A recent Gallup poll drew the conclusion that 21% of millennial employees have changed jobs within the past year and about 60% of millennials are ready for a job change right now. That’s a scary stat for businesses that rely and invest in millennial talent… which is nearly everyone.
Data from Linkedin supports the above poll – Millennials are job hopping more. In the graph below, you can see that the average number of companies people work for in the five to ten year period post-graduation has gone up significantly.
So who’s to blame for all this jumping around? EmpIoyer or employee? Is it the perpetual boredom created by our ever-changing tech driven world; wanderlust of what’s on the other side; lack of engagement and challenge; cultural fit; missing employee perks or benefits; undefined path to growth and success; poor management, stagnant salary; lack of motivation… The answer – some combination of all the above and much more that’s not listed. Our parents, and their parents world of sticking with one or two employers for the life of their career, building and collecting their pension, and sailing into the sunset of retirement, is just not the way we work today.
Maybe it’s just the economic and lifestyle environment we’re in…
Programming/Development jobs, most heavily supported by Millennial talent, are often shorter term contract/project driven which precludes moving around;
We’re in a world of startups. Some succeed, a lot fail. With failure, exits and acquisitions comes layoffs and that talent goes on to other organizations;
Lower percentages of married millennials; those with children and owning a home, provide them less risk and tethers to jump jobs and/or relocate from one city to another.
Whatever the reason we are job hopping, it’s a reality that industry, HR, recruiters, managers, trade organizations and the like will just have to deal with and adapt to. If you’re unsure why millennials are leaving your company; well then ask them. It’s ok to ask what you could have done different or better to retain them.