Layoffs Impact 34.4% Of Gen Z, Forcing Them To Exit Dream Jobs: Hunch

In these dynamic times, fetching a dream job along with long-term job security is a hard nut to crack. Job culture is starting to outweigh the appeal of dream jobs. After Covid, companies have started layoffs due to the economic recession making it harder for people to find their ideal job roles. Recent user-generated polls on Hunch, a social discovery app, reveals why people pursue career dreams that also offer stability. According to 78.9 per cent of voters, following a job they are passionate about is important, as it allows them to turn their passion into a profession, keeping them motivated and excited about their work. Of the 7000 voters, 21.1 per cent of the respondents voted job security as a crucial factor in recent times, irrespective of their dream and ideal - work.

As per the tracker Layoffs.fyi suggests in the year 2024 itself, the layoffs from the companies witnessed an increase of 50 per cent as compared to the last year. The tech, finance, and other key sectors are opting for this option for cost-cutting as firms brace for economic uncertainties. 34.3 per cent of the poll voters also stated this as a major reason to let go of their career aspirations and take up work otherwise. 
 

The competition is increasing every day and companies in order to survive in the market need to go the extra mile to make a mark. This sometimes leads to poor working conditions, increased toxicity, lack of support, and unhealthy office dynamics which forces people to abandon. 31.8 per cent of the voters believe that the toxic environment is a deal breaker for them, and they wish to prioritise their mental well-being and personal growth.

The GenZ workforce is more than willing to walk away from roles that fail to align with their core values or offer the work-life balance they seek. 23.4 per cent of respondents consider standing by their value system as important and set new standards for what they expect from their careers, forcing companies- to rethink how they engage and retain young talent.  For 10.5 per cent of voters, this can also be the availability of working from home or the place of their comfort.