It means quitting work in the middle of your career to overcome burnout, taking a sufficient break, and then finding a job again. Unlike older generations, who were loyal to their jobs and had a strong concept of a “lifelong job,” it reflects the values of Generation Z, which values work-life balance and self-development. Gen Z has created a new concept called “micro-retirement.” Fox News recently focused on Gen Z’s micro-retirement, saying, “It refers to the act of taking a break from work and enjoying leisure time at a young age. Unlike in the past, when all leisure plans were postponed to after retirement, it is a method of repeatedly taking a short mini-retirement while working.” It has time to recharge through resignation or leave, and is characterized by immersion in travel, self-development, and hobbies for up to one to two years.
The micro-retirement trend also appears one after another on the short-form video platform “TikTok,” which Generation Z likes. Adama Rowna, a TikTokker in her 20s who has more than 36,000 followers, left a message in the video, saying, “I recommend leaving when you have youth and energy rather than waiting until you turn 60 or 70 to travel around the world.” Another TikTokker, Anais Felt, said, “I have retired from the company for six months, and I have never felt so good, and I have never been healthy.” In particular, Felt said that before entering micro-retirement, he decided to retire after saving enough money and paying off all $70,000 in student loans. It is interpreted that the micro-retirement trend was influenced by the job view of the older generation and other Generation Z. This reflects the tendency of Generation Z to freely decide on turnover and retirement according to one’s life and values instead of staying in a single job for life. Guy Thornton, founder of the recruitment support service platform “Practice Application Test,” explained in an interview with Forbes, “The younger generation values mental health, personal achievement, and meaningful experiences rather than aiming only for long careers and promotions.”
He also stressed that social networking services (SNS) played an important role in spreading this trend. “The desire to not miss out on the special experiences that come in every moment through SNS has grown,” Thornton said. “The movement to travel, enjoy hobbies, and concentrate on what you want to do when you are young and healthy has become stronger.”
However, many are concerned about this trend. The reason is that Generation Z’s frequent quitting of jobs could result in disadvantages in the job market, and excessive spending on travel without sufficient financial plans could lead to an increase in debt. There are also concerns that repeated periods of income gap could hamper preparations for retirement. While Generation Z is opting to retire with micro-retirement, the baby boomers are returning to the labor market after giving up their retirement plans. The main reason is financial pressure due to rising living costs and the burden of repaying loans. In fact, 13 percent of retirees plan to return to work this year, with rising living costs (69 percent) and debts (34 percent) such as housing expenses and student loans being behind them, said Shana Milford, head of U.S. human resources at Iris Software Group in the U.K.
Milford explained that the return of baby boomers could have a positive impact on companies. “This generation is a talented person with long experience and extensive organizational knowledge, who can adapt to work quickly and play an important role in training and mentoring new employees,” he said. In particular, retirees are in more urgent need of return in some industries, such as accounting and finance, which suffer from manpower shortages due to aging.
Meanwhile, a culture of “gap years” in which work is stopped for a while is spreading in Korea. Gap years are originally a time for young people in Europe and the United States to explore how to spend their lives in the future by experiencing backpacking trips and internships before entering university or right before getting a job. Gap years are often used for the purpose of self-exploration and career building rather than simple rest. Unlike gap years, which are mainly used as preparations for future careers, micro-retirement is different in that it focuses on improving the quality and satisfaction of life now.
SALLY LEE
US ASIA JOURNAL
