It’s evident that Millennials are indeed inclined to switch jobs frequently, as suggested by Gallup’s recent report titled “How Millennials Want to Work and Live.” This generation, born between 1980 and 1996, exhibits a higher propensity for job searching and changing compared to other age groups.
Our research offers a comprehensive understanding of Millennials as employees, individuals, and consumers. It both confirms and dispels some common myths about this demographic, presenting a nuanced perspective beneficial for companies aiming to attract and retain Millennial talent, given that they constitute the largest portion of the U.S. workforce.
Regarding job-hopping, our findings indicate that 21% of Millennial workers changed their jobs in the past year, a rate significantly higher than that of non-Millennials. While we lack specific data on their reasons for leaving, it’s conceivable that some pursued further education. Additionally, six out of ten Millennials express openness to different job opportunities, surpassing other generations. Notably, these opportunities typically lie outside their current organizations, as evidenced by a separate study showing that 93% of job changes involve leaving the current employer.
Why this tendency? Overall, American workers, including Millennials, exhibit low engagement levels at work. Millennials lead in this aspect, with 71% either disengaged or actively disengaged, making them the least engaged generation. Engagement is crucial for retaining employees, with our analysis revealing that 47% of actively disengaged Millennials are highly likely to switch jobs if the job market improves, compared to 17% of engaged Millennials.
However, Millennials’ readiness to switch jobs presents an opportunity for organizations. They are discerning consumers of workplaces, seeking roles that align with their needs and life objectives. Employers must understand and address factors that make their company appealing to Millennials to attract them over competitors.
So, what do Millennials prioritize in their job searches?
We surveyed workers to gauge the importance of various attributes when applying for new jobs. Across all employees, opportunities for learning and growth, as well as the quality of management, top the list. Yet, these factors hold even greater significance for Millennials.
At this stage of life, Millennials view their roles as stepping stones for growth. They seek commitment to their role and managers who invest in their development, akin to other generations. Having a supportive manager and being part of a conducive management culture are valued by all employees, but Millennials emphasize learning, growth, and advancement opportunities.
Contrary to stereotypes, Millennials don’t prioritize perks like ping-pong tables or free beer. Creativity and a fun work environment rank lower in importance for Millennials compared to Baby Boomers. However, Millennials seek assurance regarding how an organization fosters their learning, growth, and career advancement.
While income doesn’t top Millennials’ job search priorities, it remains significant, especially given their high levels of student debt and stagnant wage growth. Half of Millennials would consider switching jobs for a modest raise, indicating a desire for roles that match their qualifications and offer better financial prospects.
To retain Millennials effectively, companies must grasp their motivations and preferences, balancing these factors carefully. Despite some differences, Millennials ultimately desire similar attributes from employers as other generations: growth opportunities, supportive management, and roles that leverage their skills and interests. Providing these elements can help companies retain Millennial talent and prevent continual turnover.
