• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

New Survey Tells the Real Story Behind Millennial ‘Job-Hopping’

By Corazon Gritar

A recent survey has reflected a changing opinion on what constitutes a desirable career opportunity as more millennials cite being in a role they’re passionate about as the top reason, according to Ladders.

Passion for their jobs was survey respondents’ most popular top priority at 44%, money following predictably at 42%. It’s not as if money isn’t important, but then what is it?

The millennials we surveyed and interviewed rated passion as a top priority because purpose is more important to this generation than the previous two, Miki Reilly-Howe, Managing Director of Department26, the company that conducted the survey, told Ladders. Boomers were mostly concerned with being good providers.”

Data all across the board has shifted with this generation of young adults. A Gallup poll in 2016 showed that six in 10 millennials would be open to taking a new job at any time, earning them the often bemoaned title: “The Job Hopping Generation”.

While it does tend to be true that millennials move around the job market, it’s likely because the position they are in isn’t offering as much as another available position would. The survey results also reflected that over half of respondents expected a raise within the first two years.

You might think that this speaks to the so-called ‘entitlement’ of this generation, but considering that you would need a 2.5% yearly raise to just keep up with inflation, are they really being so unreasonable?

Job hopping for this generation, then, might simply be about survival. Growing up with the job market fallout of 2008, coupled with widening wage gaps threatening chasms of poverty, millennials have learned by observing. Move up, or move out.

At least for the younger, more Instagram-ready millennials, interviewing might not be so bad. Attractive individuals have a 72.3% chance of getting a callback for an interview.

Through all of the money speak and pressure to perform, one thing remains true:Though millennials have a reputation for job-hopping, its clear that’s not their intention, Reilly-Howe told Ladders. They want nothing more than to find the right place and stay put for a few years. They leave when they feel they aren’t valued.

The survey conductors also made recommendations for businesses looking to retain millennial support. Digging deeper into your company’s core values can help both businesses and younger employees find common ground, and perhaps passion. This partnered with training and mentoring, the study suggests, could cultivate a motivated millennial employee that sticks around instead of running off into the fray of the ever moving mobile job market.

Photo Credit: stock photo

3 Comments February 4, 2018

Comments

  1. 1

    RD Blakeslee says

    “…purpose is more important to this generation … Boomers were mostly concerned with being good providers.

    Purpose: All about personal feelings.
    Providers: Acting to support others.

    http://bit.ly/2epGV7D

    Reply
  2. 2

    Jason says

    My initial thought, as a 28 year old man thats had 3 jobs since graduating from college, is that the era of one job lifetimes is long passed. My grandfather spent 50 years working in a textile mill (I think its in Asia now). The owners of the mill were as loyal to the employees as the employees were to them. In most situations, thats no longer the case. I, for instance, have been affected by mass layoffs and budget cuts twice in 7 years. Both jobs I would have kept had that been an option, but being that it wasnt, I had no choice but to move on.
    The best thing that a person can do in todays market is build resilience into their lives, personally and financially, so that they can make occupational decisions on their own, as opposed to letting their banker make them.

    Reply
    • 3

      Len Penzo says

      Totally agree, Jason. It is imperative to keep yourself marketable — and keep your skills up to date, and expand them as you get older. Those who do that will have it a lot easier than those who don’t.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Polls

Have you filed your taxes yet?

View Results

Loading ... Loading ...

Recent Posts

  • Black Coffee: Stuck in a Tangled Financial Web
  • A Few Thoughts from Aunt Doris: How to Make Ends Meet
  • Grandfather Says: Happiness and Living in the Right Mold
  • How to Get a Good Job Without a College Degree
  • Clever Ways to Save Money On Your Next Car
  • 18 Fun Facts About Money That You Probably Didn’t Know
  • Black Coffee: More Pie In the Sky
  • How to Get Fast Approval on Installment Loans
  • Should You Consider A Pre-Settlement Loan In a Personal Injury Case?
  • What Barfing Out of a Bus Window Teaches Us About Managing Money

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 30,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. 25 Examples of Shrinkflation That No Longer Fool Consumers
  2. 2. The 10 Worst Things I Ever Bought
  3. 3. 7 Perplexing Money Questions Without a Good Answer
  4. 4. My Cola Taste Test: Is Coke Really Better Than Pepsi?
  5. 5. The Real Secret to Becoming Rich as a King
  6. 6. Planning a Wedding? Here Are 9 Ways to Ensure You’ll Pay Too Much
  7. 7. Economic Collapse 101: How to Prepare for Water Supply Disruptions
  8. 8. A Simple Test to Know If It’s Better to Rent or Buy a Home
  9. 9. The Big Secret the Banking Industry Doesn’t Want You to Know
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2021 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2021