According to a 2016 Gallup report, 69 percent of millennials have enough money to buy daily necessities, but only 38 percent can buy what they want.
Forty-eight percent of millennials say salary is extremely important to them when looking for new jobs. They are frequently jumping ship in pursuit of higher wages.
What are you doing to ensure that Millenials want to not only join your company but stay for the long haul?
Compared with the previous generation, millennial decision makers show higher job-hopping frequency with an average job-hopping period of about 2.5 years, compared with the average of 3.3 years for the generation X. Despite this quick turnaround in job pursuits millennials often achieve a faster path to career advancement in comparison to generation X. In terms of the promotion process from the grassroots to the director level, members of generation X often take 10 years on average, the generation born in the 1980s take an average of 6 years, and the generation born in the 1990s on average only require an amazing 4 years to move up exponentially in their career path.
According to recent data analysis, some reasons millennials leave their jobs are as follows:
- Seeking career development;
- Higher compensation
- Nearly half are looking for more challenging work
While work intensity ranked last. “Working overtime doesn’t scare off a young professional.” Said by a human resources experts.
Retaining millennial employees is a problem that current enterprises are being forced to think about. Many companies are struggling to keep up with this new workforce. When in fact, the solution is very simple — give them what they want.
But what is it that millenials really want? It may be simpler than you realize.
- Tech support
Modern technology can help them increase their productivity, and they are also the most skilled generation in the use of technology. So provide them with technical support to get the job done better.
- Professional development
No one wants to do a job without a way out. Like their previous generations, millennials want to make progress, improve their skills, earn more money, get better titles, and learn leadership skills. If you want to better retain them, help them achieve this. An important question that every millenial is considering while searching for their first job is, “Where will I go from this entry position?” They need to see their future career path with your company and want to be provided with the skills and resource to reach that goal.
Millennials want to be part of a team in project work. They want to be able to use technology to work with colleagues and bosses on the job. A survey by Microsoft found that collaboration is the main driver for millennials looking for a job. It’s no longer about working 9-5 sitting in a cubicle by yourself, it’s about working together with team members to get to the best result possible.
- Culture of work/life balance
Millennials are open to flexible work arrangements, in other words, flexible working hours inside and outside the office. The development of technology makes work unaffected by places, leaders should keep up with the times. The eight-hour work day completely done in the office may no longer be the most effective way to get the job done. Employees who are given the option to create their own hours and choose their own work environment are often happier with their work and create greater results that they are proud of.
Tell them how to create value. One stereotype that talent experts don’t want to throw away is that millennial workers need affirmation of their work every day. Research by the center for talent innovation found that 45 percent of millennials who are not financially secure say it’s important to get affirmation at work. But it’s not only about affirmation about a job well done but more about the fact that their work is important and valuable to both the project at hand and the company as a whole.
In order to retain this workforce age group it’s crucial to help them create their own ideal work environment because if not they aren’t afraid to find a new company that will. Millennials no longer carry the stigma that ‘money Is everything’. According to data from the Institute of Innovative Talents, although millennials do need a high enough salary to buy groceries, beyond that they are willing to be paid less. 82% of those interviewed that were without economic security said, that even though a high salary that provides financial security is very important, money alone is not enough. The possibility of growth, having a chance to learn new skills, establishing contacts, being an impactful employee with the opportunity to be involved with important projects such as expanding the business of the company or creating new revenue streams all together.
Money is important to millennials, but it is no longer the most important thing about their job. Knowing what millennials want can help employers have a more productive conversation with employees about ways to ensure that they feel as though they are important, involved, having a positive impact, and have real room for growth in the future.
Or it’s time to change your hiring process to ensure that your are showcasing your company’s strengths and attracting the right candidate who is excited to join you on your journey to success. When was the last time your reconsidered your hiring process? It may be time to have someone from the outside help you ensure that your business is growing with the right people.