Why can't millennials afford to job hop-

Millennials can’t afford to job hop

Millennials (adults between the ages of 18 and 34 as of 2015) are often seen in the business world as self-involved job hoppers who need constant recognition and raises. They’re also the largest segment of the American workforce, but not all companies are nurturing and leveraging their potential as future leaders.

A new study by the Center for Talent Innovation (CTI), Misunderstood Millennial Talent: The Other 91 Percent, helps to break these stereotypes and shows that millennial workers are actually loyal, hard-working, and looking to make their mark in a company.

When it comes to the image of the job-hopping millennial, for example, the study’s findings differ dramatically from the stereotype. Roughly 40% of millennials with a financial safety net (i.e. those who have families that could support them indefinitely if they were to quit or lose their job) said they plan to leave their jobs within a year. This group represents about 10% of the millennial workers surveyed by CTI. In comparison, just 10% of millennials who don’t have a financial safety net said they plan on leaving their jobs within a year.

Recognizing that the majority of millennials are ready to invest in their work changes the conversation significantly. CTI’s research suggests three key ways to engage millennial employees.

  • Create a forum for cross-generational communication – Foster an environment where all generations can work side-by-side with senior executives.
  • Show millennials how to create value in the company – Recognition is very important to millennials, but it’s often because they want to understand how they contribute to the business strategy.
  • Help millennials craft their ideal work environment – Money alone isn’t enough of a magnet to draw millennials away from a company that offers opportunities to learn new skills, build rewarding relationships, and progress in their career.
This post first appeared in TINAN 74. Subscribe to TINAN for the latest economic development news and resources.