In these times when ‘The Great Resignation’ is showing its effects in the job market, job hopping is an oft used term. While there have been many reports, studies and news pertaining to high attrition across sectors in the last two years, the Millennials and GenZ have been hopping jobs in their careers quite frequently.
A short survey conducted in 2019 by a job portal stated that 60 per cent people in India were hopping or switching their jobs and amongst them, 56 per cent were Millennials.
This indicates that, pandemic or no pandemic, the young generation has been inherently inclined to hop jobs.
“In the current generation, there is always an urge to climb higher and look for better options. If their current organisation is able to provide them the opportunity, well and good. If not, they will switch”
Ranjith Menon, SVP-HR, Hinduja Global Solutions
This change is quite evident. Most of us know some young professional or other who is frequently switching jobs, and moving from one company to another. One of the major reasons for this is that youngsters today have a lot of options to choose from.
Ranjith Menon, SVP-HR, Hinduja Global Solutions, states that the earlier generation in India lived in an industrial era. In those days, there were limited options and even earning enough to fulfil the basic needs of life was a challenge. He further states, “For my generation, it was all about ensuring a decent living standard, providing better education to our children and living a better life”.
The current generation does not have to worry about survival, because their grandparents have already taken care of that. They need to worry about a standard of living either, because their parents have already provided it to them. Additionally, they have innumerable career options. That is why, the current generation is not afraid of hopping jobs or quitting without even thinking.
“In the current generation, there is always an urge to climb higher and look for better options. If their current organisation is able to provide them the opportunity, well and good. If not, they will switch,” states Menon.
Money also attracts people, especially the young talent. They nurture aspirations and they all want to earn well. In fact, one of the studies suggests that for most of the Millennials, money has been the biggest factor in driving them to consider changing jobs.
However, HR leaders have a different opinion. Sushil Baveja, former EVP-HR, DCM Sriram, states that money is the weakest driving factor for the new generation. For them, having a learning environment is more important.
“Companies will have to keep evolving their value proposition because what is driving the young generation today may not be the same after a year”
Sushil Baveja, former EVP-HR, DCM Sriram
Menon states that money can be the driving force for different people living in different circumstances. For some youngsters, money can be important and for others who belong to financially sound families, money may not be a priority.
So, behaviourally speaking, are today’s youngsters volatile in nature? Do their priorities and sense of loyalty keep changing frequently?
Menon feels they do, but he does not blame the youngsters for this. “‘Change’ is a constant in the world that we are living in, and the rate of change is very fast,” points out Menon. He goes on to explain that everything — from technology to preferences —is changing at a fast pace.
Baveja states that having a better value proposition for this generation is the key. “The young generation has the urge to learn and do something new. Also, companies will have to keep evolving their value proposition because what is driving this generation today may not be the same after a year,” says Baveja.
How can youngsters be retained or expected to stay with the company for a long duration?
Well, the answer lies in understanding and listening to the new generation. “Organisations should keep on trying something new to engage these youngsters. Some things will fail, and some will find success. One needs to follow what works best for one’s workforce,” admits Menon.