Millennials: The Grand EnigmaCommentary by Desirée Patno
Millennials are an enigma constantly challenging the behaviors of previous generations. Currently the largest population sector—overtaking baby boomers in 2016, according to U.S. Census Bureau population estimates—millennials' role in the workforce is imperative, and understanding what these young Americans seek is germane to recruiting and retaining them in the workforce.
One view of the millennial generation, supported by research, is that they move often and job-hop with frequency. According to a 2016 Gallup study, "Millennials: The Job-Hopping Generation," six in 10 millennials are open to new job opportunities, remaining the least-engaged generation in the workplace. The report also found that 21 percent of millennials changed jobs in the past year, and only 50 percent expect to be working at their current company one year from now. However, data also show that millennials aren't moving or trading jobs as much as previous generations. Recent U.S. Department of Labor (DOL) data show that millennials are just as probable as Gen Xers to remain at their companies:
How do you retain millennials? According to the 2017 Deloitte Millennial Survey:
This poses challenges to workforce norms, as things like greater flexibility—possibly regarded in the past as an opportunity for workers to take it easy—have resulted in better performance and productivity. Generations of Americans are changing; in order to retain them, the workplace has to develop accordingly. Desirée Patno is president and CEO of the National Association of Women in Real Estate Businesses (NAWRB). For more information, please visit www.nawrb.com. |
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