Explore how Millennials and Gen Z vary in career choices, as a survey unveils key job market trends
As we venture into 2024, the job market landscape presents a distinctive divergence in career movement intentions, particularly among Millennials and Gen Z.
A study by Robert Half reveals intriguing trends: while 42 percent of professionals are eyeing new job prospects in the first half of the year, Millennials exhibit a lesser propensity for career shifts compared to their Gen Z counterparts.
This year's job market is driven by diverse motivators, with professionals prioritizing higher salaries, more advancement opportunities, better benefits, and enhanced flexibility.
However, Millennials, comprising 57 percent of the workforce, are more inclined to stay put, a contrast to the 67 percent of Gen Z professionals actively seeking new opportunities.
Koula Vasilopoulos, senior district president at Robert Half Canada, offers an insight: “That generation tends to be in the age bracket where they may have younger families. And over the last 12 months, things have likely gotten a little bit more comfortable and stable as it relates to the flexibility they have with their current organization.”
The field of Human Resources emerges as a hotspot for potential job switches, with a staggering 72 percent of HR professionals considering a move. “The scope of the role has broadened so much, and it’s really been almost redefined in organizations,” explains Vasilopoulos, indicating the dynamic evolution of HR roles in recent years.
When dissecting the reasons behind the pursuit of new roles, 47 percent of workers are motivated by the lure of a higher salary. Simultaneously, 31 percent seek more advancement opportunities and better benefits, with an equal percentage desiring jobs offering more flexibility.
Vasilopoulos reflects on this trend saying, “Inflation and the cost of living is really top of many people’s minds, so it’s not a surprise that salary is the largest motivating factor.”
The reasons for employees choosing to remain with their current employers are equally significant. Flexibility, a pivotal factor, is cited by 38 percent of employees as a key reason for their retention, while 36 percent feel fulfilled in their roles, and 30 percent feel well compensated.
The complexity of the job market is further underscored by Vasilopoulos, who notes, “Flexibility comes up as a reason to stay and a reason to leave.”
This year's job market, according to Robert Half's research, still sees a high demand for skilled workers, with 54 percent of hiring managers actively seeking new talent.
“I think it’s important that employers are really aware of the fact that talent is still scarce in many industries,” Vasilopoulos advises, highlighting the ongoing challenge in talent acquisition.
