The average millennial is likely to have 12 jobs in their working lives, according to research. Furthermore, most of those aged between 18 and 34 only plan to stay in their current role for an average of three years – more than twice the national average. Whether it’s moving for more money, career progression, or to pursue their passions, the days of keeping a job for life are long gone. But what are the reasons behind this growing trend for job-hopping?
To increase their salary
It’s commonly assumed that millennials switch jobs often purely for financial reasons. 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 eight and ten per cent. For some, even 20 per cent is achievable.
Whilst this may sound attractive, you should think twice if money is your only motivation for switching jobs. 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.
To combat boredom
Many people feel dissatisfied at work if their job is not challenging enough. 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.
For new opportunities based on 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.
For ethical reasons
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.
How can business owners 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.