Millennials officially surpassed Baby Boomers and Gen X-ers as the largest population age group. Millennials are highly-skilled, educated, make up a large percentage of the workforce and are the most likely to quit. A number of reasons explain why Millennials are leaving your company.
Here’s our guide to keeping Millennials in your company.
Why Millennials Are Leaving Your Company and How to Keep Millennials from Quitting
A study conducted by Deloitte predicts two-thirds of Millennials will quit their jobs by 2020. Why are millennials leaving your company? Stereotyping Millennials as lazy and addicted to their smartphones is a mistake, as they’re the most educated generation to date. The stereotype about Millennials needing bean bag chairs, ping pong tables, and dogs in the workplace isn’t an effective retention tactic.
Millennials have grown up with the power of technology at their fingertips, and most have delayed marriage and parenthood to pursue fulfilling careers. The best way to retain Millennials is to appeal to their values through corporate culture and sustainability. Before quitting a job, Millennials consider the following:
- “Am I being challenged?”
- “Are their opportunities for advancement?”
- “Do I have work-life balance?”
What Millennials want from employers
Approximately one-third of Millennials earned a college degree, and another fraction of them are pursuing post-graduate degrees. Their focus on education in their late teens and early twenties results in them entering the workforce in their mid to late twenties. Keep in mind, Millennials pursue higher paying jobs but are pursued by higher student debt than any generation before them.
Millennials enjoy learning and the challenge of competition that comes from a population with diversified skill sets. Millennials master multitasking at an early age and expect to wear many hats in their organization. Millennials want to learn from the best while gaining hands-on experience.
Most importantly, Millennials don’t want just any job; they want to find “the one.” Millennials entered the workforce during a time when startups and large corporations boomed in success and plenty of job opportunities. Millennials prioritize fitting in with an organization over pay.
What do millennials want in a job?
Millennials want to feel like they’re in the right role, but they’re often pressured by family, friends, or society to accept the first job offer they receive. After working for a period of time, Millennials realize a job isn’t the right fit for them and will explore new companies and roles. The right role for a Millennial gives them purpose and makes them feel like they contribute value to their place of work.
Millennials want to grow with their organization. Millennials are more likely to leave a company if they find themselves in the same position after a couple of years. Millennials value their happiness in the workplace and will quit if they feel stuck or pigeon-holed.
Are Millennials bored at work? No, the false stigma that Millennials are lazy contributes to the misconception that they’re bored of work. Instead, employers should challenge Millennials and create a workplace free of redundancy and stagnation.
Elevate Your Firm and Never Ask Why Millennials are Leaving Your Company
Millennials are a highly-skilled and intelligent segment of the working population eager to grow with your company. Elevate Consulting helps firms develop consultative selling and business development skills. Learn more about sales workshop to facilitate your growth.