Randstad’s latest Workmonitor – one of the longest-running and largest studies of its kind, surveying 35,000 workers across 34 markets – has found that Gen Z and millennials are driving a revolution in the employee-employer dynamic, intensifying the pressure on employers amid talent scarcity.
The survey reveals that the Great Resignation shows no signs of slowing, as 70 per cent of all workers are open to new job opportunities and nearly a third of the young people surveyed (32 per cent of Gen Z and 28 per cent of millenials) are actively seeking a new role. While workers don’t lack loyalty, with a majority (60 per cent) saying they feel committed to their employer, nearly half (49 per cent) feel that if they were to lose their job, they’d be able to find a new one quickly, showing their confidence and comfort in the current job market.
Gen Z and millenials in particular are ready to prioritise their overall happiness above their career, as nearly two in four (40 per cent and 38 per cent respectively) say they’d rather be unemployed than unhappy in a job, compared to only a quarter (25 per cent) of Baby Boomers. Over half (56 per cent of Gen Z, 55 per cent of millenials, 50 per cent of 35-44 year-olds) said they’d quit a job if it prevented them from enjoying their life, while two in five (41 per cent Gen Z and 40 per cent of millenials) say they have previously quit a job because it didn’t fit with their personal life – ahead of more conservative, older generations (36 per cent of 35-44-year-olds, 30 per cent of 45-54-year-olds and 25 per cent of 55-67-year-olds).
Amid growing expectations, employers are struggling to fulfill talent demands. Despite 83 per cent of employees saying flexible hours are important to them and 71 per cent saying the same for flexible locations, half of global workers (53 per cent) feel they don’t have any flexibility in terms of where they work and two in five (40 per cent) can’t control their working hours.
What’s more, in the last 12 months:
· Only a third (36 per cent) of global workers have received an increase in remuneration package
· Only a quarter (22 per cent) of people have received increased benefits (annual leave allocation, healthcare, pension etc.)
· Only a fifth (19 per cent) have received increased support for families and dependents (childcare support, parental leave, carers’ leave)
· Only a quarter (25 per cent) have received increased training or development opportunities
Sander van ‘t Noordende, global CEO of Randstad, commented: “Our findings should serve as a wake-up call for employers. There’s a clear power shift under way, as people rethink priorities, choosing to put their personal fulfillment first and not being afraid to call it quits if a job no longer suits their needs. Amid talent shortages, businesses need to rethink their approach to attracting and retaining staff, or face serious competition.”
“Young people want to bring their whole selves to work, which is reflected in their determination not to compromise their personal values when choosing an employer,” Van ’t Noordende added. “Our research points to an increasing expectation from businesses to take a stand on social and environmental issues, which is unsurprising given the rise in employee activism many business leaders have experienced. Companies that fail to do so face an increasingly uphill battle when it comes to hiring and keeping talent.”
