As the baby boomer generation eventually moves on to retirement the millennials will be filling in the ranks. This article shares some insight into how the influx of millennials is changing the employment landscape.
Original article from Huffington Post click here.
Millennials in the workforce has been such an overhyped subject of late that it was tempting to write about something else. However, this new generation of the American workforce makes up an increasing part of it with each passing year. So, in the hopes of dispelling a couple myths and lending some insight to employers and hiring managers, here’s a list of 7 (actually quite a few more) statistics that you need to know before hiring and recruiting millennials.
40-50% of millennials don’t plan on spending more than 3 years with their employer.
The number varies depending on the source, but it’s apparent that at least close to half of all millennials have no intentions on sticking with their current job, and it shows – the most recent Gallup poll reports 21% of millennials have changed jobs in the past year and 60%are open to new job prospects. The numbers may lead you to believe this generation doesn’t want to remain at one company and move up the ladder, unlike generation X, but neither of those statements are entirely true.
To begin with, gen X isn’t what it used to be. The baby-boomers have grown up and yes, they are now statistically more likely to remain with their employer and seek out long-term or permanent positions than their younger counterparts. However, when you compare gen X in its youth to the millennials, the numbers start to look surprisingly similar. And when it comes to millennials not wanting to find a lasting position within an organization…
83% of millennials say they would prefer to work for one company for a long time.
That number is courtesy of EdAssist and to add to it, Boston College reports that just 26% of millennials feel job hopping is the best way to further their career. To put it simply, our young workers don’t want to job hop, they just don’t have a compelling enough reason to stay where they are.
64% of millennials say they’d rather make 40k a year at a job they enjoy than 100k at one they don’t.
The Boston College Center for Works and Family(BCCWF) tells us that 82% of millennials view the opportunity to take on increasingly challenging tasks as one of their main career goals. Likewise, an article in the Harvard Business Review points out that millennials are 50% more likely to desire feedback on their work than previous generations. Finally, a survey by Workplace Trends tells us that millennials view “growth and development” as the best reason to stay at a job.
66% of millennials prioritize life outside work over their careers.
Another stat from BCCWF. Millennials have grown up in the ago of YOLO and FOMO – “you only live once” and “fear of missing out” – so it should come as no surprise that they put their personal lives first. Employers who recognize that, offer a reasonable amount of flexibility and take a healthy interest in their millennial employee’s personal lives will find it much easier to keep them around.
77% of millennials say that a company’s sense of purpose is an important factor when comparing jobs.
That number comes from Deloitte. Our youngest generation has grown up hearing about the importance of climate change and corporate social responsibility. Your financial bottom line doesn’t relate to their bottom line – your “social bottom line” does.
Almost 37% of the US workforce works remotely
That number increases when you focus solely on millennials according to an article in Fast Company. That shouldn’t be a big surprise, we’re living in a digital age and millennials have it mastered.
An international survey by PWC found that over 50% of millennials used digital technology at work and 75% believe that access to technology at work makes them a more efficient employee. More importantly, millennials want to work from home if at all possible.
That same survey found that 64% of millennials would like to work from home(at least partially) and 60% felt they’d be more efficient if they could work from home(whether or not that’s true). Regardless, employers can use remote workers to their advantage to both attract young talent and reduce brick-and-mortar costs.
82% of millennials believe it’s easier than ever to start a new business.
– according to UpWork. Additionaly, 79% of millennials would leave their job if they saw a real opportunity to go into business for themselves. Employers, especially startups, should take note of those numbers. If you offer the necessary tools and training your employees need to start a business of their own once their time with you comes to a close, you’ll have your pick of motivated millennials.
In conclusion, millennials are expected to make up 75% of the American workforce by 2025. Employers who start making the necessary changes now to attract and retain millennials will be at a major advantage in the years to come.
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