Quiet quitting. It’s a term that’s gained it’s fame first on TikTok, then in the wider media. It means doing the minimum requirements of one’s job and putting in no more time or effort than absolutely necessary. Or in a more positive light, it can mean earning a paycheck but putting family, friends and personal life first. The Workplace and Employment Forum says it is a TikTok phrase originating from the Chinese hashtag #TangPing which means “lying flat”; the Los Angeles Times attributes it to Gen X career coach Brian Creely using it on TikTok. Wherever it came from, it’s a phenomenon that employers are keeping a close eye on as it impacts the way they retain and engage their employees.
The Future of Work
When we look at the future of work in our Logica® Future of Money Study, it’s not just quiet quitting going on with younger generations—it’s quitting quitting. Sixty-three percent (63%) of Gen Zers and 57% of Millennials report that they are likely to switch employers in the next year. According to Business News Daily, Gen Z may be job hopping to explore finding their best fit, and both Gen Z and Millennials are willing to switch jobs for financial reasons. Our study shows that 55% of those likely to switch careers in the next year are seeking higher income and financial benefits.
Engaging and Retaining Employees
So employers currently are faced with the challenge of a quiet quitter or having younger employees leave for another job. To overcome these challenges for engagement and retainment of employees, Forbes recommends building in worker autonomy, creating a sense of purpose in the workplace, and implementing an employee feedback loop. This includes gauging Employee Financial Wellness—as a top reason for leaving is financial.
Employer Financial Programs and Advice
Seventy-five percent (75%) of employees “feel it is important that employers offer programs to manage their finances,” according to our Future of Money Study. For the younger generations, 86% of Gen Z and 81% of Millennials rank this as important. But what exact financial benefits are employees looking for from their employers? The type of money management help they’re looking for is “how to make the most of my 401(k) or retirement plan” (24%) and “knowing how to use an HSA (Health Savings Account) or flex account as part of my investment strategy” (23%). Other top areas include college funding, paying off student loans, managing debt, refinancing and more. For the details, you can access the entire Logica® Future of Money Study through the Insights Kit.
Planning for the Future of Work
Employers clearly need to understand the employee mindset and motivations in today’s world. Using market research to not only accomplish a successful employee feedback loop to create a better work environment but also to understand what financial programs to implement or introduce to help add more value to the workplace is key. To learn more, check out how we do Employee Financial Wellness research, or access our latest “Money Conversations” webinar for some generational highlights from our latest Future of Money Study.