Millennial Report Points to Promotions as Key Factor in Retention

A new study from Visier, a recognized leader in people analytics and planning, illustrates the power of management titles, promotions, and internal job hopping on retaining Millennials, reports. According to PR Newswire,  The Visier Insights™: Retaining Millennials report, confirms the well-accepted view that Millennials resign more often, with a resignation rate that is nearly twice that of Non-Millennials (34.5 percent compared to 19.4 percent).

However, the report also shows the impact of career growth and mobility on Millennial resignation rates: Millennials who are managers resign nearly two-thirds less often and job hop internally 1.3 times as often as Millennials who are not managers, PR Newswire reported.

“Millennial employees now make up the largest share of the US workforce. With employment numbers at an all time high and the war for talent more fierce than ever, organizations need to have a strategy to attract and retain Millennials,” said John Schwarz, Visier co-founder and CEO. “Our analysis confirmed that Millennials change jobs significantly more often, but it also uncovered the power of promotion as a key factor in motivating Millennials to stay with their firm. Our recommendation is: don’t fight the tide—work with it. Give your brightest prospects places to go within your organization. Upward and lateral moves both work well. Millennials look for constant training and new challenges to feel they are progressing.”  More here.