With the rise of millennials, the workforce is changing – and it’s increasingly important for companies to accept and adapt to those changes in order to stay ahead of the competition.
A recent Gallup report states that 21% of the surveyed millennials (people who are now between the age of 18-34) changed jobs within the last year. This is three times more than non-millennials who switched employment. Even more alarming is that every second millennial is staying two years or less at the same position and company.
The widely-accepted advice given by parents or grandparents that remaining 3 to 5 years in the same job and place of employment leads to a coherent resume is less relevant today, and businesses need to face it.
The problem is not that millennials lack loyalty. Rather, they don’t see themselves as having job security. A study reports that more than half (58%) of the questioned millennials feel that businesses think of them as disposable. A disposable employee is not worth investing in, and therefore millennials feel that companies do not incentivize or facilitate any career progression or professional development.
What can be done to tackle the millennial challenge and lower turnover rates?
One answer is to enable and ease internal mobility, because:
- The loyalty of millennials increases as soon as they feel in charge of their careers. For any business, the first step towards retaining its millennial workforce is to empower them.
- Millennials value a company the most when it supports their progression and professional development.
“The workforce is changing and businesses need to offer their employees a good alternative to retain them, and stay ahead of the competition”.
Why you need to get Zocket Powered for your business:
Zocket Powered offers your business a customized platform that showcases each department and its unique characteristics, together with all available jobs. It gives employees, and especially millennials, the ability to have a look behind the curtain – but also to move between departments and develop internally. Zocket Powered helps you to facilitate internal mobility and increase employee loyalty by giving your employees control over their career within your company.