Millennials, also known as Generation Y and were born between 1981 and 1996, are often perceived to be detached at work and labelled as job hoppers. The 2020 Randstad Employer Brand Research revealed that 33% of millennials changed their jobs in 2019, and 38% considered switching employers in 2020. Needless to say, this number has decreased due to the pandemic as people switch towards prioritising job and income security to be able to maintain their livelihood.
Though many assume Millennials to be the “job-hopping” generation, several studies have shown that millennials are at worst no more fickle than preceding cohorts of workers. In fact, the current older generation job hopped as much as millennials when they were younger.
The common reasons for resignation are always a combination of both push and pull factors. It is critical for companies to understand the reasons to be able to attract and retain their star employees.
work-life balance and stability key in millennials retention
As millennials are known for clocking more experience, earn more disposable income and make new financial commitments, their career goals and expectations of their employers will change.
They will start to have more focus on salary and bonus, while at the same time learning how to strike a balance between work, family and their other commitments.
It is thus important for employers to adopt a more holistic approach towards managing their workforce. Instead of judging an employee’s abilities based on their tenure or age, employers should be focussing more on skills and competencies such as learning potential and leadership qualities. Having robust learning and development programmes can also help build a highly-skilled workforce, which in turn will increase an employer’s attractiveness in the market.
key highlights of the 2020 gen-y employer brand report:
- Retaining talent through robust career development and training programmes
- Creating work opportunities that are aligned with the gen-y’s purpose and values
- Employee benefits that will help drive work productivity
If you’re hiring and interested to find out more about the HR solutions we offer, feel free to connect with us.