Just to be sure you caught what the title states – millennials are quitting jobs they LIKE. A new study by Qualtrics and Accel found that 74% of millennials who like their jobs plan to leave within the next three years. Why would anyone quit a job they actually enjoy and are happy at?
1. Better Opportunity – Millennials’ number one reason for leaving a job is for a better opportunity. They are seeking growth. They also have a strong desire to make meaningful contributions to the company they work for. But often times they aren’t finding that in their current place of employment. The study revealed that 89% of the millennials stated they would stay with a company for 10+ if just two conditions were met: opportunity for career growth and a regular increase in pay.
2. Relocation – Many millennials are not tied down yet by families. Close to one in four millennials say they are planning to quit a job they like because they are planning to relocate. Sometimes it because of a job move for their significant other, while other times they might just be seeking a new geographical location to settle in. While not all positions are suitable for remote work, it’s worth considering which ones are and could help retain more of these millennials planning to relocate.
3. Going Back to School – 16% of millennials state they would leave a job they like to go back to school. While several reasons exist for going to back to school, the main one is to further their career. Millennials are not the lazy workers they are often accused of being. They actually have great ambition and often times plan to work for a few years and then go back to school for a higher degree. Perhaps these employees will return in the future for a higher level position. Perhaps part-time work is available while they are in school. Keep your options open.
4. Learn New Skills – This is one of the easiest reasons to address while creating retention strategies for millennials. Companies should be offering ways for employees to develop and grow within the organization. Maintain good communication with these employees. Many of them are very early on in their careers and are still finding their way. They should have opportunities to gain new skill sets and try different roles if they find the one in they are in isn’t suited for them. Some of the best companies will allow a talented worker to pivot to another role, when possible, if the one they are in isn’t ideal. Help them figure out the best fit for the talents they have and the skills they want to develop. Offer talent development opportunities so that they may grow their skills and talents.
5. Changing Fields – One in ten millennials say they will quit because they decide to change fields. As stated earlier, they are early on in their careers and are still testing the waters. There isn’t much an employer can do when this is the case. But it’s important to support them in their decision. This person can still be a great ambassador for your company if they were happy and treated well. Sometimes the best hires come from referrals – even when from past employees.
Employers need to embrace their millennial employees’ aspirations. Outline career paths within your organization and meet regularly to discuss their goals. Make sure you are pointing out to them how their role fits into the bigger picture within your organization. Unlike many may think, they are looking for more than a ping pong table.