The subject of Millennials in the workplace has been a popular one in the world of employment. You’ve probably heard some of the things being bandied about regarding this generation:
- Driven by money
- Not a team player
According to a recent study by Elance-oDesk, hiring managers largely share these opinions of Millennials. However, these are not the problems that hiring managers and company officials should be worrying about.
The Elance-oDesk study was conducted among over 1,000 Millennials 21 to 32 years old and 200 hiring managers 33 years of age or older. According to the study, the hiring managers surveyed also rated Millennials higher than Generation X in these key areas:
- Open to change
- Entrepreneurial attitude
As a result, the study stated that “Millennials are poised to drive the future of business.” That brings us to the Millennial problem that hiring managers should really be worried about. That problem is this one:
Fifty-eight percent (58%) of Millennials expect to stay in their jobs fewer than three years.
How does this compare to previous generations? Generation X expects to leave a company within five years on average, and Baby Boomers expect to leave within seven years on average.
One of the reasons this is such a big problem is that according to the study, 53% of hiring managers report difficulty finding and retaining Millennial talent. Only 14% of the hiring managers surveyed reported that it was “easy” to do so.
So if it’s difficult to find and retain Millennial candidates and if Millennials expect to leave their job every three years, then the conclusion is obvious: companies should do everything they possibly can to retain the top Millennial talent they have.
If Millennials are truly “poised to drive the future of business” due to their combination of creativity, flexibility, and attitude, then they must be properly engaged by their employer. If they are, then they’ll be more likely to stay and not seek new opportunities.
What is your organization’s plan for retention, especially the retention of Millennials? How effective is that plan? Do you have a Millennial problem that you need to be worried about?