According to Recruitment International, millennials will hold an average of 12 jobs in their working lifetime, and it’s likely that we’ll see yet another increase when it comes to Gen Z employment, but what has contributed towards this job hopping trend?
LinkedIn statistics show that six in ten millennials are open to new job opportunities and they are the most likely generation to switch jobs. In fact, few young workers plan to stay in their current place of work for over two years — 43% say they will leave within this time frame, and only 28 % plan to stay for longer than five years.
Evidently, attitudes towards job loyalty have completely changed over time. Whether it is for the sake of a pay rise, a new location, or a company which better reflects an employee’s values, millennials are restless and refuse to stop at anything that doesn’t perfectly suit their requirements.
Moving for money
Older generations are quick to assume that millennials’ job hopping habits can be fully attributed to monetary gain. Of course, this will likely motivate many young people — if they feel they are in a dead-end job, with no clear course of development and no promotion or pay rise in sight, then jumping ship seems like the only solution. Although sometimes viewed as cutting corners, the millennial workforce would argue that this is a case of ambition and knowing your own worth.
According to Forbes, in a healthy economic market, a job hopper might enjoy a pay rise of between 8-10%. For some, even 20% is achievable.
This may all sound tempting, but if your only motivation for job hopping is monetary, then you could be shooting yourself in the foot. A substantial pay rise may be appealing, but if you are out of your depth in a new role, the resultant stress won’t be worth it.
Aspiring for ethics
Although money is a big motivator, it seems that many millennials would stick to the same wage bracket, or even take a pay cut, for a job which better adheres to their personal ethics. On average, millennials and Gen Z employees tend to prioritise environmental and social issues more than the generations before them. If the overall ethos or mission of a certain company isn’t a fit for them, these workers often won’t hesitate to walk away.
Looking for a new location
Location is another aspect that drives the millennial workforce. Once, location was seen as a factor that would limit your job choices. Now, however, new locations spell big opportunities for ambitious young workers.
On average, people are now waiting until later in life to settle down, get a mortgage, and start a family. Instead, millennials are using their twenties to advance their careers and explore uncharted territories — taking new jobs either regardless of, or because of, the location.
Beating the boredom
Finally, boredom is a major contributor to job hopping tendencies. If a worker feels that they are stuck in a rut, undervalued, or under-stimulated they will decide to look elsewhere. Due to the decreasing stigma surrounding job hopping, this is becoming more and more common.
What can be done to retain millennial employees?
This trend begs the question: what can be done? For employers, the longevity of their workforce should be a major concern. Businesses with a high turnover of staff are in danger of a damaged reputations. Not to mention the amount of training they will need to perform if they have to keep replacing staff members regularly. So, make sure your business is doing all it can to maintain key staff members by:
- Listening to your employees.
- Clearly laying out development plans and pay rise opportunities.
- Being flexible with location and working hours.
- Creating a positive work environment with strong values.
Combined, these factors will create an evolving and challenging work environment that will not only attract new employees but ensure that valuable employees stay and thrive within the company. As well as taking these measures, you could even embark on a business coaching course to make sure that you’re adhering to your employees needs. This will result in happy workers, increased business growth, and countless opportunities for your company.