A recent study by Robert Half has unveiled a striking trend in the New Zealand job market: over half of the country’s workforce is prepared to switch careers within the next year. According to the research, 57% of employees are considering a career change, driven by a misalignment between their current roles and their career goals or lifestyle requirements.

Ronil Singh, director at Robert Half, highlighted the shifting perspectives among professionals, stating, “More professionals are reassessing their career trajectories in the current economic landscape. The instability and fluctuations experienced in both work and life in recent years have motivated many to explore new avenues for growth, stability, or better alignment with their personal values.” Singh noted that the traditional concept of a lifelong career is becoming obsolete as individuals increasingly recognize the value of transferable skills and the potential for a career change to provide renewed purpose and a more promising future.

The desire for career change is driven by several key factors. Among those willing to switch careers, 58% cited the potential for increased earning potential as their primary motivation. This reflects a growing need among workers for roles that offer better financial rewards. In addition, 56% of respondents sought improved work-life balance, a clear sign that employees are placing a higher value on personal well-being and flexibility. Meanwhile, 50% of those interested in a career switch are looking for new challenges or opportunities to acquire new skills.

Millennial workers, in particular, are at the forefront of this trend. A notable 66% of millennials expressed a willingness to change careers, demonstrating their proactive approach to shaping their professional lives according to their evolving needs and aspirations. This generational shift underscores the importance of adapting career development strategies to address the specific expectations and motivations of younger workers.

Several factors have contributed to this surge in career-switching intentions. The aftermath of the COVID-19 pandemic has led many workers to reassess their priorities, with an increased emphasis on achieving a better work-life balance. The pandemic’s impact has also highlighted the inadequacies of stagnant wages and rising living costs, prompting workers to seek careers that offer improved compensation and greater financial stability.

Singh also pointed out that certain industries have been disproportionately affected by economic downturns, leading workers to explore opportunities in more resilient sectors with promising long-term prospects. “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 explained.

The findings from the Robert Half study underscore the need for employers to adapt to the evolving demands of the workforce. To attract and retain top talent, companies must offer competitive compensation, flexible work arrangements, and opportunities for professional growth. Failure to address these aspects can lead to increased employee turnover and a shift towards new career paths.

In response to these trends, businesses should consider implementing strategies that cater to the changing needs of employees. This may include revising compensation packages to stay competitive, offering remote or flexible work options to support work-life balance, and investing in training and development programs to help employees acquire new skills and advance their careers.

The Robert Half report is based on an online survey of 501 full-time office workers across New Zealand, forming part of an international workplace survey. The study provides valuable insights into the current state of the job market and the factors influencing career decisions among New Zealand’s workforce.

As more workers contemplate career changes, it is clear that the landscape of employment is evolving. Employers who can adapt to these shifts and offer appealing opportunities for growth and balance will be better positioned to attract and retain talent in a competitive job market.