Millennials and Gen-Zers have often been coined as “serial job-hoppers”. They are perceived to be detached and more willing to change their jobs and careers whenever they please.
The 2020 Randstad Employer Brand Research revealed that three in 10 Millennials changed their jobs in 2019, and 45% considered changing their employers in 2020. Needless to say, this number has decreased due to the pandemic as people switch towards prioritising job and income security to be able to maintain their livelihood.
However, there will always be people who are looking for new jobs and employers. Reasons for resignation are always a combination of both push and pull factors. It is critical for companies to understand the reasons to be able to attract and retain their star employees.
work-life balance and stability key in millennials retention.
By now, you might either know or are already working with a millennial manager. It is expected that two-third of millennials in the workplace intend to hold a leadership position within this decade.
Millennials, also known as Generation Y and were born between 1981 and 1996, have worked for a couple of years now, and have since acquired new skills and are developing their leadership traits. One common characteristic of millennials is their curiousity. These young workers want to learn and earn more, as they crave job security above all else now.
It is thus important for employers to adopt a more holistic approach towards managing their workforce. Instead of judging an employee’s abilities based on their tenure or age, employers should be focussing more on skills and competencies such as learning potential and leadership qualities. Having robust learning and development programmes can also help build a highly-skilled workforce, which in turn will increase an employer’s attractiveness in the market.
key highlights of the 2020 gen-y employer brand report:
- Retaining talent through robust career development and training programmes
- Creating work opportunities that are aligned with the gen-y’s purpose and values
- Employee benefits that will help drive work productivity
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