The Bureau of Labor Statistics reported recently that the average tenure of an employee is just 4.4 years. In fact, the BLS reports that men will have an average of 11.4 jobs in a lifetime, while women will have 10.7.
That’s a lot of “job hopping.”
But that’s just the beginning: Millennials (those born between 1977 and 1997) will be hanging with their employers for an even shorter amount of time: A Future Workplace survey titled “Multiple Generations @ Work” found that of 1,189 Millennial-aged employees who responded, a full 91 percent said they expect to stay in a job for fewer than three years.
Which means they could have 15-20 total jobs over the course of their working lives (more if they decide to keep working beyond the soon-to-be traditional retirement age of 67).
So what could this mean for your company? A few things.
As you well know, it costs a lot to hire someone, possibly tens of thousands of dollars. To have a new employee leave after a couple of years could mean a) you’re continually refilling the position and b) you never get the full benefit of the worker’s skills, education, etc. You’ve just spent precious time and resources in “training” a new employee in the ways of your company, and to have the employee leave before that “investment” pays off can be costly not only to your company’s bottom line, but also to employee morale – and customer satisfaction (“I’m always talking to a different account executive. Can’t you people keep employees!?”)
But Millennials don’t look at leaving job after job in the same way you might. Millennials (also known as Generation Y) feel that a “positive culture” is important or essential in their work lives (according to a recent survey by NetImpact.org), as is work they find “interesting.” Moving quickly from job to job allows them to reach both of these goals. Why? Because it lets them experience different work environments and roles, all while learning new skills.
To help keep Millennials engaged and on your payroll, consider the following:
- Offer workplace flexibility: Flexible work hours and the chance to work at home are big perks to Millennials.
- Listen to them: Millennials want to feel that they’re contributing to your company. Listen to their ideas and, if possible, implement some of them.
- Make sure you tell your Millennial employees about your company’s vision and goals. As mentioned above, Millennials want to feel they contribute – the more Millennials feel that they can embrace your company’s mission/values, the longer they’ll stick around.
Finally, try to keep an open mind when you see a resume with a lot of “short-term” positions. The individual may not be a lazy dilettante. Instead, he or she may be an explorer and one who’s willing to take risks when his or her creativity can come into play.
Whether you need workers for temporary assignments or direct-hire opportunities at your Ontario or Moreno Valley company, contact a recruiter at Arrow Staffing. We look forward to hearing from you.