According to the 2015 Millennial Majority Workforce study, millennials will be the largest generation in the workforce in 2015. This is a group that’s adaptable, entrepreneurial, team-oriented, and super creative. They are looking for employers that embrace these characteristics rather than stifle them behind a desk or in a cubical.
On the flip side, the study found that 53 percent of the 200 hiring managers surveyed said it is difficult to find and retain millennials. However, managers still agree – millennials are a desirable target for companies looking for new employees. Nearly seven out of 10 (68%) hiring managers say millennials have skills prior generations do not. This is an extremely tech savvy, on-the-go multitasking generation. These young employees are prone to getting more accomplished in an average workday because they have the technologies and the resources to work more efficiently and effectively. As a result, 60 percent of hiring managers agree that Millennials are quick learners. In a rapidly growing market that is moving at a faster rate than ever before, it is important that employees are able to learn the ropes of the business much quicker than previous generations.
So, what are these high value millennial employees looking for in a job? They prioritize meaningful work over pay, and 65 percent of them said personal development was the most influential factor in their current job. While money still makes the world go around, millennials are invested in companies that are invested in them. This has created a mindset shift that is forcing employers to realize that millennials do not work for them, but rather with them. Despite the stereotypes that millennials think that can do it all on their own, they often seek out advice from their mentors and superiors. Research from the study found that 80 percent of millennials want that feedback in real-time versus a traditional performance review.
Ultimately, employee development programs need to be ongoing. Companies that invest in a one-and-done employee engagement program will quickly learn that millennials expect more from their workplace environment.
This infographic from MBA@UNC explores the things that matter to this dynamic generation and what employers can do to attract & keep them (click to enlarge).