Millennials make up the largest percentage of the U.S. labor force. They bring with them new ideals and work habits that could have a major effect on the contingent workforce.
What makes Millennials 'job hoppers'?
Blame it on the recent recession or the fact that Millennials "can't make up their mind", but the fact is, Millennials are not staying at one specific company for long. Because of this mindset, more and more Millennials are finding their way into the contingent workforce. Millennials make up the largest percentage of the U.S. labor force. They bring with them new ideals and work habits that could have a major effect on the contingent workforce.
It was once preferred to enter a business and then make a slow climb up the ladder, but that mentality has gone up that ladder and out the window. Today, most men and woman are juggling multiple careers. They are juggling two to three jobs in the course of a decade with the hope to garner more experience in less time. According to the Bureau of Labor Statistics, the average worker now stays at each of his or her jobs for an average of 4.4 years. Given these estimates, Millennials can expect to hold 20 to 25 jobs over the course of their career!
Since the official end of the Great Recession, the number of temps has risen significantly. Here is Federal Reserve Economic Data (FRED) on the number of temp help since Jan. 1990:
Today's employees, especially Millennials, have been conditioned around an unreliable economy and have thus become weary of 'risks'. The fact that millennials entered the job market in the wake of the recession has lead them to fear putting all their eggs (career) in one basket. Because of this fear, there is more job turn over and a desire for more flexible labor sources. This has quickly made job hopping the accepted norm.
The benefit of Millennials in the contingent workforce
While some may view a worker who transitions from one job to another as a 'flight risk', there are benefits to hiring such a worker. For example, 'job hoppers' have a diverse background in a number of industries and have access to more information, professional connections, and resources. Millennials could also save you money. A recent Millennial Branding report found 45% of Millennials will choose workplace flexibility over pay. Millennial workers have opted for lower pay if it means working remotely and receiving flexible work.
Even well-known multi-national corporations have acknowledge the benefit of independent workers. Brands like, FedEx, General Motors, McDonald’s and PepsiCo are just some of the few companies to have staffed subcontractors, franchisees, vendors and others, thus saving an incredible sum of money on labor costs by using workers that are not technically their employees. 40-50% of all income-producing work are expected to be performed by short-term contractors, freelance workers, and temporary workers, according to TalentCulture.
Today, 53% of hiring managers say it’s difficult to find and retain Millennials. However, based on their workplace characteristics and values, Millennials are easy to come by when working with a staffing agency.
A staffing agency perfect for you
Leveraging Millennials as contingent workers provides companies more control over costs and equips them with a flexible workforce that can be scaled up or down to meet their evolving needs. Working with Kelly Service grants you access to these benefits and more!
A global leader in the temporary staffing industry, Kelly Services offers world-class staffing capabilities for temporary, temporary-to-hire, payroll and direct-hire member needs. With more than 1,550 staffing offices in North America, the company provides employment to more than 530,000 employees annually.
Some of Kelly Services benefits include:
- Industry-leading services to manage base rates and ensure that the position is filled with the appropriate skill-level resource
- Highly advantaged mark-up rates
- Kelly proprietary systems or affiliate VMS systems to aid in managing a company’s temporary work force
Through a CoVest membership, you will have access to these benefits and more. Find out how to become a CoVest member at, www.covest.com
Find out more about Kelly Service by visiting their website, www.kellyservices.com
Technology Advice, Millenial Branding, Forbes, Bureau of Labor Statistics, TalentCulture, FRED