“Millennials are notorious for job-hopping. Multiple studies have shown that these young adults, ages 22 to 35 and also known as Generation Y, change jobs three times as often as other employees. According to Gallup, employee turnover now costs U.S. organizations an estimated $30.5 billion per year.”
What’s causing employee turnover in rising young professionals?
The desire to advance. Millennials spend more time than members of other generations exploring different career paths and opportunities to advance. As the most educated generation, they want to find a job of value, and one that will combat the aftermath of student loans, and provide sufficient financial support.
Lack of value. It all comes down to the loyalty challenge. Millennials want to feel valued as an employee, versus being a means to making a profit. Employees want to feel like they are contributing to an organization, and that their skills are being capitalized on to their full potential.
It’s a different environment. Millennials have no recollection of controlled, hierarchical management methods. They were born into a growing era of globalization, collaboration, learning, development, and instant gratification.
The bottom line. Create a 21st-century management style. Create a place where millennials can be positively challenged, and can contribute in a meaningful way. Unless organizations start implementing this, employee turnover will continue to be “the billion-dollar elephant in the room.”
It’s not youth rebellion, it’s not a character flaw, it’s not a culture problem, it’s time to stop passing blame and restructure our workplaces.
Source: Sarah Sladek, Association Career HQ