A new survey from Coldwell Banker shows that many American workers said they would accept a pay reduction in order to move to a city with a lower cost of living.
The survey of 2,000 U.S. adults revealed 51% of workers between the ages of 18 to 34 and 47% of those between 35 to 44 would take a pay cut if they could have more affordable living, indicating that affordability is in dire straits.
According to the younger age group, men want to relocate to Miami, while women are interested in Austin, both of which have seen many transplants over the last few years.
“Thanks to the ‘Great Resignation,’ the movement of people leaving the workforce during the pandemic, many Americans don’t feel tethered to just one place anymore,” the report stated.
Today’s workforce has shifted their attitudes towards the workplace thanks to the understanding that flexibility can greatly improve work-life balance. However, those who have had their newfound work options taken away are quitting their jobs in search for continued flexible work arrangements.
In fact, LinkedIn CEO Ryan Roslansky revealed that analysis of LinkedIn’s 800 million members showed a 54% year-over-year increase in job transitions, with Gen Z and Millennials leading these changes.
“You have employees globally who are rethinking, not just how they work, but why they work and what they most want to do with their careers and lives,” said Roslansky. “And while this reshuffle of talent will most likely play out for another year or two, I believe it will ultimately settle back down.”