Why Millennials Are Quitting Their Jobs
A sustainable age pyramid is one of the hallmarks of a successful business. Hiring younger workers brings a downpour of new perspectives and ensures the baton is rightfully passed on.
However, 71% of fresh graduates leave their jobs within the first year of employment. This retention issue is expected by 77% of companies , and is experienced not just in the United States, but in almost all parts of the globe. In Asian countries like Singapore, Malaysia, and the Philippines, nearly one-third of employees in the said cluster resign before completing a full year of work, even if it took them one to three months to land the job. What’s driving this trend to occur? Read on to find out.
What Millennials Want from Work
Young people are notoriously known for having high expectations in the workplace. Often, these projections become unrealistic and resistant to compromise, prompting employees to look for other companies that could potentially live up to their standards. High expectations in terms of salary are some of the primary reasons substantial turnover rates are common in young hires. In fact, a fair amount of fresh graduates readily bring up concerns about their ideal starting wage during interviews, sometimes even before clarifying details about the job.
Another common expectation has something to do with professional advancement within a given time frame. Fresh graduates tend to underestimate the amount of time it takes for them to be qualified for promotion or salary increases. As frustrating as this may be from an employer’s perspective, it’s important to remember that unrealistic expectations in the workplace are not necessarily born out of sheer stubbornness or pride.
Despite a 67% rise in wages since 1970, generation Y-ers are burdened by inflating living costs and loads of student debt. Ridiculous as their demands might sound, they are worth looking into with more in-depth analysis, especially since it would be hard to bridge the generation gap without their workforce.
Does College Prepare Students for the Workforce?
Right after receiving a bachelor’s degree, the pressure to progress onto the next stage of life is high and quite pressing. A culture that dictates that people must plunge into the workforce immediately after university promotes course-work incompatibility, which could explain the sizeable turnover rates. For millennials who wish to pay off their student loans as early as possible, it is common to see them apply for jobs that aren’t in line with their field of expertise.
Only 27% of college graduates land a job that is related to their undergraduate degree. Although this could simply mean that not a lot of positions require specialized education, mismatched graduates usually have lower earnings than their peers who manage to secure work in a course-appropriate industry.
Knowing this, it shouldn’t come as a surprise to find high employee churn rates coming from the younger generation. The strong caveat to the cheap cost per hire among fresh graduates is that they probably see your business as a stepping stone rather than a long-term place for professional growth. It’s not to say that the problem can be pinpointed solely on fresh graduates, or that employers just have to accept the trend, but it is something worth taking note of during the hiring process.
What Do Millennials Care About?
An unproductive work environment is sure to drive employees away from your company regardless of which generation they belong. The makings of this sort of workplace are grounded on things like age discrimination , malicious competition, and poor work-life balance. Young employees also recognize outdated management models as a sign of an unproductive workplace.
As a group of people who grew up with technology, today’s graduates are used to finding simpler means of achieving a goal. An obsolete bureaucracy hinders this process, leaving them frustrated and unable to comprehend why such a system still exists in a new world. Being denied opportunities to make changes in deference to a dated status quo gradually depletes motivation and morale.
While the negative effects of a toxic workplace are not exclusive to millennials, they are much more likely to take drastic and immediate measures to opt out of toxic company culture, leaving their jobs at the earliest possible time. If you are currently experiencing a high turnover rate, you may want to take a step back and reevaluate the state of your work environment.
A third of fresh graduates who did not last for a year in their job cited a lack of mentorship as the primary reason for leaving. Meanwhile, 23% singled out the inadequacy of feedback or support from their direct managers. Regarded as a crucial tool in professional development, mentoring is an important yet often overlooked factor in retention.
An effective mentoring program encourages employees to stay in the company, as participating in one would make them feel valued and confident that they have room to grow. Companies with such initiatives also communicate that there are numerous internal opportunities available if a worker is willing to stay long enough in the business. What’s more, it is a great way of keeping and refining essential skills, in case key team members decide it’s time to leave.
Working with millennials is usually deemed to be difficult from a glance, but they, too, are just the products of their circumstances. While it’s true they must be taught many things to meet the demands of corporations, it would be foolish to dismiss them only as entitled youngsters unready to be adults.
Maria Gold is a Content Manager/Writer for Empire Resume. She is dedicated to helping educate people with the latest career articles and job search advice. When Maria is not working, she enjoys reading and spending quality time with her family.