Study: Millennials are wrongly tagged as job hoppers
- Millennials aren’t the job hoppers they’re thought to be, reports Bloomberg. A Metlife study titled, Millennial Report, found that 75% of the workforce’s older millennials plan to stay with their companies for at least 12 months, and 64% of younger millennials plan to stay for the same amount of time. These results show Millennials may be more committed to their employers than previously thought.
- The study also found that Millennials were interested in financial information and more reliant on their companies for financial advice than the generations before them. Also, young workers were credited with innovative changes to their benefits packages. Companies with large numbers of Millennials adjust their salary and plan offerings based on what young employees say they want.
- Metlife’s study also found that Millennials value benefits tied to their social values. For example, family leave, not just maternity leave, is a benefit that appeals to their sense of justice.
Although the Metlife study shows Millennials to be less transient in the workplace than generally perceived, one or two years onboard doesn’t compare with older generations’ lifetime commitment to a company. Other research has shown that millennials are not as connected to institutions or organizations as previous generations.
But employers still need to attract Millennials, who are the largest segment of the workforce. Offering benefits suited to their lifestyles, such as flexible work schedules and sufficient time off for personal activities, can make the time they remain on staff worth the recruiting and hiring expense. Employers must also keep up with younger employees' demand for learning and career development.
- Bloomberg BNA Millennials May Be More Loyal Than Previously Thought
- Metlife The Millennial Benefits Perspective