It’s been a minute since Akumina released its millennial manager survey, and we’ve all had a chance to pick ourselves up off the floor and get back to work. So, let’s talk about that bombshell of a report, and dive into the nitty gritty.
First things first. Am I the only one who thought millennials were like 24-25, tops? I’ve honestly heard people my age use the phrase, “Kids these days, you know, millennials…” And you know what? I can’t wait to tell those people that they’re millennials. (Insert evil laughter here.)
The millennial generation is made up of people born between 1981-1996, give or take a year or two because nobody can agree on the exact date range for any given generation. Assuming the correct years are 1981-1996, that means that you could be a 38-year-old millennial. I’ll give you some time to take that in. To make matters worse, you could be a 39-year-old Gen X-er, which means people think you’re a curmudgeon who can’t use an iPhone.
But I digress. My point is that maybe, just maybe, more of us can identify with millennials than we think. So let’s do one of the things I like to do in my spare time, and overanalyze a single characteristic of an entire group of people.
One of the more prevalent gripes I hear about millennials is that they’re disloyal because they participate in an activity commonly known as “job hopping,” a practice that is generally frowned upon by other generations. And who can blame them, really, with millennial employee turnover costing the U.S. a staggering $30.5 billion a year?
It’s fair to say that job hopping definitely is not helping the economy. But here’s the thing: 75% of millennials who participated in our survey reported that job hopping has helped their careers. On top of that, only 10% reported feeling underemployed. So it’s also fair to say that job hopping is beneficial to the millennial crowd from a career advancement standpoint.
As someone who just read this data and is otherwise wholly unqualified to make sociological or economic predictions, I’m going to go out on a limb and say that the job hopping is likely to continue, regardless of its overall cost.
Long story short, I don’t know. But I do know that there are some things that can help.
Engaged employees have a harder time leaving their jobs because they genuinely care about their work, their companies, and their colleagues. They are invested in the company mission and understand how their work contributes to it, they frequently give and receive feedback, and they’re given space to grow as employees and as people.
The Akumina employee experience platform offers several tools that can enhance engagement at your organization. For example, the communications platform allows for two-way communication between employee and employer, leading to a transparent, honest relationship, and making it easy to surface and solve misunderstanding and conflict. All communications can be personalized and delivered to a set or sub-set of recipients in the right language for each audience.
Then you have the collaboration engine, which makes working together and tracking status a breeze. It also makes knowledge dissemination easy, so no important piece of information exists in just one person’s brain.
As we learned from our whitepaper 5 key elements to drive employee satisfaction: Recognizing the moments that matter, a large portion of the cost incurred due to turnover goes to onboarding a new hire. The average company could lose up to 2.5% of its total revenue getting a new hire up to speed, and an additional $1,500 per employee on training. So if organizations can come up with a way to combat those costs, the price of turnover decreases significantly.
An employee experience platform like Akumina’s provides a better way to gather, store, and transfer knowledge from one employee to the next. Use our content management system to distribute content in an intentional, personalized way to ensure that the right people can easily access the right information. New hires will find and digest everything they need on a reduced timeline, saving your company money right away.
Use our collaboration engine to facilitate teamwork and encourage communication within your digital workplace. If a new teammate can’t find or understand something, it’s easier than ever to ask (and receive) help. Share knowledge and best practices so that turnover isn’t nearly as scary a word.
In all honesty, the more we know about the future of work and the future of our workforce, the better prepared we’ll be to build engaging, lucrative work experiences. So go forth and learn, and then make good decisions.