A recent survey confirmed a belief held by many executives across the nation: Millennials are job hoppers. Despite being the largest group in the American labor market, employee engagement among young workers is low, and 66 percent plan to leave their current position within the next five years.
Why Aren’t Millennials Staying?
There’s no one reason why this particular generation tends to switch jobs faster than any other. However, their propensity to seek new positions isn’t an innate characteristic. It’s a result of a disconnect between what millennials want career-wise and what available jobs provide. Evidence points to the notion that millennials are looking for fulfilling work that utilizes their skills, makes them feel valued and provides opportunities for personal and professional growth.
“Sixty-six percent of millennials plan to leave their job within five years.”
A year prior, millennials identified leadership as a trait integral to running a successful business. Of all the young workers responding to the current survey, 63 percent said their present position did nothing to develop their leadership skills. These people were more likely to leave their job within two years. Those planning to stay more than five years disagreed, saying their company supported leadership development among younger workers and encouraged them to aim for higher positions.
Millennials also want to feel proud of the work they do. When asked what businesses should value to achieve long-term success, millennials cited employee welfare, trust, integrity, customer care, and quality products and services. This demographic wants to work for a company that has its best interests in mind, conducts ethical business practices and creates a product that genuinely benefits consumers without neglecting details.
Keeping a Young Generation of Employees
Such statistics lead one to wonder: If job hopping is so prevalent among millennials, how does one keep them?
Providing mentors is a basic way companies invest in professional development, thus encouraging young employees to stay. CIO.com suggested such pairings lead to reverse mentoring, where millennials teach older employees how to adapt to new environments.
“Management can equally benefit from this pairing when they use millennial employees to better understand how the business can strengthen its presence in the social media and digital space,” Ron Piccolo, management professor at Cornell and director at the Rollins College Crummer Graduate School of Business, told the website.
Mentors help develop the leadership skills millennials seek. Companies hoping to keep their youngest employees should pair them with seasoned workers standing as a trustworthy source of answers and advice.