The days of engraved gold watches for 25 years of service and job loyalty are long gone. Many of you may not even know of these old practices to celebrate career milestones and job tenure. The perception today is that everyone is quitting their job and the newer generations are job-hopping every year. The facts show neither is true.
Here are some things to consider that affect available candidates for job openings and show the average tenure in jobs. This is from a recent survey by Indeed of US workers across a variety of industries.
- Average job tenure is about 7 years,
- Nearly 20% of workers say they have been in their role for more than 10 years,
- 54% of employees have been in the same role for at least 5 years.
- Only 5.6% of workers have been in their role for a year or less; considering the number of new starts in 2020-2021, that is a low total.
- More than a third of workers (34.1) have been in the same role for 5-10 years.
These numbers were shocking to me and showed me the opportunity to gain applicants and candidates for open roles is really about a recruiter’s ability to tap the employed candidate market (passive candidates) to consider something new.
Millennials have been categorized as serial job-hoppers. This demographic is stereotyping and likely incorrect. 25-34 year old workers report being in the same role for 4 years.
Here is the important information for recruiters…why do employees change roles? Remember, change in position only involves a change in company sometimes. Many workers change roles within their current employer company.
Recruiters need to tap these major causes and motivators cited for change:
- Career Advancement 64.4%
- Skill Growth 41.8%
- Compensation and Benefits 38%
- Promotion/Bigger Role 36.5%
Everything else is minuscule when compared to these factors. When making the move to a new employer, career advancement and compensation are the most important considerations. In addition to these, other factors noted are 27.8% is work environment, descending from there in the following order: work-life balance at 24.1%, moved to a new location at 18.2%, better commute at 14.7%, switch industries at 13.1%, and flexibility at 10.6%.
Recruiters need to seek out passive candidates that are not being challenged and are in search of better compensation for the work they do. Other candidates are not nearly as likely to consider change.