The Great Resignation 2.0: A Looming Labor Market Crisis

The Great Resignation 2.0 could be on the horizon with nearly three in ten workers expected to quit their jobs by the end of 2024, and younger workers could be at the helm of the change.

Survey findings released by Resume Builder on Wednesday found that 28% of 1,000 full-time workers questioned plan to quit their jobs before the end of the year, with the highest percentage coming from the service industry and workers ages 18-34.

"Younger workers tend to switch jobs at a higher rate because they are trying to determine what type of function, industry, and environment would work best for them," Julia Toothacre, a career strategist at Resume Builder, said per a recent report detailing the data.

"Along with that, you can increase your salary quicker when you change jobs every few years, and those early career years are the best time to do that," she added.

These younger workers are eyeing a more comfortable spot in the workforce, with more than half of those dissatisfied with their current situation (56%) citing low pay as a culprit behind their interest in leaving.

Forty-four percent highlighted a "desire for better benefits" while the desire for less stressful work trailed slightly behind at 43% of respondents. 

Remote working options are another priority as workers eye their next role after quitting, and Toothacre says increased demands from the workforce could shift positions to more remote or hybrid offerings if finding candidates becomes difficult.

"This is an employer market, which is why you’re seeing so many RTO mandates. When the market shifts back to candidates, we’ll see more perks," she explained, per the report.

Broken down into different numbers, 21% of respondents overall said they are "somewhat" likely to quit their jobs this year, with 7% considering themselves "highly likely" to make the change.

The first "Great Resignation" came after the COVID-19 pandemic when 47 million Americans quit their jobs in 2022 alone, leading many to regret the decision later, according to a survey published by Paychex in February 2023.

This article originally appeared on Fox Business.