Half of employees want to find a new job next year

Nearly half of all employees in the United States plan to find a new job in the next twelve months; among Generation Z, this figure rises to two-thirds.

A new report from Bank interest says 48% of workers plan to start looking for a job soon if they haven't already, down from 56% in March 2023.

According to Bankrate, Generation Z is significantly more likely to be looking for a new job (64%). (RATE)while only 25% of baby boomers surveyed will look for new opportunities.

Mark Hamrick, senior economic advisor for Bankrate (RATE)told Quartz that the survey results are “consistent with what we would consider a normalization of the labor market.”

Hamrick says it's telling that at a time when inflation remains high, half of workers are considering looking for a new job. He believes “at least some of this is economically motivated” as workers seek better-paying and higher-quality jobs.

Bankrate found that only 22% of all workers were willing to relocate for a job, while 39% of Generation Z said they would consider moving. Baby boomers are also the age group least likely to say they would relocate for a new job, at just 6%.

“This is an American story, or to some extent even a global story, where there is this mobility and some people are willing to move, presumably to improve their lives and get better compensation.”

Bankrate also found that 29% of workers are interested in starting their own business, including 41% of Generation Z, 34% of Millennials and 23% of Generation X workers.

“If there's one sign of potential in the U.S. economy, it's startups,” Hamrick said. “That's promising, and I'm glad that younger generations — and even 12% of baby boomers — are thinking about it.”