Innovation Culture and Millennial Characteristics: Determinants of Millennial Turnover Intention in the Banking Sector

Abstract

Since Millennials form the largest part of today’s workforce, it is prudent to know Millennials' motivation and characteristics that support their retention. Based on data from 348 team leaders and line managers, a hierarchical regression analysis was used to examine the impact of Millennial-specific characteristics and organizational environmental factors on their turnover intentions (MTI). While teamwork and technology orientation had a negative effect on MTI, achievement orientation had a negative impact on MTI. The results revealed a negative relationship after testing the organizational environmental factor, innovation culture, and MTI. Thus, firms should engage in the development of a culture of innovation and teamwork to support Millennials with a high achievement orientation to succeed in an open, transparent organizational structure.