Millennials are quitting jobs and moving on, doing so in hopes of better pay, perks or location. Right now, millennials are quitting their jobs at a rate 2.7 percent higher than they were in April 2001. Millennials who have not quit their jobs yet are making plans to do so, in hopes of greener pastures elsewhere. However, is this quitting mentality financially responsible? Or is seeking stability the route millennials should take?
It’s surprising that only 28 percent of millennials surveyed said they would stay at the job they have had for the past five years. What is causing this job flight? A study found that millennials no longer believe in business practices, citing the unethicality of specific workplace methods. Also, there is a distrust in business leaders, in addition to a general suspicion of large companies.
However, when quitting a job, millennials are often leaving for a better-paying position. This can signal a strong market, meaning that there are competitive salaries available for skilled workers. It also can indicate a decline in wage stagnation.
…Or not to quit
This kind of job-hopping is not sustainable for companies, especially if you look at how much it costs employers to train new hires. A Gallup study found that this high turnover rate in employees is costing businesses $30.5 billion annually. A solution to this can be more employee engagement at work. Millennials, like any generation, want to take pride in their work. Workplace loyalty and office perks may first be met with eye rolls, but they can save companies money. Companies have been offering rewards to workers less and less. Offices are also becoming more isolated as well. But humans are social creatures. We feed off of one another.
Office perks may seem superficial. But they are essential to keeping modern workers at a company. Office and brand loyalty is needed to stop the high-turnover rate currently occurring in the workplace.
Millennials quitting their jobs for better offers elsewhere is a reflection of the modern workforce. Companies are competing with each other to obtain employees and to offer higher salaries to attract new workers. However, the cost of this pattern of quitting and re-hiring is costing business $30.5 billion annually. Millennials, don’t quit just yet, but when applying for your first job out of college, find one you will feel proud to work for. Job loyalty and pride should not be underrated.
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