A modern horror story for Human Resources: Millennials. They are infamous for job-hopping. Unattached to any organisation, millennials (born between 1980–1996) move freely from one company to the next, more so than any other generation demographic.
A recent Gallup report on the millennial generation shows that 21% of millennials claim to have changed jobs in the last year, which is a whopping three times the number of non-millennials who report the same. Gallup estimates that millennial turnover costs the United States economy $30.5 billion annually.
These millennial job hoppers also portray less willingness to remain in their existing job roles. Half of millennials strongly agree they plan to be working for themselves one year from now. In other words, this suggests half of the millennial workforce do not see a future with the organisations they work for. Besides thinking of having their own start-ups, 60% of them also say that they are open to different and better job opportunities.
By 2025, millennials would make up 75% of the global workforce. Organisations miss out if they do not start engaging their millennial workers. The millennial workforce is predominantly "checked out", which means they are not putting energy or investing passion into their jobs. They are indifferent and show up at their workplace just to put in their hours.
One possibility is that plenty of millennials actually do not want to switch jobs; it is just that their companies are not giving them compelling reasons to stay. When millennials see what appears to be a better opportunity, they have every incentive to take it. While it seems that millennials are just never satisfied with what they have, the reality is they just want a job that feels worthwhile—and they will not stop searching relentlessly till they find it.
Millennials are consumers of the workplace and you bet they are willing to investigate and pursue more ‘promising’ positions with other companies. The current challenge for organisation leaders is twofold: first, they must understand how to attract millennial workers who are looking to leave their current organisations, and secondly, they must also understand how to retain their existing millennial workers.
Thinkspace helps you save time and money that you would have otherwise wasted on replacing your millennial employees every couple months. When your workforce has an avenue to voice their ideas, they feel empowered and valued. Employee engagement and innovation feed into each other, forming a powerful positive cycle for your entire organisation.
Create your innovation culture, attract top talent and retain your best employees with Thinkspace—all while capturing their best ideas. A win-win-win situation!
Say hello to our innovation team and explore how you can get started today.