While 73% of Gen Zs are willing to take a pay cut to pursue more fulfilling opportunities, two thirds of Gen Zs plan to quit their current job by 2025.
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 a national survey of 2,000 working adults by Resource Solutions, a provider of workforce and advisory solutions. The results show 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%) 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%) of Gen X and one in three (36%) of Baby Boomers are unwilling to jeopardize their progression in search of better job satisfaction.
Two thirds (64%) of Gen Z plan to leave their current employer within the next two years. Meanwhile, nearly half of Millennials (48%) and Boomers (46%) 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%) 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.
Kristen Buckheit, Managing Director EMEA at Resource Solutions, said: “What a career meant 10, 20 or 30 years ago is no longer what it means to young professionals today. Our data indicates an awareness from young professionals that more career changes may be necessary throughout their working life, which could be down to a myriad of elements impacting this generation: people are retiring later in life, the accelerated pace of technological advances – notably with AI – may render certain roles obsolete, and as the first to grow up with the internet, their acute awareness of how the world is changing is bound to impact how they feel about their future or purpose.
“To attract and retain a generation hungry for fulfilling careers, employers should take extra care in ensuring the roles they provide are challenging, offer a sense of purpose and best utilise the individual’s skillsets. Beyond the onboarding process, it is critical that companies invest time in professional development and training to ensure employees remain engaged in their roles and excited about the industry they’re working in. It’s also worth looking for opportunities for employees to contribute more broadly to the company’s value-led initiatives.”