"Organisations that use data to understand the core needs of their workforce – rather than taking a one-size-fits-all approach – will be best placed to retain talent, boost engagement, and futureproof their business."
- Julia Turney, Partner & Head of Platform and Benefits at Barnett Waddingham
Of those surveyed (2,002), 66% of 18 to 24 year-olds and 61% of 25 to 34 year-olds have taken extended sick leave in the past five years – compared to 26% of those aged 55 or older. Notably, over a quarter (27%) of younger employees had also been absent from the workplace for periods of 1-5 months.
Amongst those aged 18 to 24, 86% have been experiencing higher levels of stress, followed by anxiety (79%), burnout (74%), and depression (71%). This trend is mimicked by 25 to 34-year-olds, with 85% experiencing higher levels of stress followed by anxiety (76%), burnout (72%), and depression (66%). Of those aged 45 to 54 years old and 55 or older, slightly more individuals have been experiencing higher levels of depression versus burnout.
More than a quarter (28%) of 18 to 24-year-olds have already taken an extended career break, with a further 29% planning to do so in the future. 22% of 25 to 34 year-olds have also done so, with an additional 23% planning to.
In terms of career switching, over a fifth (22%) of 18 to 24 year-olds said they’d switched industries entirely, with over a third (37%) looking to do so in the future. While 25 to 34 year-olds seem more settled in their careers, more than one in five (23%) have already changed industries, and 28% intend to switch in the near future.
26% of 25 to 34 year-olds have already sought a lower paying job in pursuit of a better work-life balance. Shockingly, 24% of 18 to 24 year-olds said they’ve already made the switch to lower pay, with 30% planning to in the near future.
“We’re witnessing a fundamental redefining of people’s attitudes towards work. Younger workers are rejecting the traditional corporate ladder while prioritising their wellbeing and work-life balance above all else,” explained Julia Turney, Partner & Head of Platform and Benefits at Barnett Waddingham.
She said: “The figures are clear: if businesses don’t offer the flexibility that these people expect, they could struggle to retain crucial talent while risking a disengaged workforce and stretched bottom line. At a time when business costs are set to skyrocket in the coming months, employers are now walking a financial tightrope – with a requirement to minimise employee risk while remaining productive and profitable.
“Organisations that use data to understand the core needs of their workforce – rather than taking a one-size-fits-all approach – will be best placed to retain talent, boost engagement, and futureproof their business. And, as the Government highlights in its ‘Get Britain Working’ whitepaper, there is an urgent need for businesses to prioritise the health of their workforces; not just as a moral imperative, but as an economic and business necessity,” Julia concluded.
