Millennials won’t stick around in jobs they don’t like.
They get a lot of stick, Millennials. But we think they might be onto something here.
A new study has shown that millennials feel confident and comfortable and leaving a job that they don’t feel fulfilled in. Research also shows that Millennials don’t plan to stick around for more than two years in a job. Today, we look at the reasons why millennials leave their jobs, and what it means for recruitment in the future.
The two year limit.
Millennials are leaving their jobs after two years. Only 28% of them say they plan on sticking around in their current jobs for five years or more. This is a stark contrast to the generations that came before. Gen Y’s parents are more likely to have been working for the same company for a minimum of 15 years. But why aren’t they following in their parent’s footsteps?
Reason 1 – Money isn’t everything.
Despite what you might think, Millennials are not driven by money. They are much less likely to stay in a job because of money than any other generational cohort. Their older siblings and parents are more likely to stay in their jobs solely for their pay check. Millennials are more driven by flexible working patterns, shorter working weeks, a larger holiday allowance, the overall workplace environment and the people they work with. Money doesn’t matter to millennials – they’d rather a better work/life balance.
Reason 2 – Business Ethics.
Call Millennials stupid, but they’re pretty clued up. Less than half of Millennials believe that businesses behave ethically. Many of them believe that businesses have only their best interests at heart, rather than that of the wider community. Generation Y say that they don’t want to work for companies which they do not believe to be ethical.
Reason 3 – Diversity.
If your workplace isn’t diverse, Millennials aren’t interested. They want to work with people with different experiences, who come from different backgrounds. They want tolerance, inclusiveness, openness and respect. Don’t expect them to stick around in your organisation if you can’t offer that.
Want to attract and retain your millennial employees?
You’ve probably got a bit of work to do. They are not fuelled by financial rewards. They want a fun but fair workplace that is inclusive and ethical. If you’re worried that a few of your employees are going to leave the organisation, it might be an idea to chat to them, to see what would make their experience better at work. If you can’t offer them what they want, they’re not going to stick around.