PROVIDENCE – Younger workers don’t want to stay in one place too long, and it’s not just about money.
Over one-third of workers ages 25 to 35 have changed jobs in the last two years, while another 44% expect to make a career move in the next two years, according to Fidelity Investments Inc.’s 2022 Career Assessment Study.
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“Young professionals are more diverse than previous generations and their approach to life, work and money is unique, especially as they face external events from market volatility to inflation – many for the first time in their adult lives,” Kelly Lannan, senior vice president, Emerging Customers for Fidelity Investments, said in a statement. “It’s therefore no surprise this group looks at the workplace in a new light.”
And how much they get paid isn’t the only motivator behind changing jobs.
Young professionals surveyed for the study were also considering other benefits – both financial and personal – when considering changing jobs. Over half were taking medical benefits into account, closely followed by retirement savings, which was named by 49%. Flexibility in schedule or a remote work option was a job priority for nearly two-thirds, while paid time off was an important consideration for just under 6 in 10 workers surveyed.
College students preparing to enter the workforce are putting quality of life over financial benefits to an even greater degree. Over 6 in 10 students graduating in 2023 or 2024 said work life quality trumped financial benefits when evaluating a job offer, compared with the 48% of already working young professionals who expressed this view.
“The last two years have been a pivotal time for many life decisions and many young working professionals are still assessing their current job – they are prioritizing increased salary, flexibility at work and financial benefits like retirement savings,” Lannan said. “However, current college students are putting a greater emphasis on their quality of work life when they are thinking about their career moves after graduation.”
The study reflects results of an online survey of 1,500 working adults and 204 college students.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
