The Great Reshuffle: How Young Employees' Values and Expectations are Changing Western Labour Markets in a Post-pandemic World
As soon as the first pandemic lockdowns began to be lifted and people started to feel that a sense of ‘normality’ was returning to their lives, a significant number of individuals decided to leave their jobs. This phenomenon, which particularly affects the job markets in the United States and Europe, is still ongoing. It is the result of a shifting of priorities in people's lives, triggered by the COVID-19 pandemic.
With lockdowns, health concerns, and remote working becoming prevalent, people began to recognise the importance of having more free time and flexibility in their lives. This shift in perspective led to a desire for increased quality time spent with families, as well as the opportunity to pursue personal interests and cultivate healthy habits outside of work. Moreover, people realised that they could work from anywhere, which opens up many possibilities such as being able to manage more tasks at home or working from another region or country. For certain individuals, having the opportunity to work in their preferred region or country carries the advantage of living closer to their family and loved ones. Moreover, the flexibility of working from home enables them to effectively meet their needs and those of their family members. Consequently, individuals are now less inclined to prioritise work and are instead seeking a better balance between work and personal well-being.
This shifting in priorities has resulted in a significant number of individuals leaving their jobs, which has led to the term the ‘Great Resignation’ being coined to initially describe this phenomenon. Most individuals, however, are resigning from their jobs in pursuit of better opportunities that offer greater flexibility, enhanced benefits, and increased attention to employee well-being. Consequently, this phenomenon extends beyond mere resignations and represents a broader reorganisation of individuals and opportunities within the job market. This is why the evolved and current term used to describe this phenomenon is the ‘Great Reshuffle’.
One important aspect of this phenomenon is that a significant proportion of the employees who are resigning are young individuals who belong to the millennial and Generation Z cohorts. It can be observed that they are the primary drivers actively seeking job opportunities that align with their values and priorities.
Changes in What Employees Look for in a Job Opportunity
This transformation is undeniably reshaping the job market and job demands are evolving at a rapid pace.
Gaining an understanding of how this demand is changing will enable us to comprehend the evolution of the market itself, along with the emerging needs and values that the younger generation of workers seeks when pursuing job opportunities. The pandemic has heightened people's awareness of their desires and values, resulting in an increasing emphasis on the following characteristics in job searches:
remote working;
hybrid working;
flexibility;
professional and personal growth;
positive work environment;
rewarding management;
work-life balance.
It is worth noting that the needs that arose during the lockdown period are not the sole drivers of the ‘Great Reshuffle’ for young people. The younger generations are particularly attuned to the ongoing crisis in Western countries, ranging from financial challenges to environmental concerns, and are increasingly showing interest in other significant job aspects such as:
company values: young people are more willing to work for companies or entities whose values align with their own beliefs;
environmental impact: young people care about the sustainability of the work and the company;
open-minded environment: young people want to work in environments where they can be themselves, express their opinion and be appreciated.
The exploration of these new job aspects by employees represents a significant change in job demands. Prior to the COVID-19 pandemic, people were mainly concerned about economic stability, which was regarded as one of the most crucial aspects of a job.
How is the Work Market Evolving?
As the demand transforms, the entire job market in the Western world is also experiencing significant evolution.
The substantial number of employees leaving their positions in pursuit of improved opportunities has forced companies to enhance their appeal to employees’ needs. This shift in dynamics has brought about a notable power shift. Whereas employers previously held the upper hand, providing economic stability to employees in exchange for demands, nowadays employees possess greater empowerment to seek work conditions that meet their preferences. Otherwise, they can use their skills and knowledge to find other job opportunities.
This power shift has also brought about another significant market change: the increased prevalence of remote work in job offerings. With employees having more leverage during negotiations and remote work being a crucial aspect for many, we have witnessed a substantial surge in the number of remote job opportunities on platforms such as LinkedIn. The current abundance of remote work options available on job platforms is unprecedented, marking a stark contrast to the situation before the COVID-19 pandemic.
Moreover, the rise in remote job opportunities has facilitated a resurgence in the hiring of female employees. Remote work has provided more individuals, including those who could not leave home due to caring responsibilities, with the opportunity to seek and secure employment. Furthermore, the ‘Great Reshuffle’ has also expedited the transition of individuals into new roles, as companies are also striving to retain their employees by offering career development options and promotions.
Additionally, the strong desire for improved working conditions and engaging job activities has led to a surge in entrepreneurship and the creator economy.
The picture painted by the transformed job market post-COVID-19 reveals a paradigm shift in several key aspects. From a rebalancing of power dynamics between employers and job seekers to increased women's involvement, remote work adoption, accessible new roles, and the flourishing entrepreneurship and creator economy, the job market has evolved significantly. As we navigate the post-pandemic era, it is essential to embrace these changes and leverage the newfound opportunities they present.
Conclusions
In conclusion, employers must embrace and adapt to the transformed landscape of Western job markets. This adaptation is vital not only for retaining and attracting experienced employees but also for effectively engaging the emerging generations of workers who embody the future workforce. The urgency for employers to promptly and effectively respond to these evolving dynamics cannot be overstated. By doing so, they can position themselves for success in this new reality and ensure a thriving and resilient workforce for years to come.
Article written by Sofia Mortati, Junior Project Officer at ANCI Toscana, The Association of Municipalities of the Tuscany Region.
References:
https://business.linkedin.com/sales-solutions/resources/great-reshuffle
https://www.linkedin.com/pulse/great-reshuffle-2022-top-trends-watch-karin-kimbrough
https://epale.ec.europa.eu/en/blog/great-resignation-really
https://www.europeanbusinessreview.eu/page.asp?pid=5819
https://lepaya.com/en/the-great-resignation-europe-2023/
https://www.weforum.org/agenda/2022/02/great-reshuffle-jobs-market-resignation/
