Millennials have a reputation for job-hopping.
A study by LinkedIn sheds some light on why they leave positions and what they're looking for, according to Deanne Tockey, an analyst at the company.
LinkedIn researchers looked at job openings, salaries, millennial employees' profiles, and other data collected from their users to come up with a final analysis of what millennial employees value in their jobs, as well as which industries are growing more and less popular with millennial employees.
The results show that what millennials want most out of a job is a strong career path, Tockey writes. In fact, lack of career advancement is the principal reason why millennials leave a job. Similarly, millennials also place strong value on professional development and growth, which respondents cited as benefits they care about most in their job.
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Based on LinkedIn's analysis, these are the industries that millennials have been leaving the most:
- Retail & Consumer Products
- Media & Entertainment
- Oil & Energy
Millennials have been leaving the government, education, and nonprofit sector at a rate of 8% over the past 12 months.
Writing for IT World Canada, Mandy Kovacs suggests millennials may be seeking higher compensation in other industries, despite the fact that government, education, and nonprofit organizations typically offer attractive employment benefits.
Kovacs points out that millennials have more student debt to pay back than previous generations, and she proposes that this may be one reason young people could be motivated to seek positions that offer higher compensation.
Those in the government and education sector can look to the health care and technology industries to learn what is attracting millennials, Tockey argues. These two industries have seen the highest gains in millennial workers, at 9% and 7%, respectively.
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Why are millennials flocking to these fields? Tockey proposes that millennials are attracted to tech companies' rapid growth and reputation for being supportive of young adults. The positions also have the high compensation and perks that Kovacs argues millennials are seeking.
Many of the same factors that attract millennials to the tech industry also bring them to hospitals and other health care providers, writes Tockey. She argues that, in addition, health care offers a sense of security that comes from working in an industry that will likely never go away (Tockey, LinkedIn Talent Blog, 7/31; Kovacs, IT World Canada, 8/1; Taylor, HR Drive, 8/3).
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