Say bye to your work buddy: 55% of employees will look for a new job in 12 months

• More than half of Americans said they will search for a new job in the next 12 months, according to a new survey.
• Americans said they want a flexible work schedule and better pay.
• Young workers, especially, are the ones pushing for change.

Planning on quitting your job in the next year? You are not a unique snowflake. In fact, you are one of the masses. 

Fueled by greater financial flexibility and fewer obligations, 55% of Americans who are either employed or looking for work will search for a new gig in the next 12 months, according to a new survey.

Bankrate, a financial advice website, found that employers may have trouble retaining workers in the year ahead, especially younger workers, with over 77% of Gen Zers and nearly two-thirds of Millennials claiming they will seek new pastures soon.

Flexibility is becoming a must

What’s motivating workers heading for the exits? The survey, which featured responses from nearly 2,500 adults, said that work flexibility and higher pay were two of the most cited reasons for job seekers; more than half of Americans said flexible work hours or having the ability to work remotely is important to them — and 53% said they wanted higher wages.

“With a majority of those in the labor force eager for higher pay, as seen in our survey, a not-yet answerable question is whether wage growth will be a significant contributor to higher sustained inflation,” Bankrate senior economic analyst Mark Hamrick said in a statement. “This is being closely monitored by the Federal Reserve as it ponders future adjustments to monetary policy including the prospect of higher interest rates down the road.”

Respondents also said better job security, more time off or vacation pay, and working at a company that has a more inclusive work culture were all factors in their decision to look elsewhere for work.

Flexible work packages have been a topic that many offices are currently juggling at the moment. The rise in remote work during the pandemic created a shift in workers, and stalled vaccination efforts by Americans has caused concern for workers heading back to the office. Even as some companies mandate vaccination for all workers, there’s something to be said about how employees view the physical office in a post-COVID-19 world.

Around 41% of all US workers said they are looking for jobs that allow at least one day a week or more to work remotely; 19% said they want a company that will let them do it full-time. Surprisingly, nearly a quarter (24%) said they didn’t want any work-from-home perks; they prefer to be working full-time in an office.

Younger workers are the drivers of flexibility; 52% of Gen Z and 48% of Millennials said they anticipate working remotely once or more per week.

These aspirations by workers may raise some eyebrows, but they aren’t exactly out of left-field, according to Hamrick.

“Strong growth in the U.S. and the likelihood of further declines in the unemployment rate should translate to better wages and job security in the months ahead,” he said. “With that, many workers are demanding more flexibility in their employment, to which a dollar sign cannot be assigned.”

What you need to know before looking for a new job

If you’re thinking about looking for a new job within the coming year, it’s important to understand that the economy is rebounding and the COVID-19 crisis is still not over yet. The rise of the Delta variant — and even future strains — are sure to challenge business culture and potentially the employment market.

Experts at Bankrate suggest that workers leverage their networks and make new connections by reaching out to contacts from the past to see what companies are offering behind the scenes.

You can also increase your skill sets to enhance your resume — and be persistent when it comes to applying.