The number of Americans quitting their jobs hit a new high in March as the ‘Great Quit’ drags on, and a new study revealing workers’ plans for the future shows the trend is set to continue.
Fidelity Investments’ 2022 Career Assessment Study found that more than 6 in 10 (61%) of young professionals between the ages of 25 and 35 have either changed jobs in the past two years or plan to change position over the next two years. . The breakdown shows that 37% of respondents have been in their current job for two years or less, and 44% plan to change roles in the next 24 months.
“While we know there has been a lot of job movement over the past two years, it was still surprising to see that 44% of young professionals are still considering a career change in the next two years,” said Kelly Lannan, senior vice president of Fidelity. for emerging customers. “Knowing this – that more changes are likely to be imminent – it’s important for young professionals to think about all of the benefits available to them and how they should assess their next opportunity.”
HARVARD ECONOMIST ON APRIL JOBS REPORT: WAGES NOT KEEPING WITH ‘CONCERNED’ AND ‘PROBLEMATIC’ INFLATION
Lannan added, “We know that young professionals approach life, work and money differently than their parents and grandparents, so it’s more crucial than ever for employers to understand these two key elements: what drives this younger workforce and why they may be thinking about changing careers.”
Of young workers who told Fidelity they plan to leave their jobs in the near future, 63% said they might be incentivized to stay if their current employer raises their salary or gives them a bonus or promotion. Thirty-nine percent said they would be more likely to stay in their current job if they had a more flexible work schedule, such as the ability to work remotely 100% of the time.
APRIL JOBS REPORT: WHICH SECTORS HAVE SEEN THE BIGGEST PAYROLL GAINS IN THE LAST MONTH?
“Of course, salary and other financial benefits will always be a factor, but flexibility, paid time off and meaningful work are also becoming table issues for many,” Lannan told FOX Business. “Young professionals won’t hesitate to change jobs to seek those other benefits.”
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
Respondents to the study told Fidelity that beyond a pay rise, the most important financial benefits they consider when evaluating a job offer from a new employer are medical benefits (54%), retirement savings (49%) and bonuses (34%). The most important non-financial benefits were flexible hours or working remotely (65%), paid time off (59%) and professional development (28%).
Megan Henney of FOX Business contributed to this report.