Millennials are now the largest generation in the workforce and this means that the way we understand work will be reshaped in the near future. They are not a generation that are likely to sit on the sidelines while others decide their future; they are a generation who demand what they believe they deserve and a generation which believes that work should be a lot more than the traditional 9 to 5.
See Also: Job Hopping: Do Employers Expect It?
A lot of changes have already been implemented in workplaces all around the world to accommodate millennials. A couple of decades ago, employee engagement was unimportant, and employers merely expected their workers to show up and do their work. Today’s employers understand that in order to retain the best talent they need to help their employees be enthusiastic about their work which is why a lot of perks have been added to compensation packages around the world.
Out of all the things millennials want from their jobs, there are a few that they don’t negotiate on and these include flexible work hours and remote working. It seems that in a few years’ time we’ll all be saying goodbye to the traditional 9 to 5 and employees will work from their home as much they will work from their offices.
How Often Do Millennials Job-Hop?
The truth is that employers who choose to offer these perks know what they are on about. Statics have shown that millennials are job-hoppers, in fact, millennials have been reported to start a new job every three years, whereas older ages – people between 55-64 - have been reported to only change jobs every ten years or so.
Why Do Millennials Job-Hop?
Millennials don’t just job-hop for job hopping’s sake. They job-hop for a reason and that reason is that they are always on the look out for bigger and better things. That’s not to say that they are entitled –a popular myth for millennials- the fact is that millennials know that they are in high demand and they want to make the most out of it –and this includes both more money and benefits. But do they really make more money?
How Do Millennials Benefit From Job-Hopping?
Switching jobs usually means that there’s a salary increase, especially if you’ve been poached. And if we take into account that millennials job-hop every three years, this means that their salary also increases every three years, and that’s not taking into consideration the possible raises they get in every workplace.
But it’s not just the salary, is it? Employers would tell you that attracting millennial talent is not easy, especially if your competition is bigger and richer. Millennials don’t just look at money, they also look at the perks that come with a job, and these include things like medical insurance and paid holidays.
But, Do the Statistics Agree?
However, a study conducted in Silicon Valley –the mecca of talent- has actually showed that employees who stay with a company longer make more money. 50, 000 Silicon Valley software employees participated in the study which found that employees who were committed to one employer typically earned annual raises of 8 percent, compared to job-hoppers who received an average increase of 5 percent.