Many employers hold the view that Millennials lack patience and are less likely to stay in a company for long periods of time, as compared to their more senior counterparts.
According to the Randstad Q3 2015 Workmonitor, looks like there is some truth to that view, after all.
The report found four in five (83%) of Hong Kong’s Millennials are looking to switch careers.
The number was much higher than that in the US, where 43% of Millennials intend to switch jobs in 2015, according to a survey by Aon Hewitt at the beginning of this year.
These young talent were found to show strong confidence in their job prospects, with 83% assuming they would find comparable work at a different employer within 6 months.
More than three out of 10 (33%) of 18-24 year olds already looking for another job, followed by 26% of workers aged 25-34.
Each year, Hong Kong has around 70,000 school-leavers looking for job opportunities, and it is imperative that business leaders adapt to the needs of this emerging workforce and introduce programmes that will keep them engaged and motivated
This is especially because lack of job satisfaction appears to be the main reason for Millennials to want to move on, with less than half (46%) saying that they are fulfilled by their current roles.
Director of Randstad Hong Kong, Peter Yu pointed out that company’s reputation (93%) and culture (94%) are the top considerations for Millennials when they considered picking up a new role. A company’s reputation is not just about being a good employer.
This generation, more than any other before them, places greater importance on how companies perform in terms of corporate social responsibility, ethical behaviour and their effect on the environment,” he said.
Another key consideration for Millennials when hunting for a job is prospect, with 76% saying they are focused on getting a promotion.
“Business leaders need to foster a culture of continuous learning, professional growth, and provide clear career pathways in order to attract this upwardly mobile generation,” said Yu.
There is no doubt that this generation has vastly different attitudes and expectations compared to their older peers. As such, the report said employers need to build a strong company culture and management style that appeals to Millennials.
“The finest of these workers are in high demand across every industry. By appealing to their career expectations and interest in social issues, companies can inspire them to stay long-term and develop these workers into the next generation of leaders,” said Yu.
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