BUS603: Managing People

57% of millennial workers say it is not very likely or not likely at all that they will stay with their current employers for the remainder of their working life. 62% of generation X workers will never leave their current employer. 84% of baby boomers expect to remain with their current employer for the rest of their working lives.

Based on this information, it is crucial for employers to understand what motivates the millennial generation if they hope to retain these valuable employees.

Baby boomers often advise millennials to persist and be patient - the rewards for their efforts, money, status, and respect will come. However, given the individualistic characteristics of millennials, such as their self-esteem, their sureness, and their self-absorption, together with their aversion towards risk and their incapability of managing vagueness, millennials may not be ready to deal with the reality of the workplace and its severity in certain cases.

The capabilities that enabled generations such as baby boomers to endure and prosper at work, such as being able to negotiate their part, being able to adapt to circumstances that are not ideal, and being able to persist in the face of the uncertain tests which they might encounter, are not the forte of the next generations such as the millennials, which might explain their readiness to leave a job at any time and quit.

There are different reasons as to why employees leave their job, and these reasons vary based on the country. In the United States, the five most common reasons for a millennial to quit his/her job are negligible pay increases, lack of opportunities to advance, too much overtime required, no room for teamwork, and an inflexible supervisor.