In today's rapidly growing and evolving economy, it's more acceptable than it was even a decade ago for employees to move quickly from job to job. However, a new study commissioned by Bridge, an employee development suite for businesses, from the makers of Canvas (NYSE:INST), found that nearly 90 percent of millennials are looking to grow their careers within their current companies.
"Millennial employees are looking for something different in their jobs, beyond good compensation," said Emily Foote, VP of Customer Engagement for Bridge. "They aren't satisfied with routine promotions or pay bumps; they want opportunities to learn, develop new skill sets, and grow into leaders. Organizations that create learning environments are rewarded with employee engagement and loyalty."
Employees Are Loyal to Companies That Provide Career Growth
In 2016, millennials became the largest generation in the labor force. As of 2017, 56 million millennials were working or looking for work—more than the 53 million Gen Xers and well ahead of 41 million baby boomers.1 Yet despite the culture's increasing acceptance of "job-hoppers," young employees actually defy that stereotype. Bridge survey data finds that offering career training and development would keep 86 percent of millennials from leaving their current position. Fifty-six percent of millennials believe that an individual should stay at a single company for more than 20 years. However, if that job lacks growth opportunities and avenues for leadership development, 67 percent of millennials would leave that position.
Better Feedback Loops Needed
In terms of receiving feedback about professional growth, a third of surveyed employees do not believe performance reviews are helpful. This supports the growing idea that there is a need for workplaces to revolutionize performance management. What's more, 78 percent of Gen Xers believe that performance reviews do not provide them with meaningful growth opportunities, and that performance reviews are just a way for companies to "check a box."
When asked to grade how performance reviews are handled, some things span generations, with 42 percent of all employees saying they would give their employers a C grade or below. Finally, more than half of Gen Xers believe that performance reviews are onerous and rarely result in positive change.
Tips To Engage Employees
In response to the survey findings, Bridge also offered the following tips to help engage employees:
An infographic with survey highlights can be found at https://www.getbridge.com/pdf/generational-differences-workplace-loyalty.pdf.