Now that Millennials have worked their way into your management structure, there’s something you need to know: 34% plan on finding a new job in 2021. Of those planning to leave their current job, 80% are concerned about career growth, and nearly 75% say the pandemic made them rethink their skill sets.
This wake-up call is based on Prudential’s Pulse of the American Worker Survey conducted by Morning Consult in March 2021. After a year of workers putting their job searches on hold, it seems they’re now dusting off their resumes. Millennials—who make up the bulk of the workforce and are now holding down managerial positions—are the most eager to switch jobs. One in three Millennials plans to look for a new job with a different employer once the pandemic is no longer an issue, compared to one-fourth of Gen-Xers and only one-in-10 working Baby Boomers.
Here are some of the top insights Prudential uncovered about these wayward employees:
Disconnection Is at a Breaking Point
About 42% of workers who plan to leave would grade their employer’s efforts to maintain culture during the pandemic as a “C” or lower. The major issues are how the employer has handled remote work. Prudential recommends that, based on the survey results, employers strengthen their culture with remote and semi-remote employees by:
- Offering more remote work resources.
- Updating policies.
- Improving communication from leadership.
“We’re finding it easy to attract talent away from those companies that have not concentrated on making their employees feel like they are part of a broader team,” says The HT Group Founder and CEO Mark Turpin. “It’s been difficult to cultivate culture during the pandemic. Good employers have focused on making their remote workers feel the connection to others and the company mission.”
Promises of Hybrid Remote Solutions Will Go Far
Moving forward, most American workers (68%) say that having the ability to work both remotely and at the worksite is ideal. One in three would not want to work for an employer that required them to be onsite full time, but two-thirds recognize that in-person interactions are essential for advancing their careers.
How vital is balance the two? Nearly half of current remote workers say if their current company doesn’t continue to offer remote-work options long term, they will look for a job at a company that does.
They’re Envisioning a New Path Forward
Of the workers who plan to look for a new job, 80% are concerned about their career growth, compared to only 49% of all workers. And we’re not just talking about the career path they started down pre-pandemic. Nearly half of workers admit the pandemic has caused them to reevaluate their skill sets. One in five even changed their line of work entirely over the past year, and half of those workers say those changes are permanent. The top reasons for these changes include work-life balance, better compensation, and trying something new.
The bottom line: We’ve all changed during the pandemic, which means priorities and motivations have shifted.
What’s Your Plan?
Rob Falzon, Prudential vice chair, says the looming talent war will be won by companies who cultivate cultures that reflect what is most important to workers right now, such as remote-work options and flexible work arrangements and opportunities for career development and mobility. In a related survey, Prudential found that comprehensive benefits that foster employee health and well-being and build financial resiliency help, too (something we also recently uncovered).
It’s an area we’ll be diving deeper into in the next few posts. The challenge has been set for retention, but your pandemic response can still earn you points with current employees, depending on your return-to-work plan. An HR advisory consultation to reimagine your path forward can help. And if you’re searching for talent, your prospects are bright: Be a shining beacon in these areas above, refine your recruiting practices, and you can attract top talent this year.
FIND GREAT TALENT NOW
The HT Group fills roles in Temporary Staffing, Executive Search, Technical Recruiting, and Retained Search.