November 2, 2023
While 73 percent of people from ‘Gen Z’ are willing to take a pay cut to pursue more fulfilling opportunities, two thirds of them plan to quit their current job by 2025, according to a new poll. Perceptions on careers and how often employees need to reskill and alter their career route has evolved significantly for the newest generation of workers, reveals the national survey of 2,000 working adults by Resource Solutions. The results suggest Gen Zs expect to change industries at least three times throughout their working life – once more than any other generation before them.
When considering a career change, three in four (73 percent) Gen Zs stated they were willing to take a big pay cut or step down in order to pursue a more fulfilling career path. While the majority of Gen Zs appear to prioritise job fulfilment over ‘climbing the career ladder’, one in four (24 percent) of Gen X and one in three (36 percent) of Baby Boomers are unwilling to jeopardize their progression in search of better job satisfaction.
Two thirds (64 percent) of Gen Z plan to leave their current employer within the next two years. Meanwhile, nearly half of Millennials (48 percent) and Boomers (46 percent) plan to stay at their company for five years or longer, making them a harder demographic to poach, but more likely to be long-term, loyal employees once onboarded. Gen X employees demonstrate the greatest employer loyalty, with almost two thirds (64 percent) saying they hope to stay with their employer for more than five years.
According to the survey, the general consensus is that employees should remain in a role for an average of two years and nine months before considering a job change. However, as this figure diminishes significantly for younger generations down to two years, Resource Solutions is urging employers to adapt their talent attraction and retention strategies in-line with Gen Z’s career ambitions.