Company Layoffs: Millennials Are Leading The Big Quit In 2023

As per a recent survey by Linkedin, 88 per cent of young employees are planning to quit their current jobs. Let's find out why these young employees who are quitting are millennials and Gen Zs.

Pic: File photo (representational purposes)

Company layoffs: With trends like "the big resignation," "the quiet quitting," and the most recent "the big quit," the employment environment has undergone significant change. The situation has gotten more difficult for workers as well as for employers and organisations due to numerous layoffs and a wide range of market instability causes.

These young workers are not holding back their aspirations and looking forward to changing their unpassionate and unsatisfactory roles.

Millennials have no fear

These teenagers don`t fear the market anymore. The present economic trends don`t threaten them in any way. Following the Pandemic and the unstable employment market, they have begun to develop their skills. They are aware of the benefits of retraining and upskilling.

Linkedin`s report states that 78 per cent of people are confident enough to find another job. Forty-four per cent are learning new in-demand and transferable skills to fit into new roles and positions.

The dire need of organisations to find a way out

Organisations urgently need to find a solution to the problem of "the big quit 2023." A number of young employees are looking for new jobs or will shortly begin their search. High inflation rates, the desire for financial security, job flexibility, and preserving a work-life balance are the motivating factors.

Start listening to your employees

Employee requirements and wants are already being discussed. The organisation needs to start paying attention to their issues. The issues could be with communication, work-life harmony, behavioural problems, underperforming leaders, or incentive programs.

They will look elsewhere for answers if they can`t get them at their present job.

Inspiring and direct leaders

Any organisation`s assets come from its dynamic leaders. Direct and motivating management encourages staff to reach objectives in novel ways. A toxic work environment is produced by managers who order their team members to complete their tasks and expect high performance without inspiring them or engaging them in conversation.

Flexibility at work

Work-from-home, remote work, and hybrid workplaces are just a few of the new models of work that Covid-19 has brought. Instead of just working from the office, employees prefer a flexible work environment. It is essentially a give-and-take relationship between employee and employer.

Flexible working doesn`t just benefit employees but also yields results by increasing employees` morale and satisfaction at the workplace.

Training and advanced skill learning opportunities

Organisations and industry executives have talked a lot about upskilling and reskilling since the pandemic. Young workers are currently studying, upgrading their skills, and developing new ones.

Organisations have the chance to guide their staff members to programs for advanced training and skill development. With such chances for training and skill development, employees may discover the essence of their passion while working.

Recognise the need for change

Following an outdated working module as well as ineffective rules and programs motivates employees and managers to leave. This is one of the major reasons why the young working generation is leading "the big quit" in 2023. Understanding the need for change while aligning the priority goals and objectives with an innovative and effective process, can quickly lead to positive results.

Drive a positive outlook and growth to avoid "the big quit"

Millennials and Gen-Zs are looking for progression, advancement, and career growth. They also want to maintain their work-life balance to keep their mental health protected. According to Linkedin`s latest survey, 30 per cent of employers in India put a healthier work-life balance as a key priority.

Millennials are moving ahead with their skills to survive the upcoming inflation and economic downturns in the market.

To reverse and avoid the effect of "the big quit," organisations need to review their policies, hire new inspiring young leaders who can understand the nerve of young workers, and put communication and training on the top priority list.