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Deloitte: 4 out of 10 millennials plan to change jobs within two years

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Contributions

  • When I sit down with young employees my opening is always...’Let’s be honest...this is not going to be your last job.’ This enables a conversation around value exchange— what are they looking to get out of the experience and what are we looking to get out of them. The more we accept this as not just

    When I sit down with young employees my opening is always...’Let’s be honest...this is not going to be your last job.’ This enables a conversation around value exchange— what are they looking to get out of the experience and what are we looking to get out of them. The more we accept this as not just fact but a characteristic of some of the brightest minds, the happier everyone will be.

  • Corporate disengagement and employee retention are a massive problem for large companies. They spent enormous amounts of money on marketing and recruiting for a very short period of employment. Many new grads are using the first two years working for large companies as a necessary evil in order to get

    Corporate disengagement and employee retention are a massive problem for large companies. They spent enormous amounts of money on marketing and recruiting for a very short period of employment. Many new grads are using the first two years working for large companies as a necessary evil in order to get a business boot camp after which a big part of the group wants to work for smaller tech companies where they believe they have more flexibility and possibilities to advance.

    Issues with large companies retaining employees

    -many frustrated by lack of transparency/bureaucracy

    -lack of internal career planning/advancement

    -benefits used to incentive older workers don’t work for millennials - 401k and health insurance don’t move needle as much when millennial are buckling under student loan debt

    -working/living in cities vs suburbs

    -mission driven

    -desire for flexible lifestyle

    -extremely high cost to recruit and replace productive workers

    What else did I miss?

  • The other part of this is that whatever baggage used to exist around job hopping is fast fading. I know if I see someone who's had three employers in the last four years, I may ask them about it, but when I check references, more often than not, the moving jobs frequently is merely part of a desire for

    The other part of this is that whatever baggage used to exist around job hopping is fast fading. I know if I see someone who's had three employers in the last four years, I may ask them about it, but when I check references, more often than not, the moving jobs frequently is merely part of a desire for new experiences, challenges, salary raises. That is, totally normal motivations.

  • It’s not that young people are consciously less loyal to their employers than previous the previous generation, but they understand that the best way to boost your salary and title is to jump from company to company on a regular basis.

  • Best way to get a raise—and keep opening doors. Of course, that door leads to another door and that door leads to another, and then another... But millennials will all find that out soon enough!

  • That means you need to give them incentive to stay.

  • In my opinion, that’s smart! Company loyalty rewards are few and far between these days; gain experience, build your resources, impress the hell out of them, then move on!

  • As a company culture consultant, I was often hired to help with hiring and retaining young talent. Retention challenges often came down to personal pathing: if the boss had to quit or die before you got a promotion you'd leave to get the title bump. There are no easy fixes. But generally: identifying

    As a company culture consultant, I was often hired to help with hiring and retaining young talent. Retention challenges often came down to personal pathing: if the boss had to quit or die before you got a promotion you'd leave to get the title bump. There are no easy fixes. But generally: identifying which talent to retain, speaking honestly about their desires, and enabling that growth is what it takes to retain folks. Often this means giving more autonomy and flatter hierarchies. For many in older generations, it can feel like pandering but it's just market dynamics: knowledge-workers are running at negative unemployment. And, if you hire well granting more autonomy to workers can unlock performance to boot.

  • I have been saying this for years:

    "Work to live, Do not live to work!"

    Stability and commitment towards marriage - career - family, are key factors towards life successes as opposed to career achievements at expense of personal life and gain.

  • The number of "millenials" planning to leave within two years shrank from 2016-17 and grew from 2017-18. None of the proffered advice speak to changes within this time-frame.