Million Dollar “Millennials”

Millennials constitute more than a quarter of the world's population and are currently the largest employed workforce. They, however, carry a reputation for not being employed at one organization for too long. Like most things millennials, this "habit" is often stigmatized and tends to take Boomers by a shock wave. So, is there more to it than what meets the eye?

The Generation of Job Hoppers

Labeled as lazy, entitled, and disloyal, an entire generation of employees are criticized for being unattached to organizations, unlike their older counterparts. Gallup data reports that only 29% of millennials are engaged at work. 

Another survey reveals that 21% of millennials have changed jobs within the past year, thrice the number of non-millennials. According to a study, a good percentage of the generation is already hunting for better opportunities within three months of starting a new job. The data paints 3 in 4 millennials dissatisfied with their current job and are actively searching for different roles and better benefits. Since the pandemic, 80% of millennials are concerned about their career growth, as per Prudential's 'Pulse of the American Worker' Survey. According to data released by the Labor Department in April 2021, about 3.4 million millennial US workers quit their jobs in February.

What are millennials looking for?

Millennials are not shy about walking away from a job that doesn't value employees the way they are expected. Instead, they are vocal about their wants and needs and believe in developing one's career through personal growth. The most prominent components contributing to millennials quitting are good pay, work-life balance, and company culture.  

According to the Labour Department, pension plans dropped from over $103k to around $46k between 1975 and 2017. Given the scenario, a good compensation package and benefits are desired amongst this generation. In addition, millennials are drawn to a culture that recognizes employee contribution. This provides them with more confidence to negotiate salary hikes or better positions within the organization. This is crucial, as they are required to save for retirement, as well.

Companies must invest in employees to retain talent by offering mobility and benefits flexible to varied stages of life. For example, during Covid, companies provided online courses to employees to improve their skills and knowledge. 

 Another significant change is the flexibility in schedule brought in due to work moving offsite in recent times, which has always been a constant demand among millennials. This generation understands the need for work-life balance. A company culture sharing the same beliefs weighs in significantly when seeing a future with an organization. 

Acceptance of the Job-Hopping Culture

As individuals lose jobs due to the pandemic, more millennials are forced to take on roles they don't desire or participate unwillingly in a career shift. Additionally, in an uncertain economy, employees struggle to settle bills and pay off loans, normalizing job-hopping. 

The gig economy has been significant support for millennials through the last decade. With increasing demand and a supply crisis, millennials have taken the job of frontline workers in the healthcare and hospitality sector. A recent Upwork study shows rapid growth in the gig industry, contributing $1.2 trillion to the US economy during the pandemic. From ridesharing drivers to delivery partners, millennials today paint a colorful resume with a range of experiences. In addition, sectors like content writing, graphic design, video editing, and thousands of other services have provided earning streams to many who lost their jobs.

According to Tara Sinclair of Indeed, job-hopping is something recruiters want to see more. It suggests an economy where workers are comfortable switching jobs without the fear of going broke.