Millennials are unlike any other generation in history. They are masters of social media. They are in tune with societal trends. And, above all, they are happy to walk away from their occupation in the hopes of finding a company that’s “a better fit.” In fact, 60 percent of millennials report they are presently open to a new job opportunity, and only 50 percent intend to remain at their current employer one year from now. Further, 36 percent report they will look for a job in the next 12 months if the economy improves, and one in five have already switched jobs at least once in the past year.Let’s take a look at some of the top reasons millennials, who will make up the majority of the workforce by 2020, are leaving their jobs in record numbers.
They Are Not Engaged
Millennials are the least engaged generation in the workforce. According to Gallup, only 29% of millennials are actively engaged, compared to 32% of gen xers, 33% of baby boomers, and 45% of traditionalists. 55% of millennials report being disengaged, the highest of any generation, while 16% say they are actively disengaged in the workplace.
Turnover due to millennial lack of engagement costs the U.S. economy around $30.5 billion annually.
Millennials Are Looking to Grow
Millennials are looking to grow in their careers and require a higher level of engagement than previous generations. When they don’t feel challenged and rewarded, they are perfectly comfortable finding employment elsewhere. Keep in mind, for millennials, growth doesn’t necessarily mean a promotion or getting that corner office. Growth is defined on an individual level and should be routinely addressed by management.
A Paycheck Isn’t Enough
Unlike previous generations, a reliable paycheck isn’t a good enough reason to stick around at a company. Millennials also need a sense of purpose and to feel as though they connect with the values of their organization. When a company has a weak culture, millennials have no intentions of sticking around.
The opposite is also true. 71% of millennials who strongly agree that they know what their organization stands for say they plan to stay with their company for at least another year.
Traditional Management Styles Don’t Work
Management styles of yesteryear don’t appeal to millennials. They are looking for managers who act more like coaches than conventional bosses. Millennials want managers who can recognize their value on a personal level and help them identify and develop their strengths.
Annual Reviews Won’t Cut It
In today’s world of instant feedback and real-time communication, once-a-year reviews are no longer enough for employees, especially millennials. Millennials are looking for ongoing feedback and coaching. There should be a continual review process for all employees, not just the youngest demographic.
How Do You Retain Top Talent?
Is your organization looking to retain top millennial talent? For tips on how your company can achieve this, be sure to check out our blog “How Do You Retain Top Millennial Talent?” Need something a little more in-depth? Then download our FREE eBook, “A Guide to Retaining Top Millennial Talent.” It’s loaded with amazing educational content and actionable steps your organization can take to attract, retain, and engage millennial workers today.
C.A. Short Company partners with companies to manage, drive and facilitate increased employee engagement to increase financial performance, productivity, quality, and core performance outcomes. Our process and research-based platform enables executives and managers to engage their teams to increase the bottom line, motivate staff, and incentivize positive behavior. To Request a Complimentary Consultation, click here.