Have you heard the rumor that companies are scrambling to figure out how to retain their millennial employees? Is there really truth to this claim, or is just a misconception?
According to the research data in this article that was posted on Five Thirty Eight, it shows that young people are not leaving their jobs any more than any other generation. The truth be told, they are actually staying put more than expected.
So, why does it seem as though they are job hopping more than other generations?
For one thing, Millennials are the largest generation that is currently represented in the work force. There are surprisingly few people in the middle generation between them and the oldest generation. The gap is becoming greater and greater, which is another problem on its own.
The turnover rate is actually increasing, and here’s why…
Beside the sheer number of people that make up this group, there has been an increase of job hopping in the recent years. During the recession, those that had jobs, kept their jobs. There wasn’t many companies out there that were offering great incentives or doing a lot of hiring.
Now that the economy is on the rise, there are more jobs available. Companies are able to offer more to their potential candidates, which is causing more turn over.
If the Millennials aren’t the problem, what is?
If your company is experiencing high turnover rates, you can keep blaming it on the unstable nature of the Millennials, or you can identify the issues in your own business that are causing them to switch jobs.
Take a good look at your hiring process, training programs, technology advancements, and other factors that might be make your young employees look for better opportunities. You might find that much of the problem lies within your own doors, not on a global scale.
Need help recruiting & retaining millennials? Contact us today!