November 14, 2019 | by: Dasslin Coral
Leaders admit that the process of recruitment continues to be a pain point for Philippine businesses, according to recent Sprout Solutions survey.
An increase in turnover rates and decrease on retention is making the recruitment process more difficult to manage, but as per hr leaders, such is further challenged by the ‘job jumping’ phenomenon common among the dominating millennial workforce.
Dubbed by Gallup as the ‘job-hopping’ generation and ‘least engaged’ workforce, millennials are changing the way HR leaders handle recruitment and retention worldwide. The US market reports 21% of millennials changing jobs within the past year. On the other hand, the APAC market sees 70% of millennial candidates shifting jobs in less than three years.
Spotting job-hoppers in the PH
In the Philippines, one of the stereotypes on millennials is they do not stay in a certain company for too long. And perhaps this assumption is correct considering that 64% of Filipino millennials are expected to leave their current employers before the end of 2020.
To understand this job-hopping trend, it would be significant to question, why are millennials so likely to move around jobs? HR Nation Philippines listed top three factors causing employees affinity for switching jobs, this includes millennial’s educational level, career maturity, and the country’s economic condition.
A study by LiveCareer shows that millennials earn higher education degrees than the previous generations, with 65% of them acquiring a bachelor’s degree compared to 57.2% gen Xers. Their credentials often exceed what is required for the position they are aiming.
Given their strong education qualifications, millennials are excited to explore more career opportunities in different companies from time to time. Beyond good compensation, they are looking for more learning opportunities and career development in order to stay in a company.
But besides education and career growth, leaders also need to consider the changing economic state. An economy with high turn-over rates, like the Philippines, forces some millennials to frequently switch professions in order to make ends meet while ensuring better job security.
Finally, after identifying reasons for departing the company, HR professionals have to establish retention drivers among millennial employees. Employee engagement should be the key strategy here where work-life balance is emphasized and L&D opportunities are prioritized.Further, HR executives must personally connect with team members and recognize each employee’s value in the company. Leaders who practice this soft aspect of management while handling employee’s concerns on education, maturity, and economy-related issues are likely to develop more engaged millennials who want to stay.