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What Millennials Want

August 31st, 2017 · No Comments

The future of the workplace is quickly changing to meet the demands of new technology and millennials. In the United States, roughly 73 million millennials were born between 1980 to 1996.  It’s estimated that by 2025, the workforce will comprise of 80% of millennials. Experts also have the opinion that millennials will have as many as four to five different careers in the course of their professional lives.  With that being said, it is important – and sometimes difficult – to retain millennial talent.

 As most generations before them wanted, millennials want a well-off lifestyle with good jobs and regular pay, but they also want a high level of well-being.  That means being healthier and living a purposeful life.  Millennials are looking for jobs that engage them, but according to a survey conducted by Gallup, only 29% of employed millennials reported that they feel engaged at work. Half of millennials say they’re content with the amount of money they’re making.

generations

It may be a surprise to some of you, but sometimes higher pay isn’t always the solution to retain millennial talent.  Again, the quality of life matters to a millennial, so professional development is something they seek.  They’re looking for an employer where they can be hired on and grow.  Based on the chart, millennials find this to be the most important of the options they were given.  According to a survey from EdAssist, 60% of millennials prefer a job that offers regular opportunities for professional development over one that offered regular pay raises.  In fact, about 63% of millennials said they would take a promotion over a raise.

If your company or organization isn’t taking the time to know what the future talent wants, it’ll be difficult to retain them.  As mentioned in a previous post “happy employees equals higher retention rates, which equals less time and money in recruiting, hiring, and training.  And as cliché as it sounds, time is money.”

 

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