Millennials opting to avoid the risk and stress of switching jobs could be paying the price for their company loyalty, according to new research conducted in the U.K.
Only one in 25 people born in the 1980s switched employment before their 30th birthday, official labor market data showed.
U.K. think tank Resolution Foundation found that in comparison to millennials, the generation born 10 years earlier were more than twice as likely to move jobs. The trend showed that millennials would often miss out on double digit-pay rises closely associated with a new job and the research indicated its findings could even help explain younger people's poor pay growth overall.
"One of the most striking shifts in the labor market has been young people prioritizing job security and opting to stick with their employer rather than move jobs," Laura Gardiner, senior policy analyst at the Resolution Foundation, said in a statement.