A study by Deloitte, a professional services firm, suggests that two out of three young workers plan on quitting their jobs by 2020. Not because they are “lazy” but to seek out “better leadership opportunities.” More than 10,000 millennials born between 1983 and 1994 — were surveyed for the study across 36 countries.
Millennials stated they felt they were overlooked for leadership positions, according to the survey, and cited this as one of the main reasons they chose to leave their jobs.
To keep 20-30 somethings engaged at their jobs means keeping them feeling like they are contributing to something greater than themselves.
Another reason millennials are leaving high-paying jobs is because working isn’t all about making money to this generation. About 83 percent indicated that businesses should focus less on profits and more on their impact to society.
“Millennials aren’t naïve — they realize profits are both necessary and a priority,” the study suggests. “But they believe that corporations should set out to achieve a broad balance of objects that include making a positive impact on society and the environment; creating innovative ideas, products and services; job creation, career development and improving people’s lives; and an emphasis on inclusion and diversity in the workplace.” Essentially, millennials want to do work that is meaningful to them and want to work for businesses that provide opportunities to improve life for everyone.
“The difference between what millennials believe companies should do and what they observe firsthand is not without consequence,” the study suggests. “Business’ actions appear to strongly influence the length of time millennials intend to stay with their employers.” In fact, 43 percent surveyed said they would leave their jobs within two years with about 28 percent stating they would stay beyond five years. Creating loyalty from millennial workers comes from running a business with missions that align with their millennial workforce.
“Younger workers need positive reasons to stay with their employers; they need to be offered the realistic prospect that by staying loyal they will, in the long run, be materially better off—and as individuals, develop faster and more fully than if they left,” the study suggests.
Young workers want to see major shifts in companies’ priorities in order to feel fulfilled in their current jobs. The study suggests that attracting and maintaining millennial employees begins with creating financial rewards and great workplace culture. More millennials are likely to stay at their jobs if they offer a certain degree of flexibility beyond the 9-to-5 workday as well.
By changing some of the standards to include meaning in work, millennials will be more likely to stay at jobs longer and feel more positively about their work life.