Larger earning potential, work-life balance driving many workers to switch careers: survey
More than half of employees in New Zealand are open to a career change next year, driven strongly by the desire for higher earnings and better work-life balance, according to a survey.
The poll, which surveyed 501 full-time office workers in New Zealand, found that 57% are willing to change career in the next 12 months.
This willingness is reflected across all generations currently in the workforce, with Millennials (66%) most open to a career change next year, the Robert Half survey found.
The findings show that more professionals are "reassessing" their career trajectories in the current economic landscape, said Ronil Singh, director at Robert Half.
"The concept of a lifelong career is outdated, as individuals recognise the transferability of their skills and the potential for a career change to provide a renewed sense of purpose and a brighter future," he said in a statement.
Drivers of career shifts
The biggest reason why workers said they are willing to change careers in the next year is larger earning potential, which was cited by 58% of all the respondents.
The desire for work-life balance is the second-highest reason (56%), followed by the yearning for a new challenge or skills (50%).
"In the wake of the COVID-19 pandemic, many workers are reassessing their priorities, placing greater emphasis on work-life balance. Others are grappling with the rising cost of living and stagnant wages, prompting a search for careers that offer improved compensation and financial stability," Singh said.
"Additionally, certain industries have been disproportionately affected by economic downturns, compelling workers to seek opportunities in more resilient sectors with promising long-term prospects."
What can employers do to attract or retain workers?
Singh advised employers to "recognise and adapt" to the shifting priorities of the workforce as they seek better opportunities.
"Offering competitive compensation, flexible work arrangements, and opportunities for professional growth are essential for attracting and retaining top talent, especially when these aspects of a role can be a reason to push staff out the door and into a new career path," he said.
For employees, Singh reminded them that a career change will require research and preparation, noting that understanding the skills needed and investing in education or training will be crucial.
"While starting anew can be daunting, it's a worthwhile investment if it leads to a more satisfying and secure future. Ultimately, it's about finding a career that aligns with one's career goals and values," he said.
