Wed, 04 May 2022 | workplace
It’s no secret that the last two years of the pandemic have caused many Americans to reassess their lives – everything from health, family, financial situation and careers. Fidelity Investments®, in its commitment to helping its customers achieve their financial goals at every life stage, today shares results of its 2022 Career Assessment Study. The study examines how working professionals are evaluating their next career move, the employer benefits that are most meaningful, and how they balance monetary benefits versus quality of work life.
The study reveals that six-in-ten (61%) young professionals – those 25-35 years old – have undergone a job change in the last two years, or they plan to make a move in the next two years. That breaks down to roughly one third (37%) who have been in their current position for two years or less and almost half (44%) who expect to be at a different company within the next two years.
“Young professionals are more diverse than previous generations and their approach to life, work and money is unique, especially as they face external events from market volatility to inflation – many for the first time in their adult lives,” said Kelly Lannan, senior vice president, Emerging Customers, Fidelity Investments. “It’s therefore no surprise this group looks at the workplace in a new light. Of course, financial benefits will always be important, but there’s also a heightened expectation from younger professionals to have more paid time off, schedule flexibility and meaningful work – and they’re not afraid to make a change to attain that expectation.”
While salary is typically the most important factor when a person is assessing a job offer -- the other top three financial considerations reported by young professionals include: Medical benefits (54%); Retirement savings (49%); Bonus (34%). When it comes to non-financial benefits that young professionals would prioritize in a job offer, they include: Paid time off (59%); Schedule flexibility / Remote work (65%); Professional development (28%).
College Students Future Career Outlook is Optimistic
For upcoming college graduates, those in the class of 2022 or 2023, nearly half (45%) are feeling excited about their approaching graduation. In fact, 44% expect to land a job that meets most of their requirements and another 22% expect to land their dream job. Like their more experienced peers, these college students prioritize the following financial considerations (aside from salary) when evaluating a job: 1) Medical benefits/health care (70%); 2) Retirement savings (54%); 3) Bonus opportunities (31%); and 4) Student debt assistance (25%).
Yet, ultimately a much greater percentage of college students (61%) than working professionals (48%) report they value factors improving their overall quality of work life versus financial benefits when evaluating a job offer.
“The last two years have been a pivotal time for many life decisions, and many young working professionals are still assessing their current job – they are prioritizing increased salary, flexibility at work and financial benefits like retirement savings,” added Lannan. “However, current college students are putting a greater emphasis on their quality of work life when they are thinking about their career moves after graduation. At Fidelity, we understand that money touches all aspects of a person’s life, so while it’s important to feel like a company is the right cultural fit, and there’s access to professional development opportunities, it still remains critical to understand the financial implications of leaving or staying at a job.”
About Fidelity’s 2022 Career Assessment Study
This study presents the findings of a national online survey among a sample of 1,524 U.S. adults ages 25-70 who currently work either full or part time. Additionally, 204 college students graduating in 2022 or 2023 were also surveyed. Interviewing for this CARAVAN® survey was conducted March 8-14, 2022 by Engine Insights which is not affiliated with Fidelity Investments. The results of this survey may not be representative of all adults meeting the same criteria as those surveyed for this study.
Source: Fidelity Investments