Ten per cent of millennials do not stay with an employer for more than two years, according to a recent study commissioned by Kronos.
The study, conducted by Galaxy Research and commissioned by Kronos, found that organisations need to consider the advantages behind a ‘motivate and rotate’ hiring practice and focus on greater employee engagement, continuing education and rewarding peak performance over length of service.
Results showed millennials average 3.4 years in their roles, as compared to 5.8 years for those born to the gen X and 7.3 years for baby boomers.
The findings demonstrate that engagement is crucial for millennials as 60 per cent leave within a year of feeling they are no longer giving their best and 32 per cent move on within three months.
According to the study, being well paid helps in keeping 84 per cent of millennials, 75 per cent of gen X and 69 per cent of baby boomers in their roles.
However, this comes with a shelf life of 1.5 years for millennials, 1.9 years for gen X and 2.1 years for baby boomers.
With only 19 per cent of millennials admitting there was nothing an employer could have done to prevent their departure once they decided to leave, the low figure reflects that they are open to persuasion if employers ask the right questions.
In further support of this, 57 per cent said open conversations would encourage them to stay longer in their roles and 65 per cent would stay longer if managers showed an interest in them as an individual.
Kronos managing director for A/NZ and South East Asia, Peter Harte, said the main lesson that small business owners and managers can take from the research is that the trick to retaining the millennial generation for longer may not be in dollars but in words.
“65 per cent of millennials say they’d have stayed longer if management had shown interest in them as an individual, or simply asked what they needed to keep them there. SMEs should ensure their millennial employees feel listened to, their opinions valued and implement requested changes when and where they’re needed,” he said.