Worried about retention? Some news about millennials

Millennials and careers

 A recent article from Reuters provided some insights into why millennials quit their jobs and just how many of them plan on doing so in the next 2-4 years. First, the numbers:

  • Sixty percent of millennials, those people who are 22-32, have changed jobs 1-4 times in the past 5 years, according to State Street Global Advisors. Could be some of the younger millennials in the survey population were moving from part-time or ‘I needed a job’ jobs, but that numbers should give you pause.
  • If given the choice, 44% would leave their job in the next two years and 66% expect to change their employers in the next 4 years. Not would if they could. They expect to change.

Why? As we’ve all heard, millennials want work that aligns with their values. Old news.  What was interesting is how important it is even to those who are what they call ‘senior millennials’ — those with high-level job titles. Sixty-one percent of them say they’ve chosen not to undertake a task at work because it conflicts with their values. So much for work is not personal.

However, this article points out that isn’t the whole story. Turns out money does matter. A woman quoted in the article only chose to change to a career she thought she would like better when she figured out it was lucrative in the market where she lives. It also notes how often millennials are developing additional revenue streams outside of their jobs. Sounds pretty entrepreneurial to me.

What can you do to keep your millennials around.  Most likely, they will leave you at some point but you can probably extend that timeframe by focusing on three things:
  • Know what your millennials, as individuals, value and integrate that into their work.
  • Give them the opportunity to generate business ideas and be entrepreneurial. Their doing it on the side.  Why not as part of their regular job?
  • Don’t think that all of this takes the place of money.  They want financial rewards for their effort.  What may be different from others is that the rewards need to be aligned with their values, how they are making a difference and the ability to be entrepreneurial at work.
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