Wednesday, March 2, 2016

Tip #586: Why Millennials are Leaving Organizations and 3 Keys to Solve It

The greatest talent challenge currently facing the world's employers is engaging the Millennial generation. Businesses run the risk of losing a large percentage of their workforces if they do not adjust to nurture loyalty among Millennials.

In Deloitte's recent 2016 Millennial Survey, they collected the views of nearly 7,700 Millennials representing 29 countries around the globe. All participants were born after 1982, have obtained a college or university degree, are employed full-time, and predominantly work in large (100+ employees), private sector organizations. The survey had a focus on Millennials' values and ambitions, drivers of job satisfaction, and their increasing representation on senior management teams.

Millennials are leaving.

Millennials have recently become the largest share of the US labor market. In this current survey, 12% of Millennials are either the head of a department or division or 7% have a position within his or her senior management team or board. Millennials are no longer the leaders of tomorrow but rather are rapidly becoming the leaders of today. Yet there is remarkable absence of Millennial loyalty and engagement that represents a serious challenge to the longevity of any business.

* 66% of Millennials expect to leave their organization by the end of 2020.

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