A new study has revealed that 78 per cent of workers aged under 25 have considered moving jobs in the past six months due to factors including the COVID-19 pandemic, Great Resignation, and ample opportunities due to low unemployment.
The findings come from Perkbox’s latest survey of over 1000 Gen Z employees (born between 1997 and 2012) conducted by data research firm Censuswide.
The survey noted that 43 per cent of those cited a higher salary as the primary motivator for moving jobs. Greater career development, a company more supportive of young people, and better benefits were also popular reasons for moving.
Those working in the Retail, Catering and Leisure sectors were the least satisfied with their role, as 27 per cent saying they were not happy with their job, with mental and financial identified major pain points (cited 20 per cent and 28 per cent respectively). Gen Z employees, in general, want their employers to do more for mental (77 per cent) and financial (66 per cent) well-being.
“This study should serve as a wake-up call to employers about Gen Z in the workforce. They are highly motivated, hard-working employees. But if they don’t feel properly supported, they won’t warn you, they will just look to leave.” Ross McDonald, Country Manager, Perkbox Australia said.
“This is a generation of workers that will reward proactive employers. If you go above and beyond for them, they in turn will go above and beyond for you.”
The report also noted that flexibility was most valued by Gen Z, with 37 per cent saying that they would move to a lower-paid position to retain work-life balance. In addition, 88 per cent said that it was important that benefits were tailored to them as an individual. However, 28 per cent said that everyone in their current workplace receives the same benefits, while 26 per cent don’t even receive any benefits.
“This underscores the importance of employers talking to their team and actually figuring out what motivates each individual. Some employees may want more leave, others may be interested in insurance benefits instead. A one-size-fits-all approach won’t cut it, especially with the younger workers. Choice and personalisation is a common aspect of their daily lives, so it makes sense for them to want this reflected in their benefits package.” McDonald said.
Gautam Sahgal, CEO of Perkbox, added, “This is the first generation to enter a world of work that is increasingly borderless – with colleagues working remotely in locations around the globe. As such, HR leaders must ensure their business creates a strong sense of company culture and unity for its people, wherever they may be, so that everyone has the opportunity to build the relationships that are integral to productivity and company morale.
Sahgal added, “The good news for companies is that Gen Z has already been clear in what it is looking for – whether that’s greater wellbeing support, a greater variety of tailored benefits or more opportunities to connect with colleagues. It is now up to business leaders to ensure this is reflected in rewards, benefits and recognition offerings if they’re to attract and retain the best and brightest of Gen Z talent.”