Why Under 35 Professionals are Most Open to Changing Careers
Insights and Implications
A recent UK wide survey of 1,000 adults in professional jobs by the London School of Business and Finance offers some interesting insights into our attitudes to changing career.
Here we share a few details about the demographics of temporary workers in the UK to illustrate that many of us are now discovering flexible working often fits well with the demands of modern life. Temporary workers comprise of people who are supplied to work (as a waiter for example) through an agency like ASA, as well as independent Contractors (IT consultants), and Freelancers who are usually self-employed (photographers).
Amidst profound changes taking place in the jobs market; the strong growth in start- ups; rising employment in the Manufacturing sector; the alternative Energy sector expanding; a return to growth in the UK Tourism and Hospitality sector; the rise of the new FinTech industry and a surge in employment caring for the elderly- people in all jobs are increasingly faced with the growing influence of digital technology. However this study showed important differences in the willingness of people to change careers.
The key drivers behind people seeking a change of career across all age groups were:
- Increased salary prospects 39%
- Better work/ life balance 35%
- Improved job satisfaction 34%
However strikingly 54% of people under 35 said better salary prospects were the key driver for them. The attraction of better pay amongst this group one assumes is connected with working in a more successful organisation or more buoyant sector, making the career switch worth the risk. These younger workers were also seeking more status, perhaps reflective of their desire to climb the career ladder.
The key factors behind people being reluctant to change careers across all age groups were:
- Satisfaction with their current job 38%
- Lack of financial security 29%
- Uncertainty about what to switch to 20%
- Fear of failure 15%
- Disruption to family/ social life 12%
Again the younger respondents had distinctly different concerns with 41% citing a lack of financial security stopping them making a career change and fear of failure steering 22% away from making such a step.
Amidst the Studys results, more than half of 18-24 olds want a change of career especially in London and Scotland. But the older you are the less likely you are to want a major career change, not least as these respondents had greater financial security and job satisfaction.
Would you like to change careers?
So it is amongst the young that we will see more people open to career moves as opportunities emerge in our changing economy. The extent to which this will happen will be influenced by the transferable skills that people can bring to different sectors from the one in which they currently work.
Finally this piece of research would suggest the possible value to firms of developing different employment / staff engagement strategies for different age groups across the workforce.
If you are looking to change career register with ASA today and one of our consultants will be in touch shortly to discuss your career further.