Why Do Millennials Keep Leaving Their Jobs?
A new study from LinkedIn provides new evidence of just how much the job market trends are shifting from previous generations.
The study finds that that millennials are changing jobs at a much more rapid pace than their parents did, sometimes as hopping jobs as many as four times in their first decade out of college.
"Over the last 20 years, the number of companies people worked for in the five years after they graduated nearly has doubled," the study's authors wrote.
Eugene Gentile, director of the Office of Career Management at the Rutgers Business School in New Brunswick, said millennials are expecting more than their predecessors.
"If they're not getting what they perceive to be full value for their efforts or full compensation, they're more likely to jump," Gentile said.
And it is not always about just job security and compensation.
"Companies that are socially aware and socially responsible, and if they feel that they're not getting that piece of it too, that's another reason to move on," Gentile said.
According to the study, employees in media, entertainment, government, and non-profits job-hop the most. Millennial workers in the automobile, manufacturing, and oil industries are currently staying the longest in their positions.
Many millennials are finding out that it is often easier to move up the corporate ranks by changing jobs, rather than stay in the same company.
Gentile also said millennials may realize they're more valuable if employed — sometimes by competitors of the companies where they hope to work — than if they're out of work.
"Once they have a position, they'll look for the next one," Gentile said. "In a way, you're more desirable when you're employed than when you're unemployed."
LinkedIn found that nearly 90 percent of people network while looking for that next job, and 53 percent said doing so helped them land their current gigs.
Gentile said another big factor in the current mindset of the younger worker is a byproduct of the erosion of corporate loyalty, which was often seen during the Great Recession.
"The millennials saw their parents getting laid off," Gentile explained. "The millennial is prepared for change, in terms of job market. They saw their parents lose jobs and have to retool, so they're not afraid of it."