Millennial job mobility set to decline because of the pandemic

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Job mobility 一 one key to a dynamic labor market 一 may be a casualty of the coronavirus pandemic, according to the Deloitte Global Millennial Survey 2020.

After several years of increases, less than a third of millennials now anticipate changing jobs in the next two years. Young people cited the need for stability as one reason for their desire to stay put. Another may be that the oldest members of this cohort are approaching their 40s, so age could influence their responses.

Deloitte surveyed millennials, born between January 1983 and December 1994, and Generation Zers, born between January 1995 and December 2003.

The share of millennials who said they’re apt to leave in two or fewer years dropped to 31% from 49% last year, while those who anticipate sticking with their current employer for five or more years rose to 35% from 28%. According to the Bureau of Labor Statistics, people born in the early 1980s held an average of 8.2 jobs between ages 18 and 32.

Gen Z results showed half these young people would like to change jobs within two years, down from 61% last year.

When the crisis is over, six in 10 of all respondents said they’d like the option of working remotely rather than moving for a job, although Gen Zers were more interested in relocating. And more than half 一 56% 一 of both groups said if they do have the opportunity to work from home, they’d choose to live outside of major cities, where the cost of living is less.

Bloomberg News