A recent study conducted by LinkedIn has revealed some interesting facts concerning how millennials view their jobs, or lack thereof. The unemployment rate among millennials sits somewhere around 26 percent. That means there are a lot of young workers out there who are either in-between jobs, or unhappy with their current options. So, what does it take to attract and keep millennial employees?
What Did the Employee Study Reveal?
According to LinkedIn’s study, which surveyed more than 13,000 millennial job seekers, about 93 percent of millennial employees would be interested in other job opportunities. This tells us that only 7 percent of them are actually satisfied staying where they are. Yikes!
Also interesting is the fact that almost a third of all surveyed millennials say that they plan to quit their jobs within a year. How many of your employees are planning on leaving before the year’s end?
How to Keep Your Millennial Employees
The results of the survey indicated that the most popular reasons millennial employees list for leaving their current jobs are that they are seeking:
- More money
- More benefits
- More opportunity for career growth
It’s not terribly surprising. What’s interesting, however, is that unlike previous generations, millennials put far less value on purpose-driven work. They are less persuaded by the idea of “having a real impact on the world” and more concerned with making good money and better benefits.
So, if you take all of this new information, it appears the best way to keep millennial employees is to simply offer them more money and benefits. Well, that’s not wrong, nor is it unexpected. However, it may not always be possible to simply throw money at the problem.
There is another solution. Millennials have been coached and mentored all their life. Experts have found that employers who offer a lot of professional training, and mentoring are able to retain their younger employees. Another happy side effect of offering training is that your workforce will become much more valuable. It’s a win-win.
The Manalapan business lawyers at Garland & Mason LLC are proud to be a part of the lasting success of so many small businesses throughout New Jersey.