Gen Z and millennials are leading ‘the big quit’ in 2023
When receent data revealed the Gen Z and millenials are expected to lead a mass exudus in the job market for better options, we scoured the web for details for lessons we can share. We were inspired by a recent article by Morgan Smith for MSNBC and below are some of her insights.
In December, LinkedIn and CensusWide surveyed more than 2,000 U.S. workers about their professional plans for the new year. Of those respondents, 72% of Gen Zers and 66% of millennials said they are contemplating a career change in the next 12 months, compared to just 55% of Gen Xers (ages 42-57) and 30% of baby boomers (ages 58-76).
The main reasons Gen Zers and millennials are considering switching jobs haven’t changed, with higher compensation, improved work-life balance, opportunities for career growth and flexible work arrangements all ranking as top priorities, per LinkedIn’s research.
Even with a possible recession on the horizon, Kimbrough expects that Gen Zers and millennials will continue to quit and change jobs at elevated rates in the months ahead.
Those who quit without a new job in hand are likely to find a new role with reduced hours through temporary, gig or part-time work, or decide to start their own business.
Younger generations are the most likely to aspire to be their own boss, with 76% of Gen Z and millennials saying that this is a goal, compared with 63% of those who are Gen X and older, according to a September 2022 Microsoft report, which surveyed 20,000 people in 11 countries.
Despite three whiplash-inducing years of an unpredictable national economy, younger professionals are more confident in their abilities and leaving their current job for a better role compared to the start of 2022, LinkedIn added.
Much of this optimism can be credited to the resilience Gen Zers and millennials have developed to navigate the chaotic conditions they started their careers in, Andrew Seaman, managing editor for jobs and career development at LinkedIn, says, referring to the Covid-19 recession and the Great Recession of 2007, respectively.
“These generations are used to economic turmoil and the roller coaster conditions of the labor market,” he explains. “A lot of younger workers understand that their jobs aren’t secure, and they might have to find a new one tomorrow — that kind of attitude can breed confidence in a person, because they’re prepared for the worst outcome.”