Millennials are sheltering in their jobs instead of trying to advance their careers because of the COVID-19 pandemic.
That’s according to new research from professional networking website LinkedIn.
“Even in the face of an improving labour market, Millennials are still overwhelmingly choosing to shelter in their jobs, preferring a steady pay cheque rather than taking any career risk,” LinkedIn’s Australia and New Zealand Managing Director Matt Tindale said.
Some 81 per cent of Millennials say they are staying in their jobs to avoid risk. By contrast, only 50 per cent of Gen Z and 62 per cent of Baby Boomers are sheltering in their current jobs.
Seventy-two per cent of Millennials told LinkedIn’s Workforce Confidence Index survey that one of their top motivators for work was making a steady pay cheque to keep their financial situation stable.
Twenty-nine per cent said they were waiting out the pandemic for a more favourable job market. Nearly one in ten – nine per cent – said they had no time or energy to make a significant change.
Of the generations, Millennials also had the least confidence increasing their income (30 per cent). Nineteen per cent of Gen Z had income concerns, 25 per cent of Baby Boomers, and 26 per cent of Gen X. Millennials were also the most concerned about expenses and debt.
Overall, the Index found that workforce confidence has stagnated at +29 (on a scale of -100 to +100) since the end of 2020. While there are more jobs, financial confidence and career confidence are falling, LinkedIn says.
“Overall workforce confidence remains relatively steady and we are seeing confidence in jobs is rising due to overall positive signs that the Australia labour market is stabilising,” Mr Tindale said.
Financial confidence and career confidence are falling, however.
Confidence is industry-dependent, LinkedIn says.
Confidence in the construction, healthcare and finance industries have surged in 2021, but manufacturing, non-profits, public administration, and media and communications have dropped.