Which employees within your organization are 32 years of age or less? More specifically, how many of your superstar employees are 32 years of age or less?
Why are we asking that? Because if you have an employee who’s less than 32 years old, then they’re likely to change jobs at least four times before they reach that age.
That’s one of the conclusions resulting from a new study by professional networking site LinkedIn.
According to the study, Millennials typically “jump jobs” four times during their first decade out of college. The Gen X Generation, which graduated college between 1986 and 1990, averaged only two job changes during their first 10 years out of college.
That means the rate at which recent college graduates have changed jobs has roughly doubled . . . and the trend shows no sign of slowing down.
There are a few reasons for this phenomenon:
- Millennials are characterized as being more restless and/or mobile than previous generations.
- Millennials want to climb their career ladders quickly (see “restless” above).
- There appears to be a decline in the amount of loyalty that exists between employers and employees.
Let’s face it: when somebody changes jobs, that job change often brings with it a better title and a pay increase. That increase can be in the neighborhood of 10%.
The fact of the matter is that people who change jobs every three to five years often earn more in compensation and benefits than people who stay at the same employer for 10 to 15 years. That’s because employers must entice professionals they want to hire with more money, compensation, and other benefits.
All of this begs the following question: are superstar candidates more eager to “jump ship” these days?
According to the numbers and statistics presented above, the answer to that question would seem to be an emphatic “Yes!”
With all of this in mind, there are two things upon which organizations should be focusing. Those two things are as follows:
- Doing everything they can to retain their top employees and keep them right where they are.
- Doing everything they can to attract and hire other superstar candidates within the industry.
We are most definitely in the midst of a candidates’ market. That means there is an abundance of opportunities for the “cream of the crop.” These candidates have options, and they are exploring those options.
What kind of retention program does your organization have in place? What steps have you taken to make sure your most valuable employees stay with you?
On the flip side of the coin, what kind of hiring process does your organization have? Is it designed to attract and hire the best? Or is it cumbersome and drawn out?
Retention and hiring are two of the most important things that an organization can do to maintain productivity and increase profitability. An experienced recruiting firm has the knowledge and expertise to help you do both of these things better . . . so that superstars “stay on board” with you.
By the way, I’m a Certified Employee Retention Specialist (CERS), so feel welcome to reach out if you would like to explore this topic further. –Stacy Pursell
We help support careers in one of two ways: 1. By helping to find the right opportunity when the time is right, and 2. By helping to recruit top talent for the critical needs of organizations. If this is something you would like to explore further, please send an email to stacy@thevetrecruiter.com.