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Why one in four of your young employees may soon leave
Let’s examine the reasons for this and what you can do to keep millennial employees working for you longer.
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The Deloitte Millenial Survey found that two out of three millennials are expected to leave their current jobs by 2020. The survey also found that a staggering one in four could move on in the next year alone. (Shutterstock/File)
M
illennials are like mobile devices: they’re everywhere. You can’t visit a coffee shop without encountering both in large numbers.
They are now the largest generation, and now that they have surpassed Boomers and GenXers in numbers, we should be paying attention to them more than ever. In fact, 1.8 billion out of 7 billion people worldwide can be considered “millennials.”
According to Pew Research, the millennial generation accounts for 27 percent of the world’s population, and in absolute terms, India, China, the United States, Indonesia and Brazil have the most millennials, making the three account for nearly half of the world’s millennials.
Unfortunately, at the workplace, millennials are also the “restless” generation that has the propensity to not stay within the same company for too long. Let’s examine the reasons for this and what you can do to keep millennial employees working for you longer.
The Deloitte Millenial Survey found that two out of three millennials are expected to leave their current jobs by 2020. The survey also found that a staggering one in four could move on in the next year alone.
If you’re a business owner, put four of your millennial employees in a room — and around one will be gone next year. Besides their skills and contributions, you’ve also lost time and costly resources spent on training them.
According to a new report from XYZ University, turnover costs US companies a whopping US$30.5 billion annually.
