A recent report by Intelpoint, the research arm of Techpoint Africa, sheds light on the shifting landscape of employee retention among younger generations in Nigeria. Despite clear career paths, Millennials and Gen Z are increasingly leaving companies after shorter tenures.
Opeyemi Fademi, an operations manager, emphasizes that managing employees involves more than overseeing daily tasks; it requires understanding what motivates them to stay or encourages them to leave. Patience Asore, a workplace coach, argues that one major oversight by employers is the assumption that employees will remain loyal indefinitely, leading to a lack of preparation for turnover.
The debate around job stability has evolved, with industry leaders discussing whether to encourage long-term employment or accept strategic exits every 12 to 18 months. The Intelpoint report reveals that only 28.18% of 2,600 surveyed respondents have spent more than three years with their current employers. Notably, while 87% of respondents are under 40, 74.6% feel they have a clear career trajectory.
The findings indicate that longevity at a company tends to correlate with age; individuals over 40 are more likely to stay for seven to 12 years, whereas younger employees are more prone to job hopping. A 2021 Indeed report supports this, showing that Millennials average just two years and nine months at a job compared to eight years and three months for Baby Boomers.
Retention and attrition rates are critical metrics for evaluating a company’s health, yet many younger workers cite better job offers as a key reason for leaving. At a recent event, Muyiwa Matuluko, CEO of Techpoint Africa, reflected on employee retention rates, questioning whether a low turnover rate signifies success or a lack of ambition among staff.
Younger professionals are often perceived as disruptors, challenging outdated workplace norms and raising concerns about work-life balance, rigid policies, and managerial expectations. Their desire for growth and change can lead to a sense of restlessness in traditional roles, where staying too long may be seen as complacency.
The report highlights several factors influencing younger workers’ decisions to leave, including personal preferences for work-life balance, flexible hours, and opportunities for rapid advancement. While some prioritize stability, others are drawn to competitive environments that promise greater rewards.
Work arrangements, such as remote options, also play a crucial role in job satisfaction. Employees today seek positions that not only meet their financial needs but also align with their personal values and lifestyle choices.
Additionally, many young professionals feel pressured to take on managerial roles, often opting for larger organizations where they can avoid these expectations. Access to mentorship and clear reporting structures are essential factors for this group as well.
Industry characteristics significantly influence employee retention. Fields such as law, engineering, and medicine require extensive training, making frequent job changes less common. Conversely, the tech sector is known for its fast-paced environment, encouraging employees to adapt quickly and pursue higher-paying opportunities.
As the job market continues to evolve, the implications of these trends are profound, suggesting that companies must adapt their strategies to retain younger talent in an increasingly competitive landscape.
