According to the Bureau of Labor Statistics, it is stated that Baby Boomers did just as much job-hopping in their respective 20s as millennials do presently. Kinda puts things into perspective, right?
One of the things I run into over and over again in Springfield, MO is business owners stating that they can’t keep millennials in their businesses. From a millennial standpoint, I feel that there are several reasons why our generation isn’t sticking around at that job we’ve had for a year or two, and it may be wise to take a deeper look at this generation before shucking them off as “lazy,” or “disloyal.”
In fact, this job-hopping trend might actually be doing business owners a favor. If a millennial isn’t happy or engaged at work, they aren’t doing their bosses any favor by sticking around. For example, 51% of the U.S. workforce is not engaged in their job/careers (Gallup). This is important because, on average, disengaged employees cost organizations between $450 and $550 billion annually (The Engagement Institute).
Business owners understand it costs more to train a new employee than to retain a previously existing one, so I understand the frustration of having a high turnover in the workplace. But keeping a disengaged employee can and does cause huge losses in productivity… between $450 and $500 billion a year (Mental Health America).
Surely there is a way to create a win/win scenario for both millennials and business workers alike… After all, for every problem, there are at least seven solutions.
In the end, peace (whether in the workplace, at home or in personal relationships) is brought about through understanding – if we don’t understand who we are working with and what motivates them, it’s going to be hard to achieve peace in the office and reach that level of homeostasis we all dream of in the workplace. So, let’s take a look at a few facts about millennials… you know, to better understand them.
- Millennials are categorized as being born between 1982 to 2000 according to the United States Census Bureau.
- by 2025, they will account for 75% of the global workplace. U.S. Bureau of Labor Statistics / The Business and Professional Women’s Foundation
- 41% of millennials do what their managers tell them to do, which is greater than for older generations. Strategy+Business
- 35% of employed Millennials have started their own business on the side to supplement their income. Iconoculture
- 48% of Millennials who say word-of-mouth influences their product purchases more than TV ads. Only 17% said a TV ad prompted them to buy. Intrepid
- 3/5ths of Millennials have jobs, half are part-time. Harvard University
- 50% do not believe that Social Security will exist when they reach their retirement age. iOme Measure of Millennials
- 48% of employed college graduates work in jobs that don’t require a four-year degree. The Center for College Affordability and Productivity
- 75% see themselves as authentic and are not willing to compromise their family and personal values. Bentley University’s Center For Women And Business
- 81% have donated money, goods or services. Walden University and Harris Interactive
- 84% say that helping to make a positive difference in the world is more important than professional recognition. Bentley University’s Center For Women And Business
5 Things Millennials Want in a Job (And Aren’t Getting At Your Business)
A Capital Huddle survey found that a third of millennials say a 529 or college savings plan is a benefit they want employers to offer. Tuition reimbursement is a super bonus as well. Keep in mind, this generation believes they won’t have social security when it comes to retirement age, and even more, millennials want tuition reimbursement.
Paychecks are great, many of us are exceptionally passionate at being able to afford food, but millennials seem to feel that time is not something to trade for money – it is something to invest in. Growth and development is key – both personally and professionally.
After living through the recession of 2007-2008, millennials are a bit more cautious when it comes to investing and place a high value on retirement. And while retirement options is a thing all generations seek, it is definitely something millennials place a high value on.
In the past, working 8 to 5 was the norm, but it isn’t particularly appealing to millennials who often want flexibility. “If I get all my tasks done on time, why do I have to stay in the office?” If they can deliver results, they want time freedom.
Millennials care about their fellow-man and the world they live in, and we want to be part of the solution instead of the problem. The purpose of a company and its contribution can, and often does, influence a millennial’s decision to stick with a company or to go job-hopping.
In short, while there is a percentage of companies who sneer at the millennial generation and categorizes them as necessary but barely tolerable, keep in mind that the best way to destroy your enemies is to make them your friends (Abraham Lincoln). After all, peace can only be brought about through understanding.