Gen Y Movement: What Industries are Effected
There are a lot of stereotypes out there about millennials, like reinventing their careers as serial job-hoppers. But that last one isn’t just a stereotype—it’s true.
Based on US job switching activity in 2016, millennials were 50% more likely to relocate and 16% more likely to switch industries for a new job than other generations.
Tech, healthcare and finance are attracting the most millennial job switchers
More than any other industry, tech/software was the top landing spot for millennials who changed jobs in 2016, embracing roles like software developers and salespeople.
Tech already has a millennial-heavy workforce. With its job and income growth,impressive perks, and deeper sense of purpose, it’s not surprising that the tech industry appeals to the millennial worker. But there’s another factor at hand here: based on LinkedIn profile data, millennials are also significantly more likely to be skilled in IT/software programming skills like C/C++, application development, and computer design than their non-millennial counterparts.
Millennials are also moving to software development roles in other growing industries as well, like finance, healthcare, and auto/aerospace, which can account for some of the growth in those industries.
Millennials are significantly more likely to cite a strong career path and strong employee development opportunities as qualities they care about in a job, and the most frequently cited reason by millennials for leaving a job is a lack of opportunities for career advancement.
Millennials are also joining the healthcare and finance industries as nurses, business analysts, accountants, and corporate finance specialists
According to a LinkedIn survey of members who switched jobs in 2016, the most frequently cited reason by millennials for leaving a job was a lack of opportunities for career advancement, followed closely by dissatisfaction with compensation/benefits. While millennials who changed industries in 2016 flocked to tech more than any other industry, healthcare came in as a close second, with millennials joining roles as medical assistants, students, and nurses.
Finance was the third-biggest gainer of millennial job switchers, which might reflect a successful industry-wide rebranding effort.
Retail, government/education/nonprofit, and media are losing the most millennial job switchers
Younger employees seem to be abandoning their retail jobs in favor of school and flocking to roles in growing industries like tech and healthcare as software developers, salespeople, and medical professionals.
On top of that, government agencies are struggling to attract young employees because these employers typically offer lower wages but more generous benefits. “[Young people] frankly have student loans and aren’t as concerned about health insurance and retirement and those type of things,” said Leslie Scott, executive director of the National Association of State Personnel Executives.
Auto and engineering are the industries with the fastest-growing demand for millennials
The industries with the fastest-growing demand for millennials are actually the auto/aerospace and engineering industries. If you’re recruiting within one of these industries, now may be the best time to double down on your branding and outreach efforts. Competition for millennial candidates in these industries has gotten a lot fiercer, and may continue to become more difficult as time goes on.
As millennials continue to ascend in the workforce, the need to attract and retain this generation is more important than ever. Is your company attracting this generation by utilizing their top skills, appealing to their unique sensibilities, and encouraging their professional development.