Forget the Great Resignation. Generation Z is driving a “big reshuffle”.
- The big resignation looks more like a “big reshuffle”, thanks to the young workers, the CEO of LinkedIn said.
- Job transitions among Gen Z are up 80% year over year. For millennials, they have increased by 50%.
- Both generations have entered recessions, fueling job jumps. Many are rethinking what they want at work.
The Great Resignation you have heard so much about is truly a “Great Reshuffle”.
That’s according to LinkedIn CEO Ryan Roslansky in a recent interview with TIME. He said his team had tracked the percentage of LinkedIn members (including nearly 800 million) who changed jobs listed in their profiles and found that job transitions increased 54% year over year. ‘other.
Young workers are leading the way.
Gen Z’s job transitions increased by 80% during that time, he said. Millennials are transitioning employment at the second highest rate, up 50%, followed by Gen Xers at 31%. Baby boomers are lagging behind, up just 5%.
Other research confirms the trend that entry-level to mid-level employees who quit seek greener pastures in the form of a new job. At the end of July, a Bankrate survey found that nearly twice as many Gen Z and Millennials as baby boomers expected to look for new jobs in the coming year. In August, a study by Personal Capital and The Harris Poll found that two-thirds of Americans polled wanted to change jobs. This is what the majority of Gen Z (91%) feel, as do more than a quarter of millennials.
The patterns all have meaning. Many baby boomers are retiring, and most Gen Xers are sticking to the status quo, firmly anchored in the commitments that come with mid-life. The younger generations are generally not so attached, which gives them more flexibility to work.
Gen Z and Gen Y want to move on to a better job
Gen Z seniors in their mid-twenties and older millennials in their late thirties were particularly inclined to change jobs, as both cohorts graduated in the wake of different recessions. Millennials have entered the Great Recession-ravaged labor market, which bounced many from job to job. Gen Zers apparently repeated this path when they entered the coronavirus
That’s because recession graduates on average start with “substandard” jobs, Hannes Schwandt, assistant professor at Northwestern University School of Education and Social Policy and Stanford research author, told Insider. This gives these cohorts a greater degree of mobility from employer to employer, he said, helping them move up the ranks to higher quality employment.
Recent college graduates have had the hardest time finding jobs this year, squeezed out of the workforce by younger teens, who are cheaper for employers, and more experienced and experienced workers than them, Luke Pardue , payroll economist and benefits provider Gusto, told Insider in July. There may be some Gen Zers who take on any job until they are able to land something that suits them better.
Meanwhile, older millennials are quitting en masse for a variety of reasons, according to the Harvard Business Review: employers may be less inclined to hire less experienced workers, creating increased demand for these mid-level workers; this cohort may have postponed the job change until some of the dust settled from the economic effects of the pandemic; and the pandemic has caused some to re-evaluate what they want in both work and life.
But the pandemic has caused people of all ages to reconsider what matters most in life, ultimately causing a shift in the workforce.
“You have employees around the world rethinking not just how they work, but why they work and what they want to do most with their careers and with their lives,” said Roslansky. “And while this talent shuffle will most likely play out for another year or two, I think it will eventually subside.”