Millennials think the economy is still in a recession, yet 30 percent, up from 14 percent at the end of 2008, are planning to seek new employment this year, according to findings in the latest Adecco Group North America Workplace Insights Survey.
Overall, 86 percent of American workers think the economy is still in a recession, despite some economic reports and other indicators to the contrary. Additionally, 78 percent of workers believe this is the worst job market they have ever seen. But, that is not stopping workers of all ages from trying to better their situation.
Millennials are the most ready and most proactively seeking change in 2010. Over half (51 percent) of Millennial workers plan to go on or already have gone on a job interview this year. Thirty percent of Gen X’ers, 29 percent of Baby Boomers and 22 percent of the Silent Generation plan to go on or have already gone on a job interview this year.
Adecco executives say these statistics indicate a “war on talent”, a time where the ultimate opportunity and control will shift from employer to employee, is already starting.
“Employees' mindsets have started to shift – they are ready for a change after riding out one of the worst recessions in American history and open to new opportunities,” said Rich Thompson, vice president of training and development at Adecco North America, in a press release. “We caution employers to focus their efforts on retention plans for the months ahead."
Even though 30 percent of Gen Y workers are planning to find new employment, there is still time to engage them. Adecco’s battle tips for the war on talent are right in line with what Gen Y seeks from their employers: listen to your people, invest in your talent and explore what motivates your team.
Long known as a group seeking feedback, Millennials also want to be heard. They are innovative and grew up working in collaborative groups. As a general rule, they won’t be shy in sharing their ideas, Gen Y is known for their procacity, but want those ideas to be taken seriously.
An AchieveGlobal study found that Gen Y workers are most motivated by opportunities for career advancement. If there is no place for them to go within your organization, they will not hesitate to go outside. Make the investment of time and resources to develop a clear career path for Millennial workers and they will likely be interviewing internally, rather than externally.
Comments
Hmm reading this article brings up the question again: is Generation-Y going to be a lost generation?
The numbers don't look good, that's for sure. I suppose if there aren't any opportunities out there we mus make them for ourselves.
Sharalyn, great article and fascinating topic. I'm so anxious to see how things play out over the next few years. We've been talking about that at S21 a lot lately. It seems like a ton of employers think that Gen Y has conformed to traditional corporate norms because of the recession and employers are saying that it has caused Gen Y to "grow up." In reality, Gen Y will be likely to leave as soon as more opportunities open up.
The interesting/scary thing is that the Gen Yers that will leave organizations are highly experienced folks that now have a good bit of experience. The oldest Gen Yers are turning 33 this year, so we aren't the "kids" anymore. As Boomers continue to retire, it will be crucial that companies transfer knowledge and retain these employees for the future. I'm concerned that not enough employers are addresses retention and succession in their strategic planning efforts.
I also think that Gen Y will advance the trend of independent work. If employers are competing for top Gen Y talent, why wouldn't those Gen Yers choose to do the work on a project by project basis where they can have more control over their time, location, etc? What do you think?
@Patrick It does raise the question, but I definitely think the answer is no. They may be ready to job hop, but I think most Millennials have a clear reason why, not just "I don't like it." (But of course there are exceptions to every rule.
@Kenji I think a growing number of Gen Y'ers are doing exactly what I said...creating their own opportunities. Many are running businesses on the side, consulting, etc. They will make things happen for themselves.
@Meghan I have long thought about the loss of knowledge when someone leaves a company. It doesn't matter the age of the worker, they know a lot about the organization--all the little things you don't learn in training, that you only learn by doing. I've seen that in every company I have left. There is a HUGE gap there that only wides by the number of years spent at the company. You're right that Gen Y isn't merely entry level any more. That creates a huge liability for organizations. The must figure out how to retain all employees, but Gen Y specifically. And, I agree with you, those that offer incentives such as telecommuting and flex hours will attract the best and brightest Gen Y'ers. As your boss said in his blog..."The team with the best players wins."
The players that make the best team wins.
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