Kevin Rinz, the average millennial lost about 13% of their income between 2005 and 2017, with baby boomers losing about 7%.

“The same fear: ‘Does anyone here really care about my career?’ “And” Is there any hope of promotion in the next 10 years? have been around for a long time, ”says Stiller Ricklin. “All the pandemic has done is take long-simmering issues and bring them to a boiling point. “

to verify: For many employees, returning to the office has become “the big burden”. This causes a loss of lakhs to employers

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