Are Job Hopping Millennials Costing you Money?

Are Job Hopping Millennials Costing you Money?

20th Century workers often worked decades for the same employer.  Millennials however have a completely different focus and often only stay at a job for up to 2 years.  Moving from one job to another quickly is common in the 21st Century and coined the phrase ‘Job Hopping’.

Employees over 65 stay in the same job on average 10.3 years vs just 2.3 years for employees aged 20 to 34.

The retention rate of 30% of companies are shown to lose 15% of their millennial employers each year.  Obviously there is a huge recruitment cost to replace these employees.

Have you considered that poor retention rates for Millennials maybe because you are not meeting the needs of this mobile savvy workforce?  Employees maybe ‘job hop’ because they are seeking a company that can fulfil them professionally.

Here are some reasons why it may be employers not millennials that are causing the ‘job hopping’ generation.

  1. Are you offering career advancement and development?  Provide clear career paths and opportunities.  Communicate with your employees to establish what their personal and professional goals are.  Show that you wish to invest in their future.
  2. Most entry level jobs for graduates don’t give employees the opportunity to use all their skills.  Challenge them, ask for their ideas and make them feel of value to your company.
  3. A student loan for the majority of graduates is a huge mill stone.  Do you include payment assistance as part of your salary and benefits package?  36% of employees will stay with a company longer if you can help with their education debt or travel expenses.
  4. Do your employees feel valued by your company?  If they don’t, it is easier for them to leave for pastures new.  Make sure you acknowledge your employees hard-work.  Have regular one-to-one meetings so they feel they are doing a great job.

Wiktionary – job-hopping – The practice of suddenly or frequently changing jobs, especially for financial or career advancement reasons.

 

Are Job Hopping Millennials Costing you Money?

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