Wages come second: millennials and millennials quit because of it

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Millennials (1983-1994) and Generation Z (1995-2004) have slightly different needs than previous generations – especially in the labor market. A new study by Deloitte has examined what drives the younger generation now and why they quit their jobs without giving it much thought. According to the study, almost half of millennials and one-fifth of millennials plan to quit their job within the next two years.

Millennials and Gen Z agree that the most common reason for quitting is not money. You want to do meaningful work. If not, don’t be afraid to change jobs.

However, the second most common reason for dismissal is too low pay. After that, there are minor differences between the two generations. They both quit their jobs when they feel exhausted or when it hurts their work spirit. However, while Millennials value work-life balance more, Generation Z seeks career opportunities.

As for the most common concerns of Gen Z and millennials, only 16 and 14 percent, respectively, fear unemployment.

Much more important: climate change and environmental protection. This is the biggest concern for a quarter of Gen Z. In contrast, nearly one-third of millennials worry about living expenses such as rent and utility bills. Generation Z is also more concerned with mental health and sexual harassment than with unemployment.

Unemployment in Switzerland has been low for a long time and has never risen above 4 percent since 2010. The rate is particularly low right now, at 1.9 percent. The younger generations don’t even know what it means when employees have to compete for a few vacancies. On the contrary: employees are in demand due to the lack of skilled workers and therefore can make demands.

As a result, Millennials and Gen Z are less likely to identify with their work in Switzerland compared to the rest of Europe. Only a quarter of millennials and a third of millennials see their job as an identity. Finding friends and family is much more important to understanding identity.

To reduce the skilled worker shortage, employers will need to rethink. According to the research, this requires organizational and cultural adjustments. An example: If respondents were suddenly forced to work full time, 40 percent would quit. You need flexibility to keep young people in the company. The balance between home office and office is particularly important. While many would like to work in hybrids, one in five feel left out if they have too many home offices. So precision is required here.

Deloitte interviewed 1,000 Millennials and 700 Generation Z representatives across Switzerland for the survey in early March.

Source :Blick