A major trend happening in the business world is job-hopping among millennials. Millennials are people who were born between 1981 and 1996. One survey reported that employers expect 45% of their newly hired college grads to remain with the company for under two years, and the study showed that by age 35, about 25% of junior employees will have worked five jobs. The main reason for this job-hopping trend is that millennials are looking for more meaningful and impactful work that will make them feel purposeful. Gallup is reporting that a staggering 87% of employees worldwide are disengaged at work.
As seen during the pandemic, it is more important than ever for people to find jobs that challenge them, allow them to learn, and make an impact. Otherwise, as the Great Resignation proved, employees are prepared to find work elsewhere. In fact, according to Gallup, millennials are the most willing to act on better opportunities; 36% report that they will look for a job with a different organization in the next 12 months.
Employers need to be willing to make a change and invest in their most valuable assets to ensure they feel valued. This goes beyond competitive compensation and benefit packages, firms need to consider a more holistic approach. A recent Gallup report confirms that claim. Organizations that invest in their employees have seen absenteeism down 41%, profitability up by 21%, sales productivity increased by 20%, and overall quality of work increased by 40%.
So how do we solve the job-hopping threat?
Well, what if we stop thinking about job-hopping as a threat, but rather an opportunity.
Job-hopping provides employees with an opportunity to become well-rounded and develop a deep and thorough understanding of all parts of the business. They are exposed to a variety of roles and responsibilities and as such, can provide significant value to the organization.
If employees prefer job-hopping, why not find ways to embrace it? New employees are learning to make significant impacts at a faster pace than ever before and instead of trying to fight against the trend, organizations may want to consider a “join them” mentality instead.
Perhaps introducing a job rotation program aimed at encouraging top performing “job-hoppers” to stay within the organizations while also being able to scratch the proverbial itch to try something new. The program should focus on providing employees with exposure to different departments in the company and providing them with ample opportunities to expand their skill sets to help them continuously learn and grow within the company.
If you’re finding it difficult to retain top millennial talent this may be a strategy to consider. While it is specifically aimed at retaining top talent within the organization, you may very well find that it becomes a solid talent acquisition strategy. The change associated with this transformation will be complex and require significant investment to launch successfully, but how can one argue that an investment in a company’s most valuable assets is not worthwhile?
If you are embarking on a similar strategy, contact us today. We can help!