According to a recent LinkedIn survey by Censuswide of over 1,000 US working professionals conducted between November and December, it was found that more young Americans are considering switching jobs in 2024 compared to previous years. Specifically, 90% of Gen Xers and 92% of millennials expressed this sentiment, while only 83% of Gen Xers and 48% of Boomers reported similar intentions. One of the key reasons behind this trend is the growing confidence in the US economy, reflecting factors such as falling inflation, high job openings, and improved consumer sentiment.
The findings also highlight young Americans' expectations for pay raises and promotions in the coming year. It was revealed that the desire for better pay and work-life balance are the main motivating factors for Gen Zers and millennials to consider job switches. Additionally, 74% of Gen Zers and 70% of millennials anticipate receiving a pay raise, while 68% of Gen Zers and 61% of millennials expect promotions. Should these expectations not be met, it is likely to further increase the motivation for young professionals to seek alternative employment opportunities.
While there is optimism about the economy, it is unlikely that there will be a repeat of the high job turnover experienced during the "Great Resignation" of 2021. This may be influenced by factors such as anticipated lower interest rates and the potential challenges in finding new employment opportunities.