According to the U.S. Bureau of Labor Statistics, the largest millennials (those born in the early 1980s) who are in the middle of their careers have changed jobs 7.8 times on average. A study refers to them as “nomadic talents”.
What are the characteristics of these nomadic talents?
The study shows that people with high levels of intellectual curiosity are on average 2.2 times more likely to be nomadic talents. 88% of these professionals believe that changing jobs has frequently had a positive impact on their careers. The same cannot be said for companies; The cost to replace these nomadic talents corresponds to 50% to 75% of their annual salary.
Also these nomadic talents tend to align themselves with organizational goals when they find appreciation and recognition. Nomadic talents are intellectually curious, have a tolerance for ambiguity, and are willing to take risks that will make them stand out and provide value for companies.
There is relatively little that companies can do to counter this trend, however there are 5 actions that can extend the permanence of these talents within organizations.
- Offer professional growth opportunities
- Promote a work / life balance
- Improve the effectiveness of leadership and administration
- Improve the well-being of talents and the work environment
- Reframe the recognition and benefits strategy