The Bureau of Labor Statistics says most workers average about four years in a job. That is unless the employee is a millennial. According to the latest statistics, millennials stay in jobs for less than three years, marking them as having the potential to hold 15 to 20 jobs by the time they retire.
What Makes a Millennial?
Pew Research Center says millennials are the population born between 1991 and 1996. This is the first generation having grown up in a largely digital society. They are more educated and racially and ethnically diverse than prior generations, and according to Pew Research, are more likely to live at home with their parents.
Seventy-five percent of this population also thinks the idea of job hopping has merit. Conversely, just 20% of employers say they would be likely to hire a candidate with a history of job hopping. The combination of this attitude and a low unemployment market make for considerable risk for employers considering hiring millennials. How can employers reap the benefits of hiring these talented young people while still ensuring they don’t jump at the next opportunity from a competitor?
Employers reap increasing ROI when an employee stays on the job longer. Losing talent after a year means the time and resources spent training and developing the employee walk out the door with them. However, millennials generally believe that job jumping is perfectly okay as a way to climb the ladder faster as opposed to a slower climb in one corporate position.
With millennials, attracting talent may not be enough. Managing millennials in ways that nurture and encourage these talented young people to stay in the role mean offering fair compensation and regular opportunities to advance in their careers. Employers that pay attention to employee work/life balance will also generally have a better millennial retention track record. Millennials also typically crave feedback, so setting up frequent one-on-ones will help improve their commitment to the role. Millennials want to know where they’re going in their career and how they’re impacting corporate goals. Ongoing two-way communication between effective managers and millennial employees will improve the likelihood they will stay in the job longer. Millennials are also motivated and intrigued by technology, so employers making use of some of the most modern tools will likely keep millennials on the job. Upgrading systems becomes more important in this environment, but the benefit is not only for millennials but also for your organization.
Attracting More Millennials
The hospitality industry must adapt to this new generation by increasing salary offerings while improving technology tools. Also, corporate culture is extremely important to this population, so making sure management is fully trained as well as creating perks that bring teams together will help attract more millennial talent.
Millennials are an important talent pool. Employers taking steps to both attract and retain these teams of young people will be less likely to suffer from the millennials desire to look for greener pastures. To find out how to reach more millennial talent, contact Gecko Hospitality.