The average large company in the U.S. will lose 30-40% of its workforce due to retirement over the next 5-10 years. It’s anticipated that Millennial talent will make up approximately 46% of the workforce within the next 5 years.
Who are Millennials? Millennials, also known to some as Generation Y or Generation Me, are somewhat loosely defined as individuals currently aged 18-34, born after 1980.
So, why does your organization need Millennial talent? According to a study completed by University of North Carolina’s Kenan-Flagler Business School and the Young Entrepreneurs Council, here are 3 big reasons your company needs Millennials…
- Millennials are tech-savvy multi-taskers. This is a skill set not many other generations have. Leveraging this ability to quickly switch attention and priority can lead to a more fluid and productive workforce.
- Millennials want to learn and grow with you; And, they want to lead. 65% of Millennials said that the opportunity for personal development was the most influential factor in their current job.
- Millennials are motivated by more than money. 1 in 3 Millennials said they would prioritize social media freedom, workplace mobility, and meaningful work over salary when considering a job offer.
Finding effective methods for attracting top Millennial talent is just as crucial as finding effective methods for retaining them. Although personal and professional development ranked as the most influential factor in the career of a Millennial, it is believed that nearly 60% of Millennials leave their employer within 3 years of being hired. So, understanding what motivates, inspires, and engages Millennials as well as building a collaborative, multi-generational workplace is becoming increasingly important.
Does your organization’s workforce have a heavy Millennial population? Tell us about your successes (and challenges!) in the comments section below…