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74% of younger people want to switch jobs to build skills

A new study by Amazon has found that nearly three-quarters of Millennial and Gen Z employees are anticipating quitting their current job in order to build their individual skills elsewhere.

Frustrated with your workplace? Wishing you could develop new skills to help in your career?

Turns out you’re not alone. A new study released by Amazon has found that 74% of Millennial and Gen Z employees are ‘likely to quit within the next year’ due to a lack of skill development opportunities.

In addition, 78% fear they lack skills to advance their career. 71% are concerned they lack the education to advance their career, while 58% are worried their skills are already outdated. 70% also feel unprepared for the future of work.

Where does this leave people moving into next year? According to those surveyed, 89% feel extremely to somewhat motivated to improve their skills, with 76% of those attributing their newfound drive to the pandemic. Skill development is a top priority for 83% of workers – nearly 90% have already begun to invest in new skills to use at work.

This incentive to improve individual knowledge could potentially cause a bigger shift in employment. According to the study, two thirds of employees are ‘extremely or somewhat’ likely to leave within the next year. A lack of growth opportunities is the primary cause.

Numbers jump up further when looking at Gen Z and Millennials specifically. If you’ve followed employer stats at all over the past few years, all this news shouldn’t come as a huge surprise.

Young people are particularly eager to dive into freelance work, set up their own businesses, or stretch their skills across multiple fields and brands. The idea of remaining loyal to one corporate firm for decades at a time is firmly a remnant of the past.

While money isn’t the only incentive for trying to expand one’s skill set, it is certainly a huge factor. Cost of living is rising exponentially, currency values are dropping, and salaries aren’t keeping up. Having more financial agency and relying less on the will of companies is an attractive model for younger people who’ve largely grown up in economic uncertainty.

47% said they were also spurred by positively impacting working conditions and careers of the next generation. 48% said they wanted to find a better work-life balance, and 41% mentioned that purpose is important.

What might this mean for employers? If you’re looking to retain your workers, it might be a good idea to invest in different skill workshops and education plans if you aren’t already. Giving employees a feeling of personal progress is vital in a demanding and everchanging job market.

Power to the skilled labour force, people!