Unfortunately, there is data that supports this notion. A recent Gallup poll found that 60 percent of Millennials are open to new job opportunities, and 21 percent members of this elusive group have changed jobs within the past year. In addition, the Bureau of Labor Statistics unveiled that the average length of job tenure is 4.4 years for the average worker, while the Millennial group trends on staying put for half the amount of time.
Naturally, this data has led to a heightened sensitivity when looking for quality candidates. Employee turnover is an expensive lesson for most employers, so many are looking for workers who can commit to the work for an extended period of time. Employers take the time and money invested in training, development, and acquisition very seriously, so a resume with a laundry list of processional experiences in a short time frame can be a major turn off.
Going Where the Money Is
While Millennials may be looking for new opportunities more frequently than their older counterparts, it is important for employers to understand the motivation behind this flighty behavior.
Money is an obvious factor in many career transitions. The Millennial generation comes from a time of economic recession and piles of student loans. In addition, many of them come out of school without the ability to land a paying gig. They jump from low-paying internships to entry-level jobs, and are swimming in debt and other new adult responsibilities.
For Millennials, changing jobs is a much more effective strategy for financial gain than staying through a company's annual review process. The standard 1 to 3 percent raise simply isn't cutting it for this group when a jump to a new role could offer up to a twenty percent increase. This dramatic difference definitely plays a role in the decision to move on.
A Career That Actually Matters
However, money is not the only thing motivating this group to seek other options. A 2015 Gallup study found that the Millennial generation is the least engaged group in today's workforce. Lack of engagement plays a starring role in job satisfaction and this insight suggests employers are not providing the environment or internal opportunities necessary for keeping the attention of the younger workforce.
Logically, the next step for an employer is to ask what internal changes need to take place in order to attract and retain bright younger talent. Luckily, recent studies have identified some actionable engagement strategies.
Millennials express that meaningful work and professional development are key components of a happy work-life balance. In fact, a recent LinkedIn study found that 59 percent of workers in this age group have chosen a new company because they envisioned a stronger career progression. They yearn for ways to earn more responsibility and are anxious for professional development opportunities that will help them further develop their professional portfolio. It's recommended that employers begin crafting a career progression model, and start to budget for additional training and networking opportunities.
Meaningful work is also a buzz word for this generation. Millennials are famous for self-reflection and they long to do work that is both meaningful and in their wheelhouse. A recent Deloitte Millennial Survey found that 82 percent of Millennials who stuck with a company for more than five years reported that they were able to make good use of their skills.
Creating tasks and roles that more closely align with the employee's best skills and interests is a great way for them to establish more of a connection with their work. In addition, employers should look for ways to include this group in decisions and should regularly seek their input. This process might help this generation feel more engaged and excited about their role within the company.
Keeping an Open Mind About Job Hoppers
Despite these job-hopping trends, today's employers should think differently about the demands of this new generation of workers. Millennials are simply adapting to the more agile economy of the day.
Today's companies are showing less consideration and commitment to their employees, yet expecting employees to remain just as loyal to the company as past generations. This hypocritical approach should be eliminated and hiring managers should show appreciation for an employee trying to develop a diverse skill set. It could be that your prospect simply has a desire to learn and grow, and takes initiative in meeting personal goals. These skills, when harnessed properly can serve as an asset to any company. To be clear, extensive job swapping can definitely be a red flag, but employers should be receptive to outside factors that may be contributing to these frequent changes.
Overall, it is important that companies learn to adapt to the demands of this new wave of workers. Employers should identify ways to build their culture and brand around these needs, and create an environment that is a win-win for everyone.
Author info:
Josh McAllister is a freelance tech writer and business consultant based in New York. In his free time, he enjoys all things geeky and gadgetry, the outdoors, and spending time with his family. You can reach him on Twitter @josh8mcallister