In part three of our ongoing exploration into the myths and realities of Millennials in the workforce, we explore the question of loyalty and trust between employers and their Gen-Y workers.
Myth: Millennials have no sense of company loyalty.
According to the myth, Millennials have a strong disdain for big business, a need to stick it to “The Man,” and no issue with leaving a job at the drop of a hat. They have absolutely no loyalty to the businesses they work for, only loyalty to themselves and their careers. Many experts say working for one employer for your entire career is no longer the norm. BLS statistics show the average worker has been in their position for 4.4 years. Millennials typically leave a job on average between 1.5 and two years.
But this doesn’t mean they are leaving because they’re disloyal.
Reality: Millennials are distrustful.
This is a generation that has been let down by big business, watched the removal of incentives like pensions, 401Ks, and other benefits, and seen the detriment of a failing economy and massive layoffs. It’s disheartening, and often a heavy weight to bear for a generation that’s becoming an increasingly entrenched part of the workforce. But being distrustful of corporations isn’t something that Millennials solely experience. Gen-Xers and Baby Boomers are seeing the same things.
True, Millennials are perhaps less enamored with big corporate structure and traditional career trajectories than their generational predecessors. While they’re not blind followers who are quick to step in line like cogs in the corporate machine, they truly appreciate and value a great boss. The reality is that Millennials aren’t married to the corporations they work for, but they can be fiercely loyal to their bosses.
As an employer of Millennials, it’s important to gain their trust by showing them you care about them and their role in the business. New studies show the most common reason a Millennial stays in his or her job is because they feel a sense of loyalty to their bosses. Conversely, one of the biggest reasons they quit their jobs is because they’re not satisfied with their bosses, which makes establishing and maintaining that loyalty an important consideration for employers.
Building camaraderie and a professional relationship that in some ways mirrors a friendship is very important for bosses seeking to retain their Millennial workforce. The way employers interact with Gen-Y workers can go a long way in earning their trust and solidifying their long-term role on the team. Treating Millennials with respect and professional kindness will endear them to stay by your side and be less likely to jump ship at the drop of a dime.
Don’t forget: We’re debunking millennial myths in our free upcoming webinar!
Join Modis on Wednesday, July 31st as we debunk millennial myths with Dan Gaffney, Managing Director of Modis South Carolina, and Justin Witt, Business Development Manager of Modis Jacksonville. These two will be discussing millennial myths, the realities behind these myths, and the helpful tips you can use as a manager to develop great working relationships with the millennial generation. Did we mention that this webinar is free?