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Gen Yers Will Be Looking For New Jobs Once the Economy Rebounds

July 6, 2009

With the economy and job market showing signs of improvement in recent weeks, employers now face the challenge of not which employees to lay off and which to keep, but how to keep their top talent from going elsewhere.

A new workplace survey reveals that 54 percent of employed Americans plan to look for a new job once the economy reboundsThat sentiment is even stronger among Gen Y employees ages 18 to 29, 71 percent of whom say they are likely to look for new jobs once the economy turns around, according to the latest Workplace Insights Survey from Adecco Group North America, a staffing firm.

Other findings from the survey include:

· Paycuts – 18 percent of respondents said they would be willing to take a pay cut to keep their job. Of those willing to take a pay cut, 55 percent of employees said they will accept a 10 percent salary decrease or more. Gen Yers, however, won’t budge. Only 9 percent of workers from that generation are willing to accept a pay cut to keep their jobs.

· Retirement plans – Forty-four percent of employees over the age of 60 have been forced to delay their retirement plans.

· Pessimism persists – Despite some good news from the markets, 40 percent of American workers believe we will be in a recession for another full year, and potentially into the third quarter of 2011.

· Not worried enough to prepare – A survey released in January revealed that despite concerns and worries, only about one in five Americans were saving for unemployment. Now, six months later, that finding remains the same. Only 22 percent of Americans are saving money to prepare for a layoff.

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