The real reason 30 percent of millennials want to ditch their employer within a year

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Millennials Job-Hopping: Money Isn't the Problem


A new study shows those Millennials you're training plan to take their skills elsewhere.

A new study by LinkedIn surveyed more than 13,000 Millennial job seekers to find out what it takes to get them to work for you, and offers some insights into the lengths some employers are going to need to go to hire the best talent from this generation.

Perhaps the fact their underemployment rate is still hanging at 26 percent plus (and comes with lower salary earnings, too) is making Millennials rethink what matters in a job.

RELATED: 5 tips to help you land your first job after graduation

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5 tips to help you land your first job after graduation
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5 tips to help you land your first job after graduation

Take advantage of your college career center
Most universities offer career coaching from trained professionals who specialize in development and advancement. Whether or not you have an idea of your career plans post-college, it can be beneficial to take a few hours out of your day and set up an appointment with one of the counselors. Many times, these professionals can review and help you tailor your resumé and cover letter. To top it off, because of their experience and networks in various industries, counselors have the potential to connect you with hiring managers.

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Begin creating and using your network 
One of the most important aspects to finding a job is taking advantage of your professional and personal network. Your connections can vary from your family members and friends to your professors and alumni. If you feel as if you're lacking a valuable network, however, business association events and gatherings are the best way to gain important contacts.

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Participate in recruiting and career fairs 
This piece of advice may be the most obvious, but many students fail to take advantage of it. Careers fairs orchestrated by your specific college are invaluable. They allow you to not only learn about opportunities in your respective career, but it also allows you the opportunity to network with hiring managers and employers of the companies present.

Use your social media wisely 
It goes without saying that we live in a social media world. Everything you do online can be tracked, so it's important to make sure you are representing your personality and style accurately, and in the best possible light -- you never know who may be looking at your page.


 
Always follow up  
With the advancement of modern technology, most job applications are done online. Because of this new process, it oftentimes makes it harder to find the person of contact to follow up with. However, you shouldn't let that initial obstacle prevent you from following up. If you can't find the name of the hiring manager directly reviewing your application, use LinkedIn to do a search of the next best person to reach out to. Many potential employees miss out on interviews by not being proactive and sending follow up emails.
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Here are just a few statistics the survey revealed:

  • 93 percent of Millennials are eager to learn about new job opportunities. That means just 7 percent of them are fully satisfied in their current role.
  • 30 percent of working Millennials say they plan to leave their current job within a year.

Translation: Your smiling Millennial work force isn't as happy as you think.

  • The No. 1 reason for not accepting a job is not knowing enough about what it's like to work for the company.
  • Of all the generations working today (Millennials, Gen X, Baby Boomers), Millennials are the most likely to follow you on social media as a way to learn more about you as an employer.

Translation: Your failure to reveal your employment brand via social media is hurting your recruiting efforts.

  • 64 percent want to know about perks and benefits.
  • The No. 1 thing they want to know about your company is its core values and beliefs.
  • Only 30 percent of Millennials are focused on purpose-driven work, whereas almost half of all working Boomers (48 percent) want to do work that feels meaningful.
  • The top two reasons Millennials leave for a new job are: A) more money and benefits, and B) more career opportunities.

Translation: You might be marketing the wrong aspects of your employment brand to Millennials. Or, even worse, you may not have what they are looking for.

Think twice before saying, "I'll skip it," with respect to hiring Millennials

Millennials make up half the current working population and will continue to dominate over the next decade. Even though Baby Boomers have delayed retirement, they're still exiting the work force at a rapid rate. And with just 46 million Gen X behind them, as compared with more than 70 million Millennials, the talent gap will require hiring from the youngest generation in the work force.

In short, if you aren't building a marketing plan to recruit, train, and retain the best and brightest Millennials, your company could suffer in the future.

RELATED: The best cities to start your career

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Best cities for recent graduates
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Best cities for recent graduates

Cincinnati, Ohio 
Average Starting Annual Salary: $48,348
Unemployment Rate: 4.9 percent

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Raleigh, North Carolina
Average Starting Annual Salary: $48,609
Unemployment Rate: 4.8 percent

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Austin, Texas
Average Starting Annual Salary: $50,035
Unemployment Rate: 3.7 percent

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Washington, DC
Average Starting Annual Salary: $51,310
Unemployment Rate: 4.9 percent

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Minneapolis-St Paul, Minnesota
Average Starting Annual Salary: $49,950
Unemployment Rate: 4.1 percent

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Sioux Falls, South Dakota 
Average Starting Annual Salary: $43,849
Unemployment Rate: 3.9 percent

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Fargo, North Dakota
Average Starting Annual Salary: $44,163
Unemployment Rate: 3.0 percent

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Madison, Wisconsin
Average Starting Annual Salary: $51,163
Unemployment Rate: 3.9 percent 

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Atlanta, Georgia
Average Starting Annual Salary: $48,991
Unemployment Rate: 5.3 percent 

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Seattle, Washington 
Average Starting Annual Salary: $54,024
Unemployment Rate: 4.4 percent

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How to keep Millennials from leaving

There is one thing this survey doesn't reveal--what it takes to keep Millennials from leaving. There is an answer--and it lies in how Millennials were raised. This is the first generation to be coached their entire lives. Raised on organized activities, they don't see coaching as a sign of weakness but rather as a path to greatness. Companies that go all out in offering professional training, mentoring, and even private career coaching not only help their Millennial work force become more valuable faster, they also gain their trust and loyalty. Millennials aren't big risk takers. And thanks to protective parents, they also try to avoid failure at all costs. They'd rather stay with an employer who offers them the tools and resources to feel safe and successful. Investing in programs that give Millennials the coaching they want, in the way they want it, can help you keep the talent you are working so hard to develop.

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