When it comes to workers leaving their jobs or holding or for better terms, as they have been doing since the onset of the pandemic and since the government started issuing stimulus checks and unemployment “bonuses”, it appears that millennials are leading the charge.
Millennials are far more likely to quit their jobs than Gen Xers, a new report from Bloomberg details.
About 63% of bosses have said that the millennial generation has had the highest turnover in their companies, according to 72 executives who oversee about 400,000 total staff. The report shows that only 32% of bosses said Generation Z were to blame for the turnover. Gen X was even less, posting only a 4% figure.
Mark Williams, EMEA managing director at WorkJam, told Bloomberg that the last two years have displayed “a growing disconnect between head office and their frontline”. He added: “Employees don’t feel heard and appreciated.”
Rising turnover continues to be an issue across all industries. Smaller companies like fast food chains and restaurants are still having trouble finding staff, while even Wall Street firms and lawyers are battling to retain and recruit talent, as we have noted over the last couple years.
For example, Wells Fargo just bumped junior banker pay to $110,000. Other companies are so desperate to retain talent on Wall Street, remember we wrote back in April that some interns on Wall Street were making up to $16,000 a month.