Millennial turnover is a hot topic in today’s workforce. As baby boomers retire and Gen Xers move into leadership roles, millennials are taking over the majority of the workforce. But with this generational shift comes new challenges, including high rates of turnover among millennials.
However, many of the assumptions made about millennial turnover are based on myths rather than facts. In this article, we’ll take an in-depth look at the data to uncover the truth about millennial turnover.
Myth #1: Millennials are job-hoppers
One of the most pervasive myths about millennials is that they are constantly on the lookout for their next job opportunity. However, research shows that millennials are no more likely to change jobs than previous generations were at the same age. In fact, the average length of time millennials stay with a company is just over three years, which is similar to Gen Xers at the same age.
Myth #2: Millennials are disloyal
Another common myth is that millennials are not loyal to their employers. However, this couldn’t be further from the truth. A survey conducted by Deloitte found that 44% of millennials would stay with their current employer for five or more years if given the opportunity. Furthermore, a report by Gallup found that millennials are more likely to stay with an employer if they feel their work is meaningful and they have opportunities for professional growth.
Myth #3: Millennials leave for more money
It’s often assumed that millennials leave their jobs in search of higher salaries. However, a report by the Harvard Business Review found that millennials are more likely to leave their jobs because they feel their skills are not being fully utilized or they lack opportunities for career advancement. In fact, a survey by PwC found that 52% of millennials would take a lower salary if it meant working for a company with a strong sense of purpose.
Myth #4: Millennials are difficult to manage
Finally, there is a widespread belief that millennials are a difficult generation to manage. However, research shows that millennials respond well to clear expectations and regular feedback. In fact, a study by the Center for Creative Leadership found that millennials prefer to receive feedback from their managers on a daily or weekly basis.
So why are millennials leaving their jobs?
Despite the myths surrounding millennial turnover, the data tells a different story. The truth is that millennials are no more likely to change jobs than previous generations were at the same age, and they are just as loyal to their employers. So why are so many millennials leaving their jobs?
One reason is that millennials are more likely to change jobs in search of new challenges and opportunities for professional growth. They are also more likely to leave if they feel their work is not meaningful or if they do not see opportunities for advancement.
Another factor is that the job market has changed. In the past, it was common for employees to stay with the same company for their entire career. However, in today’s economy, changing jobs is often the best way to advance one’s career and increase earning potential.
Conclusion
In conclusion, the truth about millennial turnover is that it is not driven by a desire to constantly change jobs or by disloyalty to employers. Instead, millennials are leaving their jobs in search of new challenges, opportunities for growth, and work that is meaningful to them. By understanding these motivations, employers can take steps to retain their millennial employees and create a more engaged and productive workforce.
