A Study of Millennial Job Satisfaction and Retention
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Abstract
Millennials have overtaken Baby Boomers as the largest generation in the workplace, as of April 2016, and organizations are being challenged more than ever to attract and retain job-hopping Millennials. The intent of this study was to investigate the factors contributing to Millennial job satisfaction, dissatisfaction, and their perspectives on retaining Millennials in Thailand. A total of 30 Millennials participated in a qualitative study that spanned over a period of four months. Millennials enjoyed jobs that provided challenging work while working alongside great colleagues in a pleasant working environment under good and supportive management. They also received satisfaction from competitive remunerations, training and career growth opportunities. On the other hand, others encountered unpleasant work experiences under bad management with communication problems while working with unpleasant coworkers, and receiving low remunerations. Millennials retention recommendations were for better management geared towards the needs of the new generation of employees, higher remuneration, good retention plans, providing mentorship and coaching opportunities, and establishing a more supportive work environment. Organizations could benefit from this study by using the results as possible change recommendations to increase Millennial job satisfaction that would in turn boost Millennial retention rates.
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