When we saw this infographic at SmartCEO.com – we knew we had to share it for the interesting facts about millennials in the workforce.
As Michael Zimmerman stated in a recent article at SmartCEO.com, “The workforce is experiencing a major shakeup as baby boomers are retiring and millennials in the workforce have become the largest working generation. What does this passing of the torch mean for companies trying to attract the best candidates and keep them for the long term? ”
Does your organization have the right appeal for the dominance of millennials in the workforce? If the answer is no, this is a good time to re-evaluate your current recruitment strategies. But the change will impact more then just attraction. Did you know that, sixty-six percent of millennials (those born after 1980) expect to leave their jobs within 5 years. Employers need to focus on their retention strategies to keep millennials content and for them to stay with their employers past the five year mark.
So what is important to millennials in the workforce? Read more below.
Millennials want opportunities to learn and grow. Alarmingly, 63% believe that their current employers are not developing their leadership skills.The new workforce looks at their employment as a learning opportunity and in fact, 59% of millennials name this factor as the most important aspect of choosing a job. It is important to keep employee training and professional development a top priority within your organization.
Commitment to Community Service and Philanthropy
Eighty-seven percent of millennials believe the success of a business should be measured by more than just financial performance. Social responsibility and opportunities to be engaged in cause work is important to this workforce because they want to make a difference. It is so important that nearly 50% of millennials have done volunteer work through their workplace. More importantly, if an organization isn’t engaged in community service and philanthropy this could negatively impact your ability to recruit and retain top talent.
Clarity about Values
Among those millennials who intend to stay in their current job for at least another five years, 92% believe their employer shares their personal values. Employee engagement can increase by over 50 percent if companies share a meaningful vision with their employees, according to a 2014 study. Because millennials want value their work and want it to have meaning, knowing that their organization shares their personal values will keep them loyal and committed to the company’s overall vision.
The 2016 Deloitte Millennial survey indicates that 25% of millennials would quit their current jobs to do something different or move to another organization. After two years with the same employer, it increases to 44%. As millennials become the leaders of the workforce, it is important to focus on ways to keep job satisfaction high and retain them as part of your organization. Although some have characterized millennials as job-hoppers, it certainly isn’t the case if your organization understands exactly what they value in their employers. By aligning your company’s values and motivations with the ideals of the millennial workforce, not only will you attract millennials to your organization, but keep them there as well.