America’s itinerant Millennials have come of age & employers are having to rethink their traditional workforce practices to accommodate this tech savvy, Generation Y. According to a 9700 worker study by Ernst & Young of New York City, American workers site these 5 reasons why they would quit a job & find a new one.
- Minimal wage growth (78%) with no visible path for growth comes as no surprise but the other 4 reasons can be addressed a little easier by companies. Many Millennials had to endure the Great Recession and it’s stagnant wages and now see an opportunity to set their career paths. As unemployment rates drop & wages become more competitive, this connected segment of the workforce will continue to look elsewhere for higher wages.
- Lack of advancement opportunities (75%) with no foreseeable career or job options will send a Millennial running for the door. Managers need to engage with this group weekly and let them know they can be challenged where they are. In manufacturing, one HR Associates’ client rotates employees to 4 different work stations per shift. Most Millennials think of themselves as entrepreneurs and directing that energy & ideas internally can improve manufacturing processes and a company’s bottom line. Allowing self expression of ideas will benefit your team and improve employee retention.
Excessive overtime hours (72%) is an aspect of this Generation Y workforce that needs to be addressed by employers. Trying to balance the ideal number of employees, to keep company benefits costs down, and the Millennial “Swinging Door” issue is a losing battle with many companies in west central Ohio. Married Millennials, 78%, have a spouse working full time and are juggling their “Me Time” and are losing the battle. Schedule flexibility is a major issue in our market and until employers address the issue, Millennials will continue to shop jobs.- A culture that doesn’t foster teamwork (66%) will also influence a Millennials decision to fly the coop. The 20-30 somethings listen to their hearts as much as their brains. Companies need to adapt their culture to encourage more discussions that allow this generation to express themselves, what makes them happy and frustrated. Millennials want to care about their work and the people with whom they work with.
Teamwork promotes a sense of unity and collaboration which articulates their highly social slant. Teamwork adds passion to their work & empathy for others on their team, which speaks to their compassionate & progressive views. Millennials need to be a part of a team environment with goals clearly spelled out.
According to a Case Foundation study, 73% of Millennials volunteered for a non-profit in 2012 with 3/4 being passionate about the cause or issue. Any employer able support & invest time to a non-profit cause will greatly improve their relationship with Millennials working for them. We discussed this idea with our client, Plastic Recycling Technology (PRT), they have decided to look for a good cause to support. An upcoming 5K Challenge, which is the final step in their employee Wellness Program, will be a great opportunity to give back through sponsorship & pledges. Having an underlying reason to excel at work to support a cause & not just corporate profits will speak volumes to one half of today’s Millennial psyche.
- Inflexibility (66%) of employers is detrimental to a productive & sustainable workforce. Millennials want a flexible schedule, while still remaining on track for a promotion. Generation Y families are taking a hit by the necessity of 2 full time jobs and employers need to dial back the 12 hour schedules. Manufacturers employee “Point Systems” are antiquated and need to be revamped for today’s Millennial generation. Alternative punishments for infractions need to be addressed. The old & entrenched “Yearly Review” needs to be renamed “Conversation Day”, meaningful conversations with the employee in mind.
The Millennials, 75 million, is the largest generation in American History. As Baby Boomers continue to retire over the next ten years, Gen Y will soon be doing most of the working, spending, and decision making. Employers better wake up and cater to this group or the door will continue to swing.
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