Policy- Over 90% of Gen Zers and millennials said they're considering leaving their jobs, per a LinkedIn survey.
- The increase reflects young workers' desire for higher pay — but also confidence in the labor market.
Young Americans want higher pay. And if their current jobs can't provide it, expect more of them to explore other options this year.
That's according to a new LinkedIn survey conducted by Censuswide between November and December of over 1,000 US working professionals.
Among the key findings: Ninety percent of Gen Zers and 92% of millennials said they were considering moving on from their jobs in 2024, compared to 83% of Gen Xers and 48% of Boomers. In 2023, only 72% of Gen Zers, 66% of millennials, 55% of Gen Xers, and 30% of Boomers said they were considering a job switch.
Kory Kantenga, senior economist at LinkedIn, told Business Insider that it's not surprising younger generations were more likely to be open to new jobs because workers tend to change roles more often early in their careers. But he said the higher interest in job-switching reflected in the survey was due in part to Americans' growing confidence in the US economy.
"The economic outlook on everything from finances to jobs looks much better than it did six months ago," he said. "Given that the labor market looks better than expected, it makes sense that workers are starting to think more about switching jobs."
Inflation is falling, the number of job openings remains well above pre-pandemic levels, and crucially, Americans are starting to feel better about the economy. The University of Michigan's consumer sentiment index, an oft-cited gauge of economic vibes, rose in January to its highest level since July 2021. Between November and January, the index saw its biggest two-month increase since 1991.
To be sure, the desire to switch jobs reflects that many Americans, in some ways, still aren't happy with their personal economic situations. That said, the rising interest in job-switching — coupled with the spike in consumer sentiment — suggests that confidence in the labor market could be returning.
Young Americans expect to receive raises and promotions this year — and could leave if they don't get them
In 2021, a surge in job openings led Americans to quit — and take new jobs — at record levels, a phenomenon that was dubbed the Great Resignation. When workers quit and filled one job opening, they left new openings in their wake, creating a "virtuous circle for workers," Kantenga said.
But things shifted over the past two years, during which inflation spiked, recession fears abounded, and job openings receded from their record highs. The Great Resignation began giving way to the "Big Stay" as quit rates returned to pre-pandemic levels.
"Last year, we saw a lot of uncertainty around the labor market and the overall economy," Kantenga said. "I imagine that made many take a 'wait and see' approach to thinking about a new job."
But as this uncertainty recedes, many young Americans appear ready to jump back into the job market.
The desire for better pay and work-life balance were the main factors motivating Gen Zers and millennials to switch jobs, according to the survey. While these desires were prevalent among all generations, young Americans had the highest expectations for a pay bump in 2024.
Seventy-four percent of Gen Zers and 70% of millennials said they expected to receive a pay raise over the next six months, compared to 67% of Gen Xers and 66% of Boomers. Sixty-eight percent of Gen Zers and 61% of millennials said they expected to be promoted over the next year, compared to 38% of Gen Xers and 37% of Boomers.
If young workers don't receive the raises or promotions they expect, this could provide them with additional motivation to leave their employers. Job-switching has proven to be the fastest way for many workers to secure the pay bumps they desire.
Despite the signs of growing optimism around the economy, Kantenga said it's unlikely that a repeat of the Great Resignation is on the horizon.
"Going forward, we should expect to see more modest pickups in the labor market as central banks pivot and lower interest rates going into 2025," he said, adding, "Wanting to move jobs is one thing, but landing a job will be more of a challenge this year.
Are you planning to leave your 9-to-5 job to pursue gig work because you think it's the only way you'll increase your pay this year? If so, reach out to this reporter at jzinkula@insider.com.