New research from London School of Business and Finance (LSBF) has revealed the discontent amongst young professionals, as millennials are shown to be the demographic with the least amount of job satisfaction. 1000 male and female employees of different ages, and from various parts of the UK, were surveyed for LSBF’s Careers Report. Statistics revealed that more than half of millennials (66%), that is people aged 18-34, want to change careers, and are perhaps thinking of pursuing a new professional qualification to enhance their chances.
Sometimes called the ‘me’ generation, millennials are often characterised as narcissistic, lazy and entitled. Growing up with the instant gratification of social media, they are the first generation that can generate an instant boost of confidence through likes on their Facebook status. Entering into the harsh realities of the working world has left many with unmet expectations, as the seemingly never-ending slog of unpaid internships and disappointing entry-level jobs are not what they were promised by the generation that raised them.
They are the products of the baby boomers– those born post World War II, somewhere between 1946 and 1964. Enjoying the post-war stability of a flourishing economy, many baby boomers lived in a time of widespread affluence, benefiting from peak levels of income, retirement programmes and cheap education. The financial stability they enjoy is reflected in the research, as trends illustrated that the older the participants, the more likely they were to answer ‘never’ when asked when they think they will make a career change. Millennials were brought up with this sense of hopefulness and endless opportunity, and were promised that they could do whatever they set their minds to.
In fact, they inherited a professional environment that has turned out to be far harsher than that of the previous few decades – with the rising costs of living, student loan debts and an increasingly unforgiving job market, millennials have developed an understandably cynical view of the working world. The Careers Report reveals that over half of millennials surveyed (54%) listed an improved salary as the main driving force behind their desire to change careers, demonstrating the idea that they are struggling in the current economic landscape.
Download the LSBF Career Change full report