One in four employees plan to leave during the next 12 months
A recent global survey reveals the lack of job loyalty in employees aged 34 and younger.
It's of particular relevance to any company with a high turnover of staff. That obviously applies to many in the creative agency sector, for example.
The survey was of 7,700 millenials in 29 countries. All were born after 1982, have a degree, are employed full time in companies with 100+ employees, and work in the private sector.
Absence of loyalty
There is a remarkable absence of loyalty with this group.
- 25% plan to leave their current job during the next 12 months.
- This rises to 44% over the next two years.
- It rises to 66% who plan to leave by end 2020. And that’s just the global average. The UK figure is 71%.
Millennials are unimpressed by the size of a business, its age, or even the general buzz that surrounds it. However, do note that this survey was of people at companies with 100+ employees. It is widely accepted that those working for smaller companies can be far more motivated by the buzz factor.
A company’s values seem to be particularly important to this age group. 44% of the people surveyed say they have turned down a job offer because of an organisation’s values. 49% say they have chosen not to undertake a work task because it went against their personal values. Respondents say that the individual’s personal values have the greatest influence on their decisions at workA work-life balance is also very important to this group. When asked what the biggest factors for loyalty are, work-life balance came top of the list.
So what is the way forward for companies dismayed by the prospect of trying to manage people who are generally disloyal and uncommitted? Interestingly, ‘Opportunities to progress / be leaders’ came second on the motivation list. 63% of this age group say their leadership skills are not being fully developed. It turns out that giving ambitious people stronger support in that area pays big dividends. Companies seen as supporting individuals wishing to take on leadership roles generate far more loyalty than those that don’t.
The message to employers is:
- Identifying those with leadership aspirations, and supporting their ambitions, is obviously smart and increases loyalty too.
- Try to help support a work / life balance.
- To create a buzz that turns into loyalty, it probably helps to stay smaller than 100 employees…