Ever feel like your Millennial employees are leaving as fast as they arrive? Well surveys say you’re not imagining it … and you’re not alone.
About 60 percent of Millennials, ages 22-32, have changed jobs between one and four times in the last five years, according to State Street Global Advisors. According to Deloitte’s 2016 Millennial Survey, two-thirds of Millennials want to leave their current employers by 2020.
By 2020, Millennials will also comprise 50 percent of the workforce, according to estimates. So, the need to retain young talent is more important than ever.
If you want to make your top young talent stay put, you first need to know why they leave. Here are the top reasons Millennials leave companies:
- Searching for Leadership Development and Career Advancement Opportunities
What’s the single biggest reason Millennials are leaving companies? They don’t feel like they have a clear path for career advancement and development. According the Deloitte report, “71 percent of those likely to leave in the next two years are unhappy with how their leadership skills are being developed—fully 17 points higher than among those intending to stay beyond 2020.” They want leadership workshops and online training classes. Also, Millennials want to know their job is going somewhere, and that a promotion is in the future. Make it clear to your employees how you can help them advance in their careers, or you run the risk of losing them.
- Wanting to be Heard
Millennials are not like previous generations, who expected to “pay their dues.” When they walk into a meeting on their first day, they expect to have their ideas heard … and valued. They want to contribute to the company and make a positive impact from Day One. When Millennials don’t feel like their opinions are valued, they tend to look elsewhere.
- For Better Family-Care Benefits
As the Millennial population continues to age, more and more of them are starting families or beginning to think about the transition to parenthood. That means thinking about things like the cost of child care and availability of paid parental leave. According to a recent study, 62 percent of Millennials would leave their current jobs for a company with more family-friendly policies and 48 percent reported that their work performance had been negatively affected by a lack of family-friendly benefits. Introducing or expanding families care benefits, like the ones offered by Care@Work, has been proven to improve retention of new parent employees following the birth of a child.
- Finding Flexibility
Millennials want flexibility. They want to work from home or the coffee shop on days they don’t have meetings. They want to leave early to catch their kid’s school program, or a few waves, and then catch up on work later. Millennials want to choose a schedule that works best for their lives. If they are doing the work and producing the same results, why does it matter when or where they work? Companies that don’t offer that flexibility risk losing major talent.
Instead of getting hung up on start and end times, focus on results and allow employees the flexibility to achieve work-integration that makes sense for their situation. Doing so will improve engagement and loyalty among your workforce.
- Looking for Values That Align with Theirs
The value of a company’s mission and culture cannot be understated. Culture is about creating a positive, transparent and mission-driven environment where talented people want to work and are supported in their personal and professional lives. Millennials are more interested in working somewhere with a strong mission and purpose than for an established company with a track record of producing strong returns. So when a company’s values are just something written on the wall, Millennial employees become a flight risk.
- Wanting Better Pay
While competitive salaries are commonly the bait used to reel in new hires, organizations are typically less likely to incentivize or reward long-term employees with the same monetary benefits. According to the Society for Human Resource Management (SHRM), 49 percent of Millennials would leave their current position for more money.
If you’re willing to pay top dollar for new hires off the street but won’t reward your top performers with more money or advancement opportunities when they ask for it, then you’re at risk of losing your high-performing talent.
- They Just Don't Like Their Job
This could be anything. It could be a personality conflict between their boss or co-workers. This job could’ve been the first offer they received out of college and they took it desperately not realizing it wasn’t a good fit. It -p-could be a super long commute. Millennials are just like everyone else, sometimes jobs just aren’t right for you.
Millennials leave jobs for a variety of reasons- from pay to benefits. You have to know why they leave to know how to make them stay.