“I Quit!” Why Employees Are Leaving the Corporate World
It’s no secret that turnover is one of the biggest challenges corporations experience with Millenial and Gen Z workers. But why are these new workers leaving the corporate world? According to one study, 2 out of 3 employees are disengaged at work. Here are the top three reasons employees are jumping ship, and some top ways to prevent it from happening at your organization.
Lack of Purpose
According to LinkedIn’s 2016 Purpose at Work Global Report, employees preferred companies with a clearly articulated purpose. The study also notes only 30% of the U.S. workforce reports feeling actively involved, enthusiastic, and committed to their work. In 2019, its important for organizations to identify what role purpose plays. If they don’t, this will lead to higher turnover and less productivity within the company. Furthermore, employees are more likely to offer their loyalty to purpose-oriented competitors.
Establishing a clear purpose and actively involving your employees will improve job satisfaction and ultimately help attract and retain top talent. Start by examining questions like:
- What does “purpose” mean to leadership?
- Is there a positive impact your company can deliver to the world?
- Which causes are your employees passionate about?
Aligning these questions with the work you do will lead to a more purpose-oriented organization that employees enjoy working for.
Say goodbye to the 9-5. Millennials and Gen Z are very aware that technology now gives them the power to design their work-life on their terms. Because of this, the latest working cohort is not on board with sitting at a cubicle every day. Millennials and Gen Z are digital natives and are taking on the digital nomad lifestyle in droves. As a result, some are leaving the corporate world for good. If you hope to provide long-term value for your employees, offering flexible scheduling can be an great way to keep them happy and productive.
No Career Trajectory
Through the years, “lateral movement” has lost its appeal. In today’s skills-focused economy, waiting 3-5 years to be promoted doesn’t cut it anymore. With more companies placing value on skill over tenure, top talent can scale the corporate ladder much faster than before. This means if you’re not promoting your highly-skilled employees, they’ll leave. Sometimes, they may even leave to start their own business.
Assess your employee’s skills and competencies regularly. Moreover, discuss this with them. Leveraging your employees’ true talents and skills will create a more exciting career path at your organization. As an added benefit, the right people will be in the right jobs, increasing productivity and motivation.
Climbing the Corporate Ladder
Climbing the corporate ladder is also not as attractive as it used to be. With more and more people under 30 creating their own businesses, the process of navigating office politics to climb the ranks has lost its appeal. In fact, many young adults would rather strike out on their own and create their own businesses than deal with corporate politics.
Clean up your culture. Irresponsible managers, toxic work environments, and siloed departments are sure ways to repel good talent. Instead, reap the rewards of a positive work culture by cultivating an inclusive environment. Find out what matters to your employees. Then, act on it. Focus on giving your employees a chance to share their true talents supporting them on their career path. Every step of the way. They’ll appreciate it, and in turn, shine.