Enticing and Retaining Millenials

Enticing and Retaining Millenials

July 30, 2014
|

Retaining Millennials

The U.S. Bureau of Labor Statistics projects that by 2015 millennials will be the majority representation of the workforce and by 2030 this always-connected, tech savvy generation will make up 75% of the workforce. We have seen this coming as the baby-boomers continue to exit the workforce.

Millennials (also known as the Millennial Generation or Generation Y) are the demographic cohort following Generation X. There are no precise dates when the generation starts and ends. However, researchers and commentators use birth years ranging from the early 1980s to the early 2000s – generally 1982-2004.

The Millennials are not only tech savvy, but they are accustomed to being connected all the time. They did not know life before the Internet or cell phones and are always communicating via social networks. They have not had to wait for the IT department when it comes to using technology. They seek to solve problems on their own if they are unsatisfied with the technology being provided.

What are Millennials looking for when considering working for a company?

Here are some findings from the annual Deloitte Millennial Survey:

  • Organizations must foster innovative thinking. 78% of Millennials are influenced by how innovative a company is when deciding if they want to work there.
  • Leadership development. Millennials are eager show off their leadership skills and to make a difference. Additionally, 75% believe their organizations could do more to develop future leaders.
  • Commitment to the community. 61% reported that company involvement in the community would influence their decision to a job offer. 63% of Millennials donate to charities and 43% belong or volunteer to community organizations.

 

~ Written by our associate Gary Sorrell, Sorrell Associates, LLC. All rights reserved worldwide.Sources: Deloitte, Wired.com, Forbes, BLS.gov, SHRM, ASTD.

 

Share Button