According to a July 2024 report by Endowus and Intellect, in Hong Kong and Singapore, 43% of Generation Z and Millennial employees “frequently express the idea of leaving, highlighting significant intention to leave.”
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Vera Lau, 27, has worked for three different companies over the years. She is part of a generation that appears to be challenging notions of corporate loyalty.
“I don’t think loyalty is rewarded… It’s all very transactional. You only have value if they think you have value,” Liu told CNBC Make It. “If you’re not learning and you’re not making money, it’s time to leave.”
“Things were very different in the ’80s and ’90s. People were just grateful to have a job and a paycheck,” she said. “The way we think about work has changed…our lives are no longer built around it, and your salary alone isn’t even enough to pay the bills or buy a house.”
According to May 2024 study WorkProud surveyed 1,000 full-time employees and found that only 23% of employees 42 and younger expressed a strong interest in staying with the company long-term. For workers aged 30 and younger, this proportion drops to 18%.
Rick Garlick, lead researcher on the WorkProud study, said: “These findings highlight the changing nature of workplace loyalty, especially among younger workers.”
According to a July 2024 report, as many as 43% of Generation Z and Millennial employees in Hong Kong and Singapore “frequently expressed thoughts of leaving their jobs, highlighting significant intention to leave.” Report Endowus and Intellect surveyed 1,000 employees.
“As the younger workforce continues to prioritize factors such as work-life balance and company culture, employers must adapt their retention strategies to meet the changing needs and expectations of this group,” Galik said.
Does loyalty pay off?
“The simple answer is no,” said Jerome Zapata, director of human resources at Kickstart Ventures.
Employees who switch jobs may get higher salaries because “merit-based pay increases only go so far,” whereas candidates can negotiate from a strong position when they first join the company.
“(In previous generations), if you were loyal to an organization … they would take care of you your whole life. Now, retirement benefits are inhospitable,” Zapata said. Additionally, he says, switching jobs early in a career can even give candidates an “advantage” because they often join with more responsibility or perspective.
However, there is a stigma associated with changing jobs frequently. While job-hopping is generally more acceptable among early-career candidates, for those in senior leadership positions, demonstrable loyalty is an important trait companies look for.
“[Employees]should weigh the pros and cons of job-hopping because if they want to explore a new career path or get a raise, it can be lucrative, but if they do it too often, they may also be viewed as a job-hopping risk, and the company Sumita Tandon, director of human resources for Linkedin Asia Pacific, told CNBC Make It.
Tandon recommends that before employees consider changing jobs, it’s a good idea to check whether they can gain career development within their current organization through new projects or mentors.
“I’ll say it professionally and objectively, it’s good for me…Honestly, I make more, I feel like I’m a better worker, I have more perspective, I can do things better , I feel more confident, there are countless such examples,” Liu said.
“But emotionally and socially, you face a lot of judgment,” she added. “People tend to think it means you’re weak or entitled… or ‘you’re just Gen Z.’ A lot of those terms are very negative… so it definitely had a negative impact on me. .
Zapata said that in a world where a younger generation that refuses to be loyal is redefining corporate culture, companies can retain talent by offering more to their employees, from offering competitive pay to by offering more Flexibility to prioritize employee well-being.
“(The business community) is winning now, but I feel like it’s a losing battle,” Liu said. “It’s inevitable that in the end, the younger generation will surely prevail through new ways of working…Ultimately, this person needs to retire.”
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