Key facts
- Millennials are pursuing multiple income streams, skills training, and side jobs to build financial security.
- Glassdoor terms this trend 'stability stacking.'
- The strategy aims to create alternatives should job situations change.
- Millennials have experienced two recessions during their careers.
- Job fatigue and burnout are significant concerns for millennials.
Millennials, the largest generation in the workforce, are increasingly adopting a strategy known as 'stability stacking' to navigate career insecurity. This involves pursuing multiple income streams, acquiring new skills, and taking on jobs outside their primary employment to build a more robust safety net. The trend reflects a growing concern among millennials about job stability, particularly in the face of economic uncertainties, company-wide layoffs, and the potential impact of artificial intelligence on employment.
According to a Glassdoor poll of 1,805 US professionals in August, over three-quarters of millennials are questioning their career paths, with a separate survey indicating that this uncertainty is causing them to delay significant life milestones. This generation, typically in their prime earning years, is finding that a single career path or job is no longer sufficient for feeling secure.
Chris Martin, a senior economist at Glassdoor, explained that stability stacking serves as insurance against potential layoffs, job displacement by AI, or other significant career changes. He noted that millennials have already navigated two recessions during their professional lives, making them particularly attuned to the need for diversified income and skills. The strategy also helps combat job fatigue, a sentiment strongly expressed by millennials compared to other generations.
Developing in-demand skills, including those related to AI, and enhancing soft skills are key components of stability stacking. Additionally, building a strong professional network, even in adjacent or different fields, can provide crucial support if one's primary job becomes unstable. The trend is also being observed among older generations, such as Gen X and baby boomers, who are seeking to acquire new skills and diversify their professional activities.