Last week we discussed some of the results of our first national survey, including current employment situations and employment changes people have encountered. Today we will cover career instability, multi-jobbing, retirement and what this means for your business!
Because of career instability, people are looking for alternate sources of income, but most haven’t taken the leap yet. More people are looking to mitigate the risk of depending on one source of income for the future than ever before. Half of the respondents have considered diversifying their income by starting their own business, buying a business or buying a franchise over the past year, while 36% considered it at least once over the past 5 years.
Multi-jobbing was actually more prevalent 10 years ago than it is today, likely out of necessity. While there have been many articles touting the emergence of the “gig” economy, our findings show that this was more prevalent 10 years ago than it is now – currently only 22% of all respondents worked 2 jobs or more at the same time in the past year; 31.7% have worked 2 or more jobs at the same time over the past 5 years; while 37.33% have done so sometime during the past 10 years.
On Retirement. Only 13% say they’re “very prepared to retire”. In fact, almost 40% of the respondents say they’re somewhat unprepared or not prepared at all to retire. Regarding the projected age of retirement, 21% of the respondents stated that they will probably never be able to retire; and an additional 25% of the respondents said “sometime after 70 years old”.
What this means for your Business.
DO remember that there is a lot of talent in the market that is more than capable of making a positive impact, regardless of age. While there are plenty of good reasons to hire young millennials, don’t forget the old, more experienced generations for a source of experience. Gen X’ers and Boomers can be great team leaders, mentors and round out your staffing quite well.
DO invest in learning how to manage the 3 different generations in the workplace, and get ready for Generation Z. If you’re a boomer or a Gen Xer, you’d better study up on how to work with the younger Millennial and Generation Z generations. If you’re a Millennial or part of Generation Z, you’d better study up on how to work with the older Boomer and Generation X people because you’ll likely see them around.
DO understand that attitudes, needs and wants of all 4 generations because they can all still be potential customers of yours.
DON’T throw a resume away because you see several job changes in the past 5 -10 years as this has become the norm rather than the unusual. If you have been lucky to have had career stability through the recession and recovery, count your blessings as not everyone has been as fortunate.
DO challenge and drive your staff to learn on the job –they’ll be more loyal if they’re learning, especially if they’re learning new skillsets that may enable them to take the next step in their career.
DO be understanding that your employees may have a “side hustle”. Most full-time employees are looking for ways to mitigate the risk of a sudden job loss due to economic conditions. No matter how stable you think your business may be, be respectful of what they choose to do with their time off – just make sure it doesn’t conflict with your business. Better yet, take an interest in it as it may provide some interesting learnings for your business.