Career building is much different today than it was when our parents were in their twenties and thirties. You never hear of the stock boy moving up in the ranks to become the Chief Operating Officer at a multinational corporation anymore. That’s because as the largest component of the job force, millennials look at employment in a different way.
Some of this has to do with basic supply and demand. As millennials comprise the majority of the workforce with 53.5 million employees, hiring managers need to be able to retain and build them within their organizations. The cost of retraining and negotiating salaries and benefit packages to a new employees makes rehiring and restructuring more expensive.
But there’s a problem. And it’s that millennials aren’t having any of that.
According to a study by Odesk, 53% of hiring managers said that they struggle to retain millennials, which is why you never hear of the “stock boy moving up” scenario anymore. Is it our inability to commit and stick to a single thing? It could be, but chances are, the answer is much more complex than that.
Adaptability and focus is a result of our technological advancement, but the requirement to be adaptable was also thrust upon us with the Great Recession, the financial crisis of ‘08, and unemployment figures from 2009-2012. Many millennials found themselves post undergrad looking for jobs in whatever industry that was hiring. That made a multifaceted workforce, capable of a wide range of skills. Even for those that did not graduate or go to college, it meant that labor and service industry jobs were also scarce as many college graduates transitioned to them before finding something in their specific field of study.
As our economy strengthens over time, the habits that have been ingrained in millennials have not gone away. The constant search for higher pay, better company culture, and more meaningful work is even more compelling as millennials find themselves in management and directorial roles. Essentially, the high turnover rate and “brain drain” from one company to the next was an HR crisis that was created by the financial crisis in our country. As companies begin to adapt to this new career style, it’s important that as a millennial you make the best choices on your career path. Here are just a few tips to stay on track.
Make Money but Don’t Sell Your Soul – Ever hear the saying “money doesn’t buy happiness?” Ever think to yourself that was a load of B.S.? If this is the case chances are you’ve never found yourself in a high paying job that you hate.
Financial stability is of paramount importance to many millennials, but there is a cap on how much can actually make you happy. Company culture and work environment are much more important factors in deciding whether you will be content in a position. Make sure that you are always striving for more financial freedom, but also make sure you aren’t sacrificing your happiness for it.
On to the Next one, onto the Next – Beyonce wasn’t only talking about relationships. When your job is underpaying, doesn’t treat you well, or has a bad company culture, it’s time to move onto the next company. There is a fine line between staying loyal at a good company, and staying loyal just for the sake of staying loyal.
Again, this isn’t our parents day and age and unless you want to wait a decade to move up from stock boy to produce manager, there’s a good likelihood you’ll have to leave your company in order to move up. Many companies are having a problem with millennial retention, so as long as you kept focus and can get good references, always keep on the lookout for bigger and better opportunities. You don’t owe anyone other than yourself. Make the right decision for you.
Work Hard but RELAX – In order to get anywhere in your profession you must work hard. This is a constant unless you have a string of luck which realistically won’t last very long. Coworkers and bosses understand who is putting in a lot of the work, and rewards typically come hand in hand. After going through a long unemployment slump post graduate, I worked 55-60 hours a week, for a year, before finally regaining my footing and reestablishing myself in the workforce. It won’t be easy but the rewards will be worth it.
In a similar sense you must also be able to balance your social life and be able to relax from time to time. This is an aspect that many employees and employers alike don’t fully comprehend. When you are overworking yourself and leave little time for anything else, you get burnt out. This is effectively reducing the amount of hours you are putting in because your efficiency goes way down. Someone working 50 hours a week at 50% is like someone working 25 hours at 100%. The person that knows your body and mind best is you, so make sure you are keeping the balance.
