The 'Great Resignation' is far from over, study shows
Workers are quitting in record numbers. But what are they looking for in a workplace?
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The number of Americans who quit their jobs hit a fresh record in March as the "Great Resignation" drags on, and a new study revealing workers' plans for the future shows the trend is likely to continue.
Fidelity Investments' 2022 Career Assessment Study found that more than 6 in 10 (61%) of younger professionals ages 25-35 years old have either undergone a job change in the last two years, or plan to make a move in the next two years. The breakdown shows that 37% of respondents have been in their current jobs for two years or less, and 44% are looking to switch over the next 24 months.
A 'help wanted' sign is displayed in a Manhattan store on May 06, 2022 in New York City. (Photo by Spencer Platt/Getty Images / Getty Images)
"While we know there has been a lot of job movement in the last two years, it was still surprising to see 44% of young professionals are still considering a career move in the next two years," said Kelly Lannan, Fidelity's senior vice president for emerging customers. "Knowing this – that more change is likely imminent – it’s important for young professionals to consider the full package of benefits available to them, and how they should assess their next opportunity."
Lannan added, "We know that younger professionals approach life, work, and money differently than their parents and grandparents did, so it’s crucial now more than ever for employers to understand these two key elements: what motivates this younger workforce and why they may be thinking about a career move."
A new study from Fidelity Investments shows the "Great Resignation" will likely continue. ((AP Photo/Richard Vogel) / AP Newsroom)
Of the younger workers who told Fidelity they plan on leaving their jobs in the near future, 63% said they could be enticed to stay if their current employer either raised their salary or gave them a bonus or a promotion. Thirty-nine percent said they would be more likely to stick with their current position if they were afforded a more flexible work schedule, such as being able to work remotely 100% of the time.
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"Of course, salary and other financial benefits will always be a factor, but flexibility, paid time off, and meaningful work are also becoming table stakes for many," Lannan told FOX Business. "Younger professionals won’t hesitate to make a job switch in favor of seeking these other benefits."
A 'help wanted' sign is displayed in a Manhattan store on May 06, 2022 in New York City. (Photo by Spencer Platt/Getty Images / Getty Images)
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The study respondents told Fidelity that beyond a boost in pay, the most important financial benefits they consider when assessing a job offer from a new employer are medical benefits (54%), retirement savings (49%), and bonuses (34%). The most important non-financial benefits were schedule flexibility or remote work (65%), paid time off (59%), and professional development (28%).
FOX Business' Megan Henney contributed to this report.