Out of all the generations in the workplace, the Millennial generation seems to be the most talked about and researched today. Those born between 1980 and the late 1990s have shocked and awed the professional world, earning themselves a variety of titles, including “the most innovative generation” and “the most entitled generation.” But, love ‘em or hate ‘em, Millennials are changing the workplace and causing business leaders to question just about everything. What do they want in a job? How do they approach the job? How do millennial employees want to be managed?
Turnover and Retention
Last month, Beyond.com, a career network for advancing professionals, and Millennial Branding, a research and consulting firm, provided new data that could help answer these questions. Their national survey, “The Cost of Millennial Retention,” specifically looked at Millennials, also known as Gen Y, turnover and retention from the employer’s view. Here are a few conclusions about Millennials, based on their findings:
• Millennial workers are on the move – 30% of companies surveyed reported losing 15% or more of their Millennial employees in the past year.
• They aren’t afraid to change jobs if they aren’t getting what they want – companies are implementing programs to entice Millennials to stay, including workplace flexibility (48%), mentoring (40%), and internal hiring (37%).
• Millennials will do what’s best for their career – the top reasons for Gen Y employees to leave their jobs were that they had received a better job offer, their career goals didn’t match with their employer, and the company didn’t offer career growth opportunities.
• Millennial professionals use a variety of tools for their job search – recruiters connect with Millennial candidates on job boards and corporate websites (62%), as well as LinkedIn (9%).
Share Your Thoughts
These stats provide some good insight into how Millennials approach their career, which affects everything from their job hunt to what they need to stay with an employer. With these findings in mind, share your opinion on how Millennial workers want to be managed in our monthly poll.
If you’re a Millennial, do you think these statistics accurately portray you? How do you think any job seeker, no matter their age, could use this information to help them in their job search? Please share your thoughts in the comments section below.