Everyone seems to be curious about Millennials. They are, after all taking over the workforce – in the next ten years they will comprise 75% of the global workforce (The Deloitte Millennial Survey). So, employers should take time to get to know millennials and what makes them tick.
One thing we know is that millennials are job hoppers. According to a survey by Pinpoint Market Research, 39% of participants aged 20-29, have already held 4-7 full-time jobs and 83% plan to stay at a single job for just two years, unless promoted. What is it that makes millennials move around so much? What do millennials value? Let’s look a little further into what Pinpoint found in their millennial survey to figure out how to retain millennials.
- Offer work/life balance: this seems to be one of the most important things that millennials seek from an employer. 88%, aged 20-29, said they seek a consistent work/life balance and 57% said they will leave a job if they aren’t getting it.
- Create opportunities to work from home: part of a work/life balance is the flexibility to work at home. 72% choose companies with work-from-home options.
- Don’t assume money is everything: if your retention plan is to throw money on the table when an employee seems unhappy, think again. 47% choose fewer hours over more pay and 60% choose “love of job” over money earned. Perhaps you should look at your workload expectations instead.
- Ensure your company is stable: millennials seek employment at stable companies – 88% say company stability is a top priority when considering employers.
- Focus on learning opportunities and career development: millennials want to work for an employer that fosters learning and development AND pays for it. 81% want companies to invest in their professional development and 83% want a clear path to promotion and will leave if they don’t get it. Here’s a few more statistics that really emphasize this one:
- 83% want tuition reimbursement for education sought while employed
- 78% want learning opportunities in leadership
- 73% want to attend conferences, networking events and seminars
Based on the findings in this survey, millennials care about work/life balance, flexibility and career development. What will you do to retain millennial workers?