British study: Millennial job-hopping isn't as bad as previous generations
- Despite their reputation as job-hoppers, millennials switch jobs less often than earlier generations, according to a Fortune report on a study from the Resolution Foundation. The study also found that millennials want job security as much as any other generation
- In Great Britain, only one in five millennials switched employers before their 30th birthday. Researchers said this exit number is half the rate of workers born 10 years earlier.
- The report also showed that employers are no longer rewarding long-term workers — including millennials — for their loyalty.
The latest study cements what other studies have found regarding millennials’ commitment to employers. Close observers will tell you younger workers want the stability of long-term employment, same as other generations.
Employers who have stopped rewarding workers based on years of service, can use this latest study to bolster and argument for incorporating millennials’ preferences. Flexible work schedules and help with retirement plan investing, seemingly strike the right chord. This strategy could avoid a massive exit of millennials, the largest segment of the workforce.
The bottomline for HR is this: Don't assume millennials' sole interest in working at your organization is to gain experience. Taking the effort to improve engagement among younger employees, particularly those with high potential, is crucial to future success.