25 June 2004 - Quarter life crisis hits UK PLC
- Young high fliers stuck in jobs by debt.
- Generation X also trapped by employers not interested in their wider ambitions.
- 30 is crunch age for wanting more purpose at work.
Young people between the ages of 25-35 are in danger of being caught in a career trap and are leaving their jobs in pursuit of more fulfilling work. Debt, difficulties in combining work with their wider life ambitions and employers who fail to listen are cited as key reasons, according to research by leadership development organisation Common Purpose. The report, Searching for Something, shows that the danger age when employers can lose their most talented young employees is 30.
The research reveals that ambitious young people feel trapped at work, with nearly half (48 per cent) admitting they feel stuck in their current jobs. Lack of hard cash is blamed by 56 per cent of high fliers, who stay put to pay off debts.
While the majority of talented young people want purpose from their work as well as reward, it appears the reality doesn't match the dreams.
- Nearly nine out of 10 (87 per cent) are seeking careers that fulfill their potential at work as well as add purpose to their lives, yet 59 per cent admit their job doesn't fulfill their wider life ambitions.
- While 74 per cent are happy with their lives in general, just 57 per cent can say this about their careers.
- This quarter-life crisis is a reality for 83 per cent of respondents, with most citing 30 as the age when this happens.
Employers need to act quickly to avoid losing their young high performers.
- Over eight out of 10 (82 per cent) believe that organisations risk losing their high fliers through failing to listen to their life ambitions as well as their career ambitions.
- As a result, over half (57 per cent) admit they are looking for a new job right now and over a quarter hope to change jobs within the year.
Other priorities for young people include diversity, community involvement and having positive role models to learn from and guide them through the early stages of their careers.
Julia Middleton, CEO and founder of Common Purpose, says: "These findings are a warning shot across the bows for employers. Emerging leaders want to make a good living, but they also want to make a difference. Employers who invest time in providing opportunities for their fast trackers to explore how society works and get engaged in the wider world will hang on to their talent. Those who don't and who force young managers to choose between work and making a difference won't."
Read the full Common Purpose research report exploring the career traps and ambitions of young people, Searching For Something.
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Note to editors
- Over 1000 young workers aged 25-35 took part in the online survey to explore how they feel about their careers. There was an even gender split.
- Common Purpose is a campaigning organisation that believes the UK needs more - and more diverse - leaders. To this end, Common Purpose runs leadership development programmes for leaders of all ages, backgrounds and sectors. Since 1989, more than 60,000 people have been involved in Common Purpose and over 16,000 leaders from every area of the UK have completed one or more of its programmes. More than 70 per cent of FTSE 100 companies and many small business and organisations across all sectors have used Common Purpose for professional development. For more information on Common Purpose visit www.commonpurpose.org.uk
- For an interview with Julia Middleton, CEO and founder of Common Purpose, please contact Vicky Ball or Ianthe Mumford at CHA on 0207 622 8252.
