The Millennial “Move On” Dilemma and How to Avoid it with Your Company
Employers need to think in terms of generations due to the simple fact that they have to understand where their best talent pools are found. Right now, it’s millennials who represent the largest workforce.
Any HR professional will benefit immensely from understanding a bit more about how this group operates (as a whole), and what trends within the group will affect their company.
Millennial Move On
One of the most significant trends for an HR professional, or any company at all, to know about is the tendency of the millennial to move on or leave a firm in a short period of time.
The onboarding process and the loss of a new hire in less than a year can cost the average company around $25k. Yet, a recent report from Inc. said that:
“Sixty-six percent of Millennials expect to leave their organization by the end of 2020, and only 16 percent of Millennials see themselves with their current employers a decade from now.”
It goes on to say that engaging this group (the largest portion of the labor market) is one of the greatest challenges for employers. The seeming lack of loyalty or engagement is a costly concern, and so the report lays out two reasons that Millennial Move On has become a “thing,” and they are:
- Lack of leadership opportunities
- No flexibility
Most HR professionals know that millennials appreciate the opportunity for job growth or the development of skills, and so it should come as no surprise that many will leave a job because they don’t see any way to “bridge the gap to ensure a new generation of business leaders is created.” Not being used to the greatest capability and being stunted in developing leadership skills is a big nudge for many.
Additionally, many millennials want to pick their work schedule rather than having it fixed and rigid. As that article said, “Seventy-five percent of Millennials would like to start to, or more frequently, work from home or other locations where they feel more productive; only 43 percent currently do so.”
Working from home, remote work, alternative work spaces…these are the things that sing to the heart of the millennial workforce.
How can a company adjust its culture and protocols to attract and retain millennials?
How does your company, specifically, halt Millennial Move On?
The answers include identifying, understanding, and meeting their values to the greatest degree possible.
How does your company culture reflect those two points above?
If you can start to align company mission or goals with those of the millennial workforce, recruiting and retaining will become easier.
Understand that it’s about opportunity for growth and leadership paired to a desire for a bit more control over their daily lives that drives the millennial workforce.
It won’t take a lot to meet these needs, and it can start with clear communication and discussions beyond financial compensation and benefits.
If you want a long-term workforce, take a few moments to understand what they desire in a long-term position, and you will end your company’s instances of millennial move on immediately.