7 Reasons a Coaching Program Keeps Millennials from “Jumping Ship” Early
Dreams of career success and professional ascension are typically very significant within the first few years after graduation for Millennials. After years of learning and testing, many of these participants of the workforce want a meaningful return on the personal investments of their education. However, the timeline and definition by which these dreams and ascensions are expected to occur have changed over the past generations. Where prior generations were willing to allow around 5 to 7 years of workforce engagement before expecting positional, monetary or additional incentives to be provided in the workplace… this emerging generation has cut that expectancy time, in most cases, by more than half.
For companies not accounting for this new timeline of expectancy, the timeline of expected retention of these professionals has greatly reduced as well. Investment of an aligned coaching resource can greatly reduce the impacts of this growing situation.
Millennial Domination of the Workforce
The issue of millennials workforce expectancies is neither holding steady nor declining, but increasing. This is due to their rising dominance in sheer numbers in the workforce population. The generations making up most of the current workforce are of the following:
- Traditionalists—born before 1946
- Baby Boomers—born between 1946 and 1964
- Generation X—born between 1965 and 1976
- Generation Y, or Millennials—born between 1977 and 1997
- Generation Z—born after 1997
Millennials are the largest generation in the U.S. labor force. More than one-in-three American labor force participants (35%) are Millennials, making them the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data.
Another study concluded that by 2020, nearly half (46%) of all U.S. workers will be Millennials. By comparison, the generation before them, Generation X, represent only 16 percent of today’s workforce.
Now, armed with the knowledge of understanding that millennials are currently the growing majority of the workforce, let us look at some startling statistics involving this group of working professionals based on what they expect from their workplace experience:
Millennial Retention Statistics
- 43% Of Millennials Plan to Quit Their Job Within 2 Years
- 28% plan to stay in their current role for more than five years
- 64% percent of millennials will quit their job if it’s too difficult to take time off
- 53% have had three or more jobs since the start of their careers
- 54% start hunting for the next position between 6 to 18 months
- 80% would leave for companies that emphasize personal growth above all
In 2016, among workers with less than four years of tenure, 34.5% of millennials chose to jump ship, compared to 19.4% among non-millennials. Why? Because the current workplace culture that previous generations have worked within is vastly different from the culture needed to retain well today.
Why are Millennials Leaving So Soon?
Based on all of the numbers and research, Millennials want responsibility, opportunity and flexibility. Not only upward, but lateral moves work well, a well defined and customized career path, flexible working hours based on results and/or productivity and well-structured working environments that foster both personal and professional growth are hallmarks of a company positioned to retain this new population of professionals.
- Lack of given responsibilities for Millennials means lack of trust in them from the company
- Lack of opportunities for Millennials means lack of loyalty to them from the company
- Lack of true personal and professional growth programs for Millennials means they will become stagnant and irrelevant very soon
- Lack of a well-defined and customized career path for Millennials means there is no current or future plans for them to become anything more than what they are in the company
- Lack of flexible working hours for Millennials means lack of potential to enjoy more of life overall outside of the walls of the office, even if it is well-earned
What are Millennials Willing to Give Up?
According to research from survey software firm Qualtrics and venture capital firm Accel Partners, Millennials are willing to give up a percentage of their salary for long-term job security, a management structure that emphasizes mentorship, a better career trajectory and flexible office hours.
- 77% would be willing to take a salary cut of at least three percent in exchange for long-term job security
- 67% would be willing to take a pay cut of at least three percent to work at a company that offers good mentorship opportunities
- 76% would take a pay cut of at least three percent to work for a company that offers flexible office hours
The 7 Reasons Coaching Programs Fix this Problem
A Coaching Program provided by a fully dedicated and competent firm can address much and more of the issues companies face while seeking to retain their highly talented and capable Millennial team members. Here are seven ways that coaching programs position companies for Millennial retention success:
- Coaching Programs, offered as a benefit, shows a significant investment of loyalty into the personal and professional growth of Millennials, preparing them for current and future opportunities
- Coaching Programs uncover levels of personal responsibilities for self-development as well as the methods to keep track and self-incentivize
- Coaching Programs assist with the development of clear opportunities for lateral as well as upward growth within the current role assigned for positional mastery
- Coaching Programs can produce suggested well-informed and customized career paths allowing for them to have an incentive to become valuable to themselves as well as the company
- Coaching Programs designed to track and show productivity and effective results creates a compelling narrative to allow more flexible working hours so that they have more time to enjoy the fruits of their labor
- Coaching Programs “pay for themselves” through reduced turnover cost and higher yields of productivity
- Coaching Programs provide more intimate information on the development progress of each participant, ensuring that the higher performing and skilled aligned personnel are both identified and properly incentivized to be retained
What Have We Learned?
We have covered much information here, namely:
- Companies are becoming increasingly reliant on Millennials as this generation continues to saturate the workforce
- Millennials are willing to leave quicker than previous generations for more conducive workplaces
- Millennials are looking to businesses to help them develop both personally and professionally
- Millennials want to be part of a loyal, incentivized and positive workplace culture
- Millennials want opportunities for continuous learning and workplace flexibility
Communicate with us at MDS!
To get more information on the benefits of a dedicated coaching resource, reach out to us at firstname.lastname@example.org and you’ll find the assistance you need!
If you’d like to explore working us to accelerate your millennial retention success… just schedule a brief introductory call on my calendar using this link: Brief Introductory Call. You can tell us a little about your unique challenges and desires for your organization. We’ll discuss options to best help with your needs!