The new year greeted us with positive employment data. All those programs and policies put in place by the Obama administration and supported by the Trump administration are finally taking hold! And, all Americans are enjoying the benefits.
According to the U.S. Bureau of Labor Statistics, the unemployment rate is down to 4.1 percent. The recent data is great news for the underemployed Millennial baristas as well as the Baby Boomers, who were staying on long enough to recover losses in their 401(k) portfolios. Now, the Baby Boomers are saying, “Bye, Bye, Bye” and opening the doors for Millennials.
According to data from Zero Hedge, Millennials are on the move. ZeroHedge, a popular financial blog, cited the Job Openings Levels: Total Nonfarm (JOLTs) report and found that, in Q1 2017, there was a “…surge in quits, the so-called ‘take your job and shove it indicator’, which… soared by 135K people voluntarily leaving their jobs, the biggest monthly increase since December 2015, which in turn pushed the total number of Americans quitting their jobs… to 3.22 million, a level not seen since January 2001.”
Are Millennials The “Hop, Skip And Jump” Generation?
A Gallup poll found that “Millennials have a reputation for job-hopping. Unattached to organizations and institutions, people from this generation – born between 1980 and 1996 – are said to move freely from company to company, more so than any other generation.”
According to the 2016 Deloitte Millennial Survey, “During the next year, if given the choice, one in four Millennials would quit his or her current employer to join a new organization or to do something different. That figure increases to 44 percent when the time frame is expanded to two years. By the end of 2020, two of every three respondents hope to have moved on, while only 16 percent of Millennials see themselves with their current employers a decade from now.”
TalentCulture found that when analyzing data relating to Millennials and job-hopping, “In an age where both startups and seasoned companies are enjoying success, there is no shortage of job opportunities.” Also, remember, this generation graduated in the middle of the recession, and they know what it is to take a risk. They risked borrowing money to get a college education. They risked not having a job when they did graduate. They risked having to return home to live with mom and dad, and they risked putting off getting married and starting a family. Job hopping? It doesn’t seem like such a risk as compared to the others they have faced.