Millennials have a reputation for being job-hoppers. They switch jobs more often than any other age group within five years of their college graduation, according to a LinkedIn study. Unsurprisingly, they’re not changing companies just for the heck of it. Millennials know what they want from an employer, and they’ll make the switch if their needs aren’t met.
Discover what causes millennials to leave a job and what your business can do to retain millennial talent.
Millennials have a reputation of being job-hoppers.
Culture over compensation
Many millennials are willing to earn less for better company culture and working environment.
One big marker of good company culture is mission. Millennials want purpose and meaning in their work. An inspiring mission that rallies workers to create and innovate helps meet that need. To get millennials more engaged and motivated, help them define the purpose behind their role and the impact it plays on the company’s mission.
Good company culture is also defined by good communication between management and team members, a sense of workplace community and transparency.
Millennials want innovative benefits. Life insurance, family medical leave, and 401K’s are important but there’s a growing desire for benefits that help with finances and wellness.
Why? One reason is that millennials are starting families later than previous generations. They’re looking for benefits that make an impact on their lives now, not later.
Millennials want innovative, optional benefits that support their specific lifestyle. Consider offering voluntary benefits such as student loan repayment, pet insurance or vehicle repair protection. These cost-effective benefits can make a big difference when it comes to employee engagement and recruitment.
Uproar.car is the first company to offer vehicle repair protection as a voluntary employee benefit. Subscriptions cover the cost of small and big car repairs, saving employees $1,000s and reducing financial stress that often distracts them in the office. Learn more.
Professional development and growth
Fifty-nine percent of millennials searching for a new job express that opportunities to grow and learn are a big aspect of finding the right fit in a new company. This percentage was much higher than that of baby boomers and those in Generation X.
Employers can support this desire for growth by:
- Providing regular training sessions to learn new skills
- Offering internal promotion opportunities
- Inviting experts to visit and educate the team
- Holding regular performance reviews to track progress
- Offering mentorship from higher-ups in the company
Many millennials will move on if they do not find opportunities to learn and grow in their careers. (It also helps if there’s a chance for a promotion or raise in compensation.)
Flexibility and trust
Gone are the days of the micromanager controlling the whole working environment. Millennials want to be trusted to complete their work, their way. More employees are asking to be able to control their working hours and have the flexibility to work around the traditional 9-5.
With the advancement of technology, millennials can and will remain connected to their work even if they aren’t physically there. This often leaves room for work-from-home opportunities. Having the occasional option for remote work can help employees feel more engaged and satisfied.
Inclusive and socially conscious workplace
More millennials want their workplace to be conscious of its impact on society. They want to be a part of forward-thinking companies that leave a positive mark on its community and support underprivileged groups.
This could include taking part in charitable efforts or building programs to support the environment like office recycling. Employers can also take the steps to improve work culture by becoming more inclusive. They can support racially-targeted groups, women, and members of the LGBTQ community by reducing biases in the hiring process and learning how to become a more inclusive environment.
Allowing voices to be heard when conflicts arise and planning educational seminars can spread this awareness and make a huge impact on company culture.