Goodbye to 9-to-5 jobs? Why Millennials are ditching leadership for freedom and what it means for corporate America

The old mantra for one’s career was that you get a good degree, find a high-paying 9-to-5 job, and exchange time for money as you climb the corporate ladder. However, as millennials and Gen Z make up an ever-greater share of the workforce, especially the latter are beginning to change the formula.

According to a survey from SideHustles.com, nearly a quarter of millennials and Zoomers said that they plan to quit their job sometime in the next 12 months to take a crack at becoming an entrepreneur reported Newsweek. This will have consequences for corporate America as their priorities for what they want out of a job are starting to shake things up.

Younger employees’ workforce priorities

The top reason respondents gave in the SideHustles.com survey for wanting to leave their 9-to-5 and set off on their own, nearly two in three, was to have more flexibility. This was followed by greater income potential and a desire for more purpose and autonomy.

“Especially post-pandemic, employees are looking for more in their work lives—more money, more meaning, more flexibility—all of which may be found in running their own business,” said Drew Powers, the founder of Illinois-based Powers Financial Group speaking to Newsweek.

However, he pointed out that “what they may not realize is that it takes years of grinding to accomplish all three of those ‘mores,’” before adding: “As the saying goes, ‘business owners toil for decades to become an overnight success.’”

Other reasons that were given for quitting and starting a business included feeling burned out, worries about economic and job stability, feeling undervalued, and frustration with corporate structures.

“Gen Z and Millennials aren’t running toward entrepreneurship because they all want to be the next Zuck, though I’m sure some think they will be,” said HR consultant Bryan Driscoll. “They’re running away from toxic jobs and bosses, low pay, and employers who will discard them as soon as enough labor has been extracted.”

“When work doesn’t offer dignity, flexibility, or a livable wage, people find their own way. And increasingly, we’re seeing that means building their own job,” he added.

What the entrepreneurial trend means for corporations

In light of this growing entrepreneurial trend, companies will have to work harder not only retain their talent but also to attract and develop new hires. “If the traditional employer-employee model keeps shifting, companies will have to pay more and offer more,” said Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast.

That aligns with responses to the survey by SideHustles.com with 56% saying that increased compensation or bonuses would keep them in their 9-to-5. Employed respondents also want a shorter 4-day workweek, more flexible hours and the ability to work full-time remotely.

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