While many workers report struggling with burn out and return-to-office mandates, a new survey has revealed that a staggering 66% of Americans want to switch jobs right now.
In fact, younger generations are particularly keen to jump ship, according to the study from digital wealth manager, Personal Capital, in partnership with The Harris Poll. More than half of surveyed US employees (57%) say that “now would be a great time to make a career move,” with two-thirds of Millennials agreeing with that statement.
Around 91% of Gen Zers and 78% of Millennials want to switch jobs right now; compared to 47% of Gen Xers and 45% of Boomers. In short, employees have the upper hand over their employers these days and looking for greater flexibility and a better work-life balance. During the last six months, 22% of respondents were approached by someone (whether a recruiter or a former co-worker) with a potential work opportunity; 17% interviewed for a job – including 32% of Gen Zers and 21% of Millennials; 15% asked their network about job opportunities, including 22% of Millennials; and 14% spoke with a recruiter about a potential job opportunity.
SEARCHING FOR GREATER FLEXIBILITY
One of the main drivers for the ‘great resignation’ is due to many workers seeking greater flexibility where they work. According to the report, six out of 10 Americans would be willing to take a pay cut in return for the ability to work remotely without any restrictions. It’s clear there is a strong consensus among workers that “employers are not great at hearing employees’ post-Covid needs and expectations. In fact, 69% of workers expressed that sentiment; including 75% of Millennials. Moreover, there is a widespread agreement that “working from home helps to ease the burnout worsened by the pandemic” for 64%.
Around 63% of staff, especially Gen Zers (85%) and Millennials (74%), would even agree to a trade-off to work from home whenever they want. Interestingly, three in 10 Americans would be willing to work more hours per week if they could work from home whenever they wanted.
As companies decide on permanent work requirements post pandemic, many are boldly embracing ‘virtual-first’ business models. Personal Capital also joins the growing list of firms who made the decision to make remote work the primary experience for all of its employees. “While we watched Wall Street return to their offices this past month, we know virtual workplaces are here to stay. Personal Capital internally announced we will not return to our office,” stated Jay Shah, President of Personal Capital. “We are listening to our employees, who want more balance and flexibility. Our growth since March of 2020 proves our digital-first hybrid model was built for virtual delivery. We want everyone, both clients and employees, to know we are listening and responding to your wants and needs.”
MOTIVATED BY BETTER WORK-LIFE BALANCE
The pandemic has forced many workers to re-evaluate their lives and priorities, so it comes as no surprise that more than half of US staff say that work isn’t as important to them as it was before the pandemic, particularly for Gen Zers (60%) and Millennials (57%).
With work-life balance being top of mind, three-quarters of staff would prefer a four-day work week (with the same hours) rather than a traditional five-day week. While 70% of Americans say they “don’t have the luxury of ‘YOLO quitting’ their job – a term used to refer to burnt out workers who are flush with savings; 55% know someone who actually did; especially Millennials. In fact, 65% of workers know of someone who “YOLO quit” their job.
Around half of those who are deciding to quit, report that they need “at least $50,000 in their bank account” for a comfortable life style. So it’s no surprise that Americans workers are rather hesitant about making rash decisions when it comes to quitting their job, as 59% could only live comfortably without a regular pay cheque for just three months or less.
MORE KEY FINDINGS
Additional survey findings reveal that:
- Workers in the Midwestern United States are more likely to say they are currently working from an office (57%); compared to those in the West (36%), Northeast (38%) and South (42%).
- Approximately 62% Americans would take a pay cut to work from home as much as they wanted; especially parents (72%), Hispanic Americans (76%) and Black Americans (75%).
- Men are more likely than women to say they would take a pay cut to be able to work from home whenever they wanted; (68% men compared to 55% women).
- Government or non-profit employees are the least interested in switching jobs out of all industries, with only 46% interested in finding a new opportunity, compared to 66% (industry-wide).
Another recent survey has shown that today’s Millennials are prepared to quit their jobs if employers fail to provide equity, transparency, flexibility and purpose. Click here to read more.
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