The Millennial generation presents a fascinating paradox.
They’re motivated by purpose-filled work, even though money is a huge concern. Thirty-six percent depend on financial support from family and 7 in 10 young workers don’t have enough saved to cover two months of living expenses, according to Pew Social Research. But ninety percent are more interested in a fun work environment that they love than one with a lot of cash.
Having grown up during a time when instant gratification became the norm, made possible by advances in technology, Millennials’ formative years were stained by enormous instability, marked by terrorist attacks and global recessions.
They crave work-life balance but also want to make an impact, and they’re impatient to see progress. So they don’t give employers much time to make them happy; nearly 60 percent of millennials have already switched careers at least once and most change jobs every three years or less.
Born between 1980 and 1992, Millennials are the largest generation in history, now standing at 75.4 million, and their numbers are expected to peak in 2036 at 81.1 million. They’re also the most highly educated generation in history - but also the most unemployed and underemployed generation in the past thirty years. And yet the average millennial job candidate still gets 12.5% more job offers than candidates from older generations.
This is a generation whose contradictions companies must better understand if they are to remain competitive for the future. Millennials have different expectations for their jobs, and it’s up to employers to shape their workplaces in ways that will appeal to them so that companies are poised to attract, retain and engage top young talent.
Most companies understand that Millennials want to make a difference when they come into work. But with Millennials presenting such notoriously high turnover rates, what can company leaders do to set their organizations apart and engage young employees with their organizational mission?
Start by creating a workplace infused with these objectives:
Download our free eBook: 5 Ways to Engage Millennial Employees Through Cause