49% of Millennials would quit their jobs in the next 2 years
In this years "Deloitte Global Millennial Survey 2019" their findings are that the disturbing trend of Millennials quitting their current workplace has dramatically increased from their findings in 2017.
I quote from the report "49% percent - would, if they had the choice, quit their current jobs in the next 2 years." and the report goes on to say "These are not idle threats: About a quarter of those saying they would leave within 2 years reported leaving an employer in the past 24 months. This is a challenge for companies seeking a stable workplace".
This is a global trend that is developing and effecting companies and businesses all over the world, including Australia.
As a human behaviour specialist I am witnessing this more and more as I work with business. It makes no difference the size of the business, this trend is happening all the time. When we look at the break down of the reasons in the diagram attached we can see that the top 3 factors are:
Dissatisfied with pay/financial rewards
Not enough opportunities to advance
Lack of learning and development opportunities
The first one, I think we can all agree is nothing new, but the next two are something that can be addressed immediately and done in an affordable manner.
I have also read recently in another survey that the average Millennial will have 17 different careers in their life. 17!
No wonder we are seeing Millennials jumping ship and chasing their dream elsewhere, they are doing what all human beings do...going where they believe they will get the best for them.
This is a normal pattern of human behaviour, we see it with the massive upturn of migration, we even witness it when parents buy houses near a high performing school to ensure that their children get a place at that school. We all want the best for ourselves and our loved ones and this is what Millennials want as well.
Now I can hear all of the "Baby Boomers and Gen X's" starting to grumble and say that the Millennials should "know their place" and they must "learn to walk before they can run" and "cut their teeth" etc....and here is where the problem lies...this generational gap and lack of understanding.
The facts are clear, this article is based around the latest facts and figures of a global survey of Millennials in 2019. This is fact and these are the reasons they are leaving workplaces.
What is the cost and impact of an employee leaving?
I can tell you, on average it is one third of their annual income....that is the average and can by much higher when you take into account the rest of the workforce having to pick up the slack, cover for them, do their job as well as their own and the impact that then has on morale. Then there is the settling period of the replacement employee, training, mistakes etc.
Even more alarming is the statistic that soon the work force will comprise of nearly 75% Millennials and Gen Z.
So, if the facts are clear and the cost is high, is it not time to face the truth that this is where we currently are and this is what we now have to manage?
How do we manage this?
The same way you eat an elephant, one bite at a time...
I mentioned earlier that we can get 2 quick wins and resolve 2 of the top 3 reasons that Millennials leave companies for...and we do this through providing meaningful and valuable training.
Human behaviour 101 dictates that we have 6 core needs that must be fulfilled all of the time for us to have a sense of fulfilment, belonging and happiness.
These 6 core needs, without going into too much detail are:
Providing training that will address all of these 6 core needs will engage Millennials and provide them with proof that the company/business cares about them, values them and most of all gives a sh1t about having them working for them.
As a provider of such training I have seen first hand the loyalty and dedication of staff to a business increase 10 fold when they are given training that not only enhances their capabilities in the workplace, but will also benefit them in their personal lives.
A question I often get asked is "if I provide such training, will they not just take it and leave and go elsewhere?"
Yes, of course they might, but ... would you kill the goose that is providing you with the golden eggs that will help you grow, develop, advance and have a much more fulfilling career?
How do you ensure that they recognise that you are "the golden goose"?
By creating a structure for them to operate and thrive within, one that provides the certainty of progression and growth, but the uncertainty/variety and challenge so that they don't get bored. Because they are then involved within this structure and they are being recognised as someone with potential (and all humans have untapped potential) they will have significance. Even more, they will feel connected and will therefore contribute more to the work place and their own lives.
This is how you can hit all of their 6 core needs in one go, this will engender trust, loyalty and when we are having all our 6 core needs consistently, we experience fulfilment. In my opinion, as an expert in human behaviour, I believe that a by product of fulfilment is happiness (go on, take a moment to check in on that principle).
When we are happy in a situation, do we want to leave? do we want to risk losing that fulfilment and happiness?....Hell no, we stay and we want to get more, so we work harder to achieve the next level, because when we do, we will get more training to assist us onwards.
I mentioned earlier, that Millennials will have on average 17 different careers, or can we look at this as 17 different experiences, challenges?
Can you create 17 different steps within your business to give them this feeling?
This is how you keep Millennials working at your workplace and avoid the cost and disruption of having to keep recruiting, replacing and retraining those 49% of Millennials that you currently employ.
If you want to know more, and you want to clear two of the top three reasons that Millennials leave your workplace, reach out to me, let's have a chat.
It would only take a few minutes of your time, but could save you hundreds, thousands or even hundreds of thousands of $'s to find out.
I look forward to hearing from you, even if it is to chat further about Millennials, and your experiences of having them in your workplace.
Thank you for reading and take care,
Professional Personal Development Trainer, Facilitator, Coach and Public Speaker
I am Enough Coaching
0499 152 552