Articles | March 3, 2020
A recent survey of Millennial and Gen Z workers finds they plan to stay at their jobs up to 10 years. Zapier’s January 2020 survey of Gen Z adults, ages 18-23, and Millennials, ages 24-39, finds Gen Z plans to stay with their current employer for an average of six years, while millennials anticipate staying an average of 10 years.
Frequently characterized as job hoppers, the label is not completely without merit for younger workers. An October 2019 Gallup poll reports Millennials are three times more likely than older generations to have changed jobs in the last year, and they are the most likely generation in the workforce to be looking for a new job.
Why the disconnect between plans to stay longer and shorter tenures? Millennials and Gen Z often end up leaving earlier than planned because they aren’t getting what they want from work – engagement, connection, and a sense of purpose. Gallup reports more than half (55%) of millennials are not engaged at work. Younger generations are motivated by an organization’s mission and purpose, look for opportunities to grow, learn, and advance, and value quality management. If they aren’t getting these things, they look elsewhere for a better option.
Shaped in large part by their comfort, use, and relationship with technology, Millennials and Gen Z bring a different attitude to the workplace than older generations. They’re accustomed to transparency, sharing, and instant connection. Focusing on the employee experience and keeping workers engaged can bolster attraction and retention, building loyalty and trust among a vital and growing workforce demographic.
If you’re interested in creating a culture that attracts and retains all generations of workers, you should regularly visit and refine the employee experience and engagement at your organization. Employment management strategies that give every employee a clear understanding of how they contribute to the organization’s success coupled with personalized communications, meaningful retention and recognition programs, and deliberate use of interactive technology solutions will help to drive motivation and connection.
Despite your best efforts, younger employees will undoubtedly leave your ranks to pursue other opportunities. That doesn’t mean they have to stop working for you. The right offboarding program can turn a potentially disappointing departure into a net positive for your organization by:
This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.
Don't miss out. Join 16,000 others who already get the latest insights from Segal.