Millennials stick to one workplace for longer periods than baby boomers did

New York

The blame for hopping the most number of jobs is often put on the Gen-Z and millennials. But it has emerged that the original job-hoppers are none other than the baby boomers, according to the US Bureau of Labor Statistics. 

Particularly, men born in the second half of the baby boom era, 1957 to 1964, had been to 10 workplaces by the time they turned 34, and averaged 12.7 jobs till the age of 56, according to a recently released report on the US Bureau of Labor Statistics.  

Millennials Vs Baby Boomers: Who hopped less number of jobs?

The millennials have job-hopped at a slower rate. According to the BLS data, the individuals born between 1980 and 1984 held at average of seven jobs by the age of 28. This is one less than baby boomers at the same age. 

Also read | Thousands set to lose jobs as 'Big Four' announce job cuts one after another

At the age of 34, millennials averaged 8.6 jobs, about one less than baby boomers at the same age. 

What job hopping tells about state of economy?

Job hopping is one of the signs of a strong economy. People do not switch jobs if they do not have that option on the table in the first place. 

After the recovery from 2007 financial crisis up until the beginning of Covid pandemic in 2020, "the labour market just has not been as tight", as was the case during the prime working years of baby boomers, "so people did not have as many opportunities to switch jobs," Nick Bunker, chief economist at Indeed was quoted as saying by the Fortune magazine. 

Why millennials are not changing as many jobs?

The reasons are structural. First, millennials (as well as their successor Gen-Z) stay(ed) in school and universities for more number of years. This reduces the number of jobs they end up holding at an average during their lifetime. 

What is the bottom-line?

The bottom line is that contrary to popular perception, the typical "company man" who keeps a single job for his entire career has been on a decline.

As a function of economic stability, people have had the flexibility to switch more jobs with time.

Also watch | Gravitas: Tech layoffs: Is your job safe?

Besides, outside of a layoff, job hopping has been documented as the easiest way to get a raise, with pay for job switchers consistently rising faster than for those who keep the same job.

WATCH WION LIVE HERE

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.