The Great Resignation, the Great Realignment, the Great Reshuffle are all names for the same trend in the workforce. Employees are switching jobs. They know they are in demand and they are demanding a few things, too.
Gen Z is the latest generation to hit the workforce. They graduated into a global pandemic, recession, and shrinking of the job market with record-breaking unemployment. Now that the economy is coming back to life, Gen Z isn’t ready to accept any job and be grateful for the opportunity. They are voicing their needs and moving on if their needs aren’t being met.
They are working on their own terms. They ask for mental health days, set their own hours, and often work less once their tasks for the day have been accomplished. Gen Z is looking for more work-life balance and a less hectic pace than the traditional 8 hour workday.
According to Ryan Roslansky, CEO of LinkedIn, job switches are up 54% year over year among LinkedIn members. This is not just the United States, it’s a global phenomenon and the younger workers are forging the path.
Gen Z has logged the most job transition, followed by Millennials, Gen X, and Boomers. This makes sense when you think about where each generation is in life. Boomers are looking towards retirement, Gen X is in family mode, favoring a secure job and paycheck. The younger workers aren’t tied down yet by commitments, which makes them more flexible in where and how they work. They also have more technical know-how which means they can work remotely and know that finding another job is inevitable.
The Gen Z and Millennials that started their working life in a recession have made more job switches. Because they typically start at lower quality jobs they change employers when a better job is available. That is the way they climb a career ladder that isn’t available to them at their current company.
In response, companies are rethinking their culture and retention strategies in an attempt to stem the tide of employee turnover. According to a report by Lever, 40% of employees plan to stay at their current positions for less than a year, and employees that plan to stay are planning a role change.
While job-hopping may not be an ideal career path, Gen Z may find benefits in starting with lower quality jobs. Moving from one employer to another often results in faster upward movement and larger salary increases than staying in one place. Gen Z will change the way we work by refusing to stay in jobs where they are mistreated or not valued, to the benefit of all the generations.