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Category: Blogger's Corner
Our interest here is in employment. One 2016 survey suggested that while 18% of the total workforce changes jobs every one to three years, those figures are much higher for the younger end of the workforce at 42%. The internet is, obviously, indignant. Another sign of the entitled generation generally messing things up with their own self-obsession. The truth is more difficult. Millennials make up a huge portion of the workforce and drive innovation. Prejudice towards this group is painful and, frankly, counterproductive.
Yes, around 60% of the Millennial group are currently open to a new job opportunity and are by far the most likely generation to switch jobs. To support that, 21% of Millennials in 2016 reported switching jobs within the past year, compared to roughly 7% of gen Xers and other non-Millennials. Case closed?
The young people of the Millennial generation are being compared to the older people of non-Millennial generations over the same time period. It seems obvious that younger people, looking to expand their career options, will shop around for opportunities. After all, as any Millennial will tell you, the ties of barriers like mortgage payments are often aspirational dreams to many members of this group. The reality is, Millennials may not be job hopping any more than the generations that came before them.
Pew Research attempted to illustrate the reality with a recent study comparing data of modern Millennials (circa 2016) to their gen X counterparts, when they were of the same age. When you look at the data, 63.4% for Millennials in 2016 stayed with their employers for 13 months or more. For GenX in 2000 that figure was 59.9%. Millennials actually stay longer with their employers - possibly due to their higher education levels (a known factor for employee longevity).
What does that mean? This research implies that Millennial turnover and employer loyalty is actually slightly better than the generation before. And that’s impressive considering the battle they face with the changing nature of work. More insecure employment. The impact of working remotely. The rise of the gig economy.
The biggest change that employers need to note is that millennials want to work for a business that improves society. Here’s where your business ethos matters. Growth comes from change. From diversity. From giving a crap about something and sticking with it.
Get your priorities straight. It’s not about a person’s age. Or their attitude to doorbells. It’s about what they can bring to your company. And what you can do for them. The future of work is useful partnership that grows skills and opportunities on both sides. We’re helping companies and jobseekers find that way forward. Don’t get left behind.