When it comes to careers, millennials tend to bounce from one place to another. We’re not just talking about changing jobs—we’re talking about jumping sectors entirely. Millennials are 16 percent more likely to drastically change career fields according to a LinkedIn study.
Why does our generation jump around so much? According to LinkedIn, we crave a career ladder and flee when it isn’t there. PwC’s 2017 Millennials at Work survey comes to a similar conclusion: Opportunities for career advancement are the biggest pull for millennials. It’s no surprise that nearly half of us cite it as an important factor when choosing an employer.
That’s probably why retail—where the only ladders are the ones in the warehouse—isn’t lighting our fire. Government, education, and non-profit jobs are also turn-offs for younger workers. Let’s be honest: Government isn’t known for its frictionless approach. Where some industries lose, though, others gain.
Tech industries love millennials
LinkedIn found that technology companies (particularly software-based ones) have been the most successful at snapping up millennials on the move. Healthcare and pharmaceutical companies were next, followed by financial services and insurance.
Great Place to Work, a consulting firm that advises on workplace culture, found several Canadian tech firms actively attracting millennials in its 2017 report. For example, professional tech services firm Beyond Technologies pays attention to career advancement by giving employees career counselors that act as coaches, providing performance feedback and guidance on training, all while focusing on each worker’s career goals (is it just us, or is this something any good manager should do?).
Another firm on the list, AppCentrica, takes millennial engagement to the next level by talking to you in a language you’ll probably understand: competition and gaming. Its community engagement portal gamifies each employee’s contribution and allows them to earn points and recognition. If there’s one thing we like, it’s the chance to excel and earn the appreciation of our peers and bosses.
We get how a dynamic young sector like tech would be good at targeting millennials, especially when it’s crammed full of high-growth businesses. But why would finance—not traditionally the most exciting industry—suddenly be picking up all that millennial action? Well, rebranding is the key.
Finance boosts tech upgrades for millennials
Banks are smart: They get the need to stay relevant and avoid being disrupted out of existence. They’re reinventing themselves as tech-savvy firms ready to accept a young, dynamic workforce that’s eager for new opportunities.
Canadian banks have been quick to embrace the idea. Scotiabank has opened a Digital Factory bringing together 350 technology-focused employees. It also brings together millennial employees for its 16-week Rapid Labs brainstorming sessions that make it look more like a Silicon Valley startup than a bank.
CIBC is also digitally transforming, reinventing itself with a Live Labs digital innovation hub and creating software development teams to help streamline paper-based processes for a digital age. Tech reinvention is everywhere right now in finance, making it one of the best industries for technology upgrades in recent years. RBC is even holding fintech hackathons in a bid to adopt a cool, new approach to technology.
All this doesn’t necessarily mean that companies in more traditional industries will never hire millennials. But it does mean that organizations that are flexible and forward-thinking are likely to attract top talent. When you’re young dream candidate is looking for their next job, companies that invest in digital transformation will likely be at the front of the queue.