Millennials know job hopping looks bad, yet 86%* would not think twice about leaving their job. This has adverse impact on companies – the high millennial turnover deeply impacts businesses. Here are the real reasons why millennials are leaving their employers:
1. Suffering from Lack of Purpose
Millennials look beyond the pay checks they receive from their employers. They want a purpose and a journey that is challenging and satisfying. Businesses need to assess and ensure that their own purpose and goals match that of the millennials to attract them.
2. Feeling Undervalued
If millennials’ hopes and dreams aren’t treated like they matter, there are many more job openings in the world that they can choose from. It’s not uncommon to forget to show employees that they are valued – sometimes a simple recognition by way of a thank you email, lunch treat, or free days-off will help show that the company is happy to have the millennial.
3. Inadequate Compensation
Money matters, especially when you are a young professional with a student debt. If an organisation doesn’t pay a millennial what they think they are worth, someone else will.
4. Lack of Work-life Balance
Millennial workers (and all workers for that matter) value work-life balance. They want the flexibility to leave work on time so that they can have a life outside of work. Likewise, the type of benefits that a company offers can often be a deal-breaker – they are enough to make an employee think twice about leaving the company.
Attracting and retaining millennials requires company-wide effort and this investment is well worth the hard work in the end. After all, they are the ones who will take up senior level roles in the future and grow the business.