49% Of Millennials Would Quit Their Job Within 2 Years
This might be a little scary for recruiters, but there is light at the end of the tunnel!
Millennials are disillusioned about the future. Now, 49% of Millennials would quit their job within the next two years.
That’s the findings from a new survey – The 2019 Deloitte Millennial Survey – which says that Millennials are “disillusioned with traditional institutions, skeptical of business’ motives and pessimistic about economic and social progress.”
Here’s what you need to know – and what to do about it.
The State of Millennials: Uneasiness and Pessimism
According to the survey, Millennials and members of Generation Z are uneasy and pessimistic about their life, their careers and the world.
Millennials say their unhappy with traditional social institutions, mass media and the lack of social progress. That’s not all. They’re also down on their jobs, government, business leaders, social media and the use of their personal data. Millennials are also reluctant to trust leaders, particularly those who run companies that are not aligned with Millennials’ values or political views.
Where’s the happiness?
The survey is based on the views of 13,416 Millennials across 42 countries and 3,009 members of Generation Z across 10 countries. Millennials included in the study were born between January 1983 and December 1994, while members of Gen Z were born between January 1995 and December 2002. Nearly a third of these respondents are unemployed and a third do not have a college degree.
Among the findings in the report, here are a few highlights:
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- Top Ambitions: 57% of Millennials list travel as their top ambition, followed by being wealthy (52%), buying a home (49%), making a positive impact on society (46%) and starting a family (39%). While being wealthy ranked second, it came in last when respondents were asked whether they believe becoming wealthy was achievable.
- Negative Views on Economy: Respondents’ perception of the economy ranks at a six-year low. About 26% expect the economy in their home country to improve within the next year, which is a marked drop from 45% over the past two years. More than 50% believe that their personal financial situation will decline or stay the same within the next year.
- Lack of Trust: Only 22% believe the socio-political climate in their country will improve in the coming year. Approximately 73% believe that political leaders don’t have a positive impact on the world, while two-thirds say the same of faith leaders. Also, 27% say they have “zero trust” in the media as a reliable and accurate source of information.
- Quit Job: Not only would 49% of Millennials quit their job within two years (a new high in this survey), but also about 25% of the same respondents reported leaving an employer within the pasttwo years. This doesn’t bode well for employers seeking a stable employee base. Only 28% of respondents said they would remain with their employer for at least five years. The top reasons cited to leave their current job unsurprisingly include unhappiness with compensation, lack of career advancement and lack of professional development opportunities, among others.
The Gig Economy
While only 6% of Millennials say they work in the gig economy in lieu of full-time employment, 50% say they would consider joining the gig economy, while 61% would consider joining to supplement their full-time employment. The top three reasons include the potential for higher earnings, flexibility and more work-life balance.
Building Trust With Millennials: Action Steps
Organizations can implement the following actions to help build trust and loyalty with Millennials.
- Promote diversity and inclusion.
- Balance profits with helping to make the world a better place.
- Connect with younger employees and listen to what issues and concerns rank among their top priorities.
- Help employees understand what loyalty means from their employer’s perspective.
- Provide concrete training and tools for employees to further their career goals and professional development.
- Create a positive workplace culture.
- Provide opportunities for continuous learning and workplace flexibility, which includes social mobility.
- Understand the importance of the environment and the overall societal impact of the business.
- Show clearly how your business safeguards personal data from both physical and digital threats.
- Millennials are less trusting of their employers – so demonstrate how you are trustworthy and why employees should believe you.
Zack Friedman, Contributor