A recent report released by LinkedIn has found that an overwhelming majority of workers – 61% to be exact – are considering changing jobs in 2023. This statistic is indicative of the desire workers have to find jobs that align with their values, offer flexible schedules, and opportunities for career advancement. One of the most notable findings is that younger generations, namely Gen Z and Millennials, are leading the charge when it comes to wanting a change in career.
Younger Workers Leading the Charge
The LinkedIn report revealed that 72% of Gen Z and 66% of millennial workers are looking for a career change. This finding highlights a generational shift in what employees are looking for in their jobs. According to Karin Kimbrough, chief economist at LinkedIn, younger workers are still in an experimental phase and trying to figure out what they want out of a job. Kimbrough argues that this younger generation is more passionate about finding work that aligns with their personal values, making it more likely for them to consider changing jobs to achieve their career objectives.
Challenges of Managing Gen Z
While Gen Z and millennials are leading the way when it comes to career change, the report also highlighted some challenges when working with this generation. 74% of managers and business leaders reported finding Gen Z workers more difficult to work with than other generations. This is due in part to the unique characteristics of Gen Z, such as their increased desire for transparency, authenticity, and focus on social and environmental impact.
Effects of Money-Related Stress
Younger workers are also dealing with the effects of money-related stress. The LinkedIn report found that 66% of Gen Z workers and 50% of Millennials experience physical and mental health issues due to financial stress. This finding underscores the need for companies to provide financial wellness programs and resources to their employees. Fostering a healthy work environment that recognizes the importance of employees’ overall well-being is essential for retaining talent in the long term.
Passion for meaningful work
One of the most striking takeaways from the LinkedIn report is the passion that younger workers have for finding work that is meaningful to them. Kimbrough explains that younger generations currently have a unique mindset where they are looking for work that aligns with their values, passions, and purpose in life. This perspective is very different from previous generations, for whom work was often viewed as a means to an end or simply a paycheck.
Career prospects
Despite the challenges faced by younger generations, almost all professionals (95 percent) expressed confidence in their career prospects for 2023. However, the report did find that almost half of respondents have fears of layoffs. This apprehension is particularly prevalent among younger generations who are more likely to experience money-related stress and physical and mental health issues as a result.
Attracting and retaining younger workers
To attract and retain younger workers, companies need to take a more holistic approach to employee engagement. Offering benefits such as work-life balance, flexible schedules, and opportunities for career advancement can help companies create a more engaged and loyal workforce. Kimbrough explains that younger workers are looking for jobs that provide opportunities to make a difference and have a meaningful impact. As such, companies that prioritize social and environmental responsibility within their core values and company culture are more likely to attract top talent.
The LinkedIn report highlights the shifting priorities of younger generations in the workplace. With job-hopping becoming a more common career strategy, companies need to prioritize employee engagement if they want to retain top talent. Providing meaningful work that aligns with employee values, financial wellness resources, and a focus on overall well-being are all critical aspects of creating a fulfilling work environment. The challenge for companies will be to create a culture that promotes these values while balancing business objectives and financial goals.