Gen Z Aren’t the Only Ones Who Don’t Care That Much About Work– How That Affects Everyone’s Overall Paycheck
Gen Z has a reputation for having what you might call a “relaxed” attitude toward work. A Visier survey of 1,000 U.S. employees found that work aspirations ranked fourth in priority for Gen Z respondents. According to separate research from Deloitte, less than half (49%) of Gen Zers say work is central to their identity. Gen Z is hardly alone in feeling this way — plenty of other age groups have similar views, and those views are having an impact on paychecks.
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Much of the current attitude about work originated during the COVID-19 pandemic and subsequent “Great Resignation.” Tens of millions of Americans left the workforce or scaled way back on their hours, contributing to a labor shortage across numerous industries. Others demanded work-from-home arrangements, which created more job openings.
In 2022, more than 50 million workers quit their jobs, according to a recent paper from the U.S. Chamber of Commerce. That followed the 47.8 million who left their jobs in 2021 and 30.5 million workers who quit in the first eight months of 2023.
“Many workers have been transitioning to other jobs in search of an improved work-life balance and flexibility, increased compensation or a strong company culture,” the U.S. Chamber authors wrote.
Gen Zers might not be the only ones who don’t invest as much into work as previous generations, but they have become the face of the movement. According to a blog on The Forage website (written by a Gen Zer), Gen Z “wants to log off when the workday ends, often not a second longer. Our views on work focus on output, not hours, and prioritize work-life balance above almost everything else.”
One result is that employers either don’t have enough people or don’t get enough production from the people they do have. To address the problem, many have hiked pay to find the right kinds of workers.
A report earlier this year from global organizational consulting firm Korn Ferry noted that U.S. wages were up an average of 4.7% over the previous 12 months. But some employees are doing much better than that, seeing their salaries double or bonuses triple after moving into new jobs or getting counteroffers from current employers.
An ongoing shift in the bargaining position of both employers and employees has forced employers to adapt — not just by paying more but also by prioritizing quality of life in job offers, The Wall Street Journal reported.
So far, recent workplace trends and attitudes have favored employees through better wages and benefits. Longer term, however, trends such as remote work could have a negative impact. For example, more U.S. companies might decide to outsource work overseas, leading to layoffs here.
“If you have a person working in finance who’s not coming to the office, why wouldn’t you hire that same person in India or in the Philippines?” Christian Ulbrich, CEO of property developer and manager JLL, told The Wall Street Journal.
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This article originally appeared on GOBankingRates.com: Gen Z Aren’t the Only Ones Who Don’t Care That Much About Work– How That Affects Everyone’s Overall Paycheck
