MINNEAPOLIS - A new report finds that millennials are hopping from job to job more often than other generations.
“They are not just motivated by money. They are motivated by meaning,” said Allison Kaplan, Editor in Chief at Twin Cities Business Magazine, who has typed up articles on millennials and this report she says is no shock.
A business analytical company called Visier Insights divided 1.5 million US-based employees into two groups: Millennials, anyone born in 1983 or later and Non-Millennials anyone born in 1982 or before.
They found that Millennials resign from their jobs three-times as often as Non-Millennials – 29.1% compared to only 9.2%.
“I think that the wise managers, who are of a previous generation are realizing that it’s not just about being at one place anymore. It’s about life experience, it’s about building your own brand,” said Kaplan.
The report boils things down to two reasons why millennials leave a workplace: No promotion and a “work culture” that doesn’t fit them.
“What’s going to be meaningful and what’s going to make them feel fulfilled. Maybe it’s a new title, maybe it’s social service, maybe it’s giving back, maybe it’s a great environment, maybe it’s more flexible hours,” said Kaplan.
Kaplan says high turnover is expensive so managers should work to listen to what millennials want so they stick around.
“I think the bigger picture is that baby boomers and even Gen X’ers, we sort of expected to not be happy all the time. There was more expectation that you would have to put in your time. I think that’s changed because there are more opportunities and I think technology has changed it a lot, too,” said Kaplan.