In the midst of The Great Resignation, Gen Z is the generation that is making a point about job satisfaction the most, a new survey suggests. A full 65% of those polled from Gen Z plan to quit their jobs this year — a figure well above the 40% of all employees polled, per a new report.
The Lever “2022 Great Resignation: The State of Internal Mobility and Employee Retention Report” notes that the biggest motivator for employees planning to stay in their position is salary and/or potential bonuses (46% of respondents said as much). This top-rated motivator was followed by attractive levels of paid time off and flexibility (21%) and internal mobility (13%).
Another key finding is that members of Gen Z are more than twice as likely to leave their current job in the next month (13%) as compared to millennials (5%), Gen X (3%) or baby boomers (6%).
Members of Gen Z and millennials are also more likely than other generations to ask for role changes (36% and 43%, respectively) according to the report.
Industry Experts Say Job Market Posing New Demands
Tony Miller, CEO of BMCS Sumcoin Index Fund, told GOBankingRates that this pattern of Generation Z opting out of overly-structured environments stems from the need to be innovative.
“Structured and stationary jobs don’t offer the fluidity that this cohort craves — and we’ve seen first-hand a copious amount of movement, even from previous generations, when it comes to stale environments,” Miller said. “There is a growing interest in mastering skills but no longer being limited to one field or industry. Job satisfaction increases when employees are not stuck to the bounds and limitations of ‘job role qualifications’ and instead can optimize critical skills needed for roles outside of their primary, on the spot.”
In addition, the report finds that while there are many similarities among all respondents’ desire for internal mobility — including better compensation, more flexible work, and upskilling opportunities — there is one notable difference in Gen Z’s shifting priorities when it comes to exploring new roles: a sense of purpose.
The report says that from a recruitment and retention perspective, for Gen Z, highlighting a sense of purpose in the role is critical. Indeed, 42% of Gen Z respondents would rather be at a company that gives them a sense of purpose than one that pays more, while a majority of millennials and Gen Xers polled would rather work for a company that pays more, at 49% and 56% of respondents, respectively. It should be noted that some respondents elected not to answer this question (in terms of establishing the more popular sentiment).
Gen Z Workers Have Novel Outlook on Employment
Jeanniey Walden, CMO of DailyPay, told GOBankingRates that Gen Z workers are looking for opportunities to build careers. Many Gen Zers graduated during the pandemic and found themselves flooded with high-paying hourly jobs but not many entry-level career opportunities, she pointed out.
“Unwilling to compromise, they chose gig work to tide them over until they could find a full time role. This makes them prime candidates for The Great Resignation. Companies who appreciate that and offer generational opportunities will find themselves lucky to attract this new generation of talent,” Walden said.
She added that to win the Gen Z talent war, employers must offer a clear growth path, competitive compensation, comprehensive benefits packages and more.
“To win talent, employers must think beyond the traditional package and offer creative benefits like tuition reimbursement, free lunch, flexible working hours, hybrid work environments, on-demand pay, etc. Even adding one or two of these benefits can significantly increase Gen Z employee retention and happiness,” Walden said.
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