By 2025, millennials will make up 75 percent of the workforce.
Now, does that scare you or excite you?
Sometimes, millennials are characterized as lazy, uncommunicative and not willing to put in the time in order to succeed. In other characterizations, they are hard-working, wonderful and seemingly the answer to all our problems. Somewhere between these two drastic descriptions lies the true depiction of milennials. Whether that statistic scares you or not, all recruiters and employers must prepare for it. Yes, what millennials want is different than what the past workforce has desired or needed, but that doesn’t mean they are unintelligent and unwilling to do the work.
Millennials are also often accused of being responsible for high turnover rates and not sticking with a job for long. However, a Pew research study found that in 2016, 63.4 percent of 18- to 35-year-old millennial employees stayed with their employers for 13 months or more. in 2000, 59.9% of Gen Xers did that. In addition, the percentage of the same groups who had been with their employers for five years or more were 22 percent for millennials in 2016 and 21.8% for Gen Xers in 2000.
So, now that we know that millennials have the capability of being in a job for the long haul, how do you recruit and retain them? Research done by Robert Half found that millennials want the same thing as past generations: growth opportunities, job stability and a competitive salary. However, these perks are almost more of a requirement for the millennial generation. They are looking for the right fit instead of just any job.
A competitive salary and benefits are a must. Nowadays, there isn’t just fierce competition between employees. Current and future workers are bright, highly-educated and motivated. Companies have now joined the competition for the best talent. When you find a candidate that is smart, talented and available for a value-market salary, you should jump on the opportunity and begin to invest in them. Offering them a decent salary will help make them feel valued.
Along with good pay and benefits, companies should offer training and skills development. Helping millennials grow personally and professionally will build loyalty, experience and talent, and they will feel inclined to do their best work for you because they will feel your investment in them. This can include offering to pay for more schooling, such as a Masters or MBA, or memberships to relevant career associations or other types of training or classes. Ultimately, this creates a culture centered around the pursuit of learning and purpose, inspiring employees to continue to better themselves and your company.
Flexible working hours and more paid time off also add that last bit of an edge to your employment offer. Millennials desire a good work-life balance and don’t want to feel work dictates their lives. This generation lives by experiences and moments and wants to the time to do that. More paid time off also builds a sense of trust and confidence with them.
Times are changing, and the millennials are quickly becoming the majority of the workforce. In order to position your company for success in the future, refine your recruiting strategy and position your employees for success in their job and their overall career.