Top industries for millennial job switchers
Millennials are twice as likely to switch jobs and are in search of a greater sense of purpose
When it comes to hiring the millennial job seeker, understanding the shift in the types of jobs they want, the process they use for job searching and the factors that matter when they are making these decisions, is key.
LinkedIn Talent Solutions revealed today a study on today’s Millennial career behaviors that identifies which industries millennials are leaving and joining, and the contributing factors behind these moves. The study found that over the past 12 months, millennials have been flocking more to roles within healthcare, finance and auto/aerospace. Software development and tech, however, continue to lead the way with an almost 10% gain year over year.
Unsurprisingly, with more consumers turning to online stores for their clothing, electronics and even grocery shopping, the top industry losing the most millennials is retail & consumer products at an 11 percent decrease, over the last year. Government/education/non-profit, media & entertainment, oil & energy and telecommunications are also among the industries losing millennial talent.
For those looking to further understand how to hire, and keep millennial talent, here are a few more insights:
The turnover rate for millennials is over twice as high as other generations in today’s workforce, and millennials tend to switch jobs twice as quickly as non-millennials. According to LinkedIn’s Inside the Mind of Today’s Candidate report, the top three reasons millennials decide to switch jobs is 1) lack of career advancement opportunities, 2) unsatisfactory compensation/rewards, or 3) lack of challenging work.
That said, millennials are a much more flexible generation. Millennials are 50 percent more likely to relocate for a new role, and LinkedIn found that Seattle, Denver, San Francisco and Charlotte are the top cities gaining millennial job-switchers.
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