Nearly 4.2 million people voluntarily left their jobs in November, marking the 18th consecutive month of record quits in the United States – and according to new research, even more Americans plan to change jobs soon, young people employees leading the wave.
More than half of American workers – 61% – plan to leave their jobs in 2023, according to a new report from LinkedIn, noting that a higher percentage of Generation Z (defined by LinkedIn as 18 to 25 years old) and Millennials (26 to 41) workers plan to quit more than any other generation.
In December, LinkedIn and CensusWide surveyed more than 2,000 American workers about their career plans for the new year. Of these respondents, 72% of Gen Zers and 66% of Millennials said they were considering a career change in the next 12 months, compared to just 55% of Gen Xers (ages 42-57 years) and 30% of baby boomers (aged 58). -76).
Recession fears won’t stop younger generations of the workforce from changing jobs
Millennials have a long-standing reputation for job-hopping, though previous research has pointed out that their seniority is no shorter than that of Gen X workers.
Nonetheless, job-hopping is a practice that has become increasingly popular over the past two years due to a still tight job market. This has resulted in many opportunities for workers, who can double or even triple their salary by changing jobs.
As for Gen Zers, many of whom began their careers in fractured hybrid or remote work environments during the height of the pandemic, “they are in an experimental phase where they are still figuring out what they want from a job,” Karin Kimbrough, chief economist at LinkedIn, told CNBC Make It.
“But they’re more passionate about finding a job that matches their personal values, and they’re confident that changing jobs will help them get there,” adds Kimbrough.
There’s little to distinguish this latest frenzy of early abandonment from the earlier exoduses that defined the Great Resignation — at least so far.
The top reasons Gen Z and Millennials consider changing jobs haven’t changed, with higher pay, better work-life balance, career development opportunities and working arrangements flexible, all ranked among the top priorities, according to LinkedIn research.
Even with a possible recession on the horizon, Kimbrough expects Gen Z and millennials to continue quitting and changing jobs at high rates in the months ahead.
Gen Z and Gen Y want to work on their own terms
While it’s still too early to tell what kind of impact another wave of quits among the younger generations of the workforce would have on the job market, other recent research can give us a confident forecast. .
Some industries are at risk of losing younger employees faster than others: Gen Zers and millennials are “especially keen” to leave certain public-facing industries, including healthcare, retail and education , according to the Deloitte Global 2022 Gen Z and millennials survey, which was released in May 2022 and surveyed more than 14,000 Gen Zers in addition to more than 7,400 millennials from 46 countries.
Those who quit without a new job in hand will likely find a new position with reduced hours through temporary, on-demand or part-time work, or decide to start their own business.
Younger generations are most likely to aspire to be their own boss, with 76% of Gen Z and Millennials saying this is a goal, compared to 63% of those who are gen X and more, according to a Microsoft report from September 2022, which surveyed 20,000 people in 11 countries.
Despite three straight years of an unpredictable economy, young professionals are more confident in their abilities and are leaving their current jobs for a better role compared to early 2022, LinkedIn added.
Much of this optimism can be attributed to the resilience Gen Z and Millennials have developed to navigate the chaotic conditions in which they began their careers, says Andrew Seaman, jobs and development editor at career at LinkedIn, referring to the Covid-19 recession and the Great Recession of 2007, respectively.
“These generations are used to economic turbulence and roller coaster labor market conditions,” he explains. “A lot of young workers understand that their job is not secure and that they may have to find a new one tomorrow. This kind of attitude can engender confidence in a person, because they are prepared for the worst.”
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