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Forbes: 49% Of Millennials Would Quit Their Job Within 2 Years- Levoexpert thinks so! - Zack Friedman -Senior Contributor
In a recent article published by Forbes, Senior Contributor Zach Friedman, highlights the dilemma employers are facing when it comes to hiring millennial.
"“Millennials are disillusioned about the future. Now, 49% of Millennials would quit their job within the next two years. That's the findings from a new survey - The 2019 Deloitte Millennial Survey - which says that Millennials are "disillusioned with traditional institutions, skeptical of business’ motives and pessimistic about economic and social progress."
57% of Millennials list travel as their top ambition, followed by being wealthy (52%), buying a home (49%), making a positive impact on society (46%) and starting a family (39%). While being wealthy ranked second, it came in last when respondents were asked whether they believe becoming wealthy was achievable.
Negative Views on Economy:
Respondents' perception of the economy ranks at a six-year low. About 26% expect the economy in their home country to improve within the next year, which is a marked drop from 45% over the past two years. More than 50% believe that their personal financial situation will decline or stay the same within the next year.
Lack of Trust:
Only 22% believe the socio-political climate in their country will improve in the coming year. Approximately 73% believe that political leaders don't have a positive impact on the world, while two-thirds say the same of faith leaders. Also, 27% say they have "zero trust" in the media as a reliable and accurate source of information.
Not only would 49% of Millennials quit their job within two years (a new high in this survey), but also about 25% of the same respondents reported leaving an employer within the past two years. This doesn't bode well for employers seeking a stable employee base. Only 28% of respondents said they would remain with their employer for at least five years. The top reasons cited to leave their current job unsurprisingly include unhappiness with compensation, lack of career advancement and lack of professional development opportunities, among others.
The Gig Economy
While only 6% of Millennials say they work in the gig economy in lieu of full-time employment, 50% say they would consider joining the gig economy, while 61% would consider joining to supplement their full-time employment. The top three reasons include the potential for higher earnings, flexibility and more work-life balance."
Interview with Founders of Levoexpert.
We are seeing a big shift here in the nature of work. The current full time work model is becoming obsolete and HR managers will continue to face with challenges in attracting quality talents. We interviewed Moses Og and H.Yong ; co-founders at Levoexpert , a talent Management platform that connects businesses with curated database of experts and global talents for on-demand projects and work in Asia.
H.Yong : Besides the key highlight of the findings. HR managers used to be the center of attention before, candidates need to sell themselves and impress HR and recruitment officers, but reverse is the case today.
Moses Og: Today’s talents want be actively involve whom they work for, how they work and spend their time. They don’t want to be tied down to a full time contract in brick n mortal offices. Gen Y wants to be in charge of their time
What can HR Managers recruitment officers do?
H Yong : The workplace has largely remained unchanged for decades, people are tied down in traditional work model of unproductive long working hours of full time contract, but today we are seeing technology disrupting the way we work. To attract HiPo talents, HR departments need to reimagine workplace in the 21st, and design work in a way that is interesting and attractive. This may include flexible working model, agile work team, and emphasis on independence of work.
What is the Role of Talent management Platforms like Levoexpert in helping HR Department attract key talents?
Moses Og : Levoexpert is in the business of helping clients to make the shift to adopting flexible agile workforce so that they can achieve a total business transformation by deploying resources to their most mission critical strategic initiatives.
Our platform helps HR department to embrace the changing workplace by giving them access to pool of vetted global talents with the right expertise, that may not have available in their internal teams.
Levoexpert is a data-driven marketplace to hire expert advisors and top talents for project and work base in Asia. Our technology platform is powerful and flexible, has simplified the process of accessing experts and can scale to meet the needs of any business.
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