Why Millennials are Desperately Looking for Career Change
There’s a pervasive assumption that the younger employers (young millennials and Gen-Z) just can’t seem to stay put at a job for too long. Usually, they work a position for 2-3 years and then move on. That goes for the positions they enjoy too.
Many employers now feel that the best-case scenario for hiring young talent is, after onboarding and getting these young employees trained, companies will get a maximum of 2.5 years of work before that human capital investment is gone.
They want to retain this young talent, but they don’t know why they move on so quickly. What’s driving these young workers to new companies? What are they searching for? How can companies implement the right systems and ideas to get these employees to stick around?
As a career services professional, you need to understand both sides of this equation. You can be the conduit between these young professionals and the companies who need their help.
@JobZology discusses the reasons Millennials and other young professionals seem to constantly be looking for a career change. Read their breakdown here: @JobZology
A Need For Purpose
Employers need to get one thing out of their heads for good: this movement of the younger generation is not a question of laziness. They are moving for a reason, and employers need to empathize to have any hope of retaining them.
One big reason is purpose. Young millennials, just like every other generation before them, want to feel like their job matters. For each generation, this career purpose looks different. Sometimes it’s a personal purpose, sometimes it’s a familial purpose, and sometimes it’s social impact. Nevertheless, the job has to matter to them for it to be worthwhile.
Do companies have an established and meaningful overall mission? Does the culture support and forward that mission? The younger generation really contemplates these matters. They want to work for companies that harbor values that align with their own social ideals.
@JobZology says there are many reasons millennials look for a career change. A need for purpose, flexibility, and growth go a long way toward keeping young professionals around: @JobZologyFurthermore, younger employees want to feel like they matter towards furthering that mission at the company. If a company is trying to save the world but all this young professional is personally doing is washing dishes, they may not be inclined to stay. Companies need to demonstrate that their employees have value to that overall mission.
We all spend a lot of time at our jobs. Of course, people want them to matter. A significant portion of life is spent in service of some goal. Why shouldn’t it truly matter to each of us? A sense of direction, collaboration, and meaning go a long way toward attracting and retaining the best young talent.
A Need For Flexibility
The resulting workplace changes caused by the pandemic have made all employees more aware of the need for flexibility. Many employees, especially those of younger generations, have decided to shun the traditional work models for ones that suit their lives.
Did you know that 65% of workers who said their jobs could be done entirely remotely were willing to take a pay cut to stay at home? That signifies a desire to value work-life balance over money. Furthermore, it signifies a desire to assert control over one’s own career. They want reciprocated values and investment between themselves and their company.
Work-life balance is often a term that we hear thrown around, but the pandemic has called the real-world implications of that phrase into stark clarity. Young employees are not willing to let companies tip the scale too far in the opposite direction. This young talent wants flexibility and understanding. They’ll move on and on to the next company until they find what they’re looking for.
A Need For Growth
Lastly, young talent makes career changes to stave off stagnation. They want to continue personal and professional growth at every point along their career journey. According to Forbes, 89% of Millennials and Gen-Z workers said they would stay with the same company for ten or more years if that company provided opportunities for upward career mobility and a constant increase in compensation.
The problem is that changing companies remains the most effective way to secure a significant promotion. When a career change occurs, the typical pay increase is between 3 and 5%. This phenomenon is an inherent and pervasive issue. No company values young talent like the one that’s meeting them for the first time. It’s a manifestation of the old saying, “You don’t know what you have until it’s gone.”
If companies limit growth opportunities, young talent doesn’t wait around. They don’t hold the same company loyalty that the old generations had. Millennials and Gen-Z will move on to find a company that offers them a path toward growth.
Meet them Halfway, and You’ll Benefit in the Long-Run.
Many people call the younger generation selfish or impatient. That’s not the case. Their values are just different. And here’s the kicker: that’s good. This generation is clear about what they want and when they want it, challenging companies to define what they offer prospective talent.
If you want to attract the best talent and keep it, step up to the plate. Give them a meaningful, flexible work environment with room for growth and advancement, and they’ll perform. They’ll do wonders, and they’ll stick around.
You can be the bridge between this great young talent and the companies trying to adapt to this new job market; step up to the plate. Give these young professionals advice on advocating for whatever they would need to stick around at a company. Then, tell companies that you understand what young talent wants and how those desires should be implemented for success.
If you want more information on tools and resources that’ll help you advise young professionals, please visit pathwayu.com!