Millennials currently make up 25% of the world’s population (around 75 million Americans). As millennial numbers continue to growth within the workforce, companies are being challenged to compete and attract the best of the best.
You’ve heard a lot about them but let’s recap who they are and what they value before we look at recommendations on how to engage with them and acquire them.
Who are Millennials?
- Population born between 1977 – 2000
- 25% of the world’s population(75 million Americans)
- 2.5x more likely to be an early adopter of technology than other generations
- Value brands that enhance their lives in the short term
- 46% report having 200+ Facebook friends (Social Networking)
- 75% say they crave adventure, new learning experiences and want to travel abroad
- Almost 40% want to be involved with things that support a cause they believe in
- Doers: Only 13% wish to “climb the corporate ladder” to C-Level positions, yet 67% want to have their own business in the future
What do they value from an employer?
- Open modern space
- Technological work spaces
- Majority would chose a lower-paying job that they are emotionally invested in than a high-paying job that they’re indifferent about
- Want a work environment that provides an opportunity to learn and grow
- More one-on-one attention and feedback
- Fun environment
- Collaboration and team effort
- Innovation in processes and thinking
- Clarity on what they can contribute and what they will learn
- Flexibility and PTO
- Strong company online digital presence
- 47% of millennials now say a prospective employer’s online reputation matters as much as the job it offers
With today’s available search engines and platforms, finding the right job is easier, and many millennials are interviewing you before they even sit down to meet you. Older millennials are already starting to leave the traditional workforce (or at least not staying with one company long-term) in order to pursue other jobs, their own company or additional interests.
According to a recent Forbes article written by prominent writer, Vanessa McGrady, there are many reasons for this phenomenon.
Why are millennials leaving the workforce?
- Many haven’t had enough time to find themselves and their passion. They take a job post-graduation and quickly realize that it isn’t for them.
- With websites such as LinkedIn, it is much easier to quickly find another job that caters to them.
- They want a clear path for moving up through the ranks. They do not want to be stuck at the same position for a long time, without insight to growth opportunities.
- Too often, many come into a job with a set list of tasks, expectations, and responsibilities. Millennials are better suited to creating valuable work instead of accomplishing tasks within a restricted amount of time.
In addition, Ryan Jenkins, well known millennial speaker & generations expert, recaps the following 2016 stats about what other companies have learned about this generation.
The best companies of 2016 who have hired the most millennials include the following benefits:
- 46 % have onsite fitness facilities/recreation centers that have Ping Pong, Foosball etc. or offer memberships
- 74% offer onsite meals
- 86% match employee 401(k) contributions
- 34% have onsite healthcare clinics and offer healthcare benefits to employees
- 74% offer paid time off for volunteering
- 24% offer unlimited vacation
- 80% offer student loan repayment assistance
- 71% develop leadership skills
So here is the long and short of it. This group is different than any other group companies have hired and trained. They have grown up in a privileged home environment in most cases and their parents have promised them that the sky is the limit – and they believe it! They want a work life balance, fun atmosphere and appreciation for their efforts. Give them a comfortable, collaborative workspace with the latest technological tools and they will astound you with their commitment and proficiencies. But remember, they want guidance, good leadership and caring employers who are interested in who they are and what they love. Provide those essential elements and the chances are you just might keep them longer than two years!