This group is not driven by money, success or longevity in their jobs. This group doesn’t like to “buy stuff,” yet their economic impact will be substantial.
By 2014, millennial will be 36% of the workforce and by 2020 they will claim almost half!
There are 80 million in the population. They are the most diverse generation in history. This group that is not their parents.
Is your business ready for them? They are its future. If you’re not ready yet, get ready now.
Here is what they care about. Millennials:
- Want to make a difference. One in three rank meaningful work as most important when choosing a job. Does your company improve society? What does it stand for in action (that once a year volunteering as an office doesn’t count!)?
- Are connected. They switch digital platforms 27x per hour. Not kidding. 64% ask about social media policies during their job interview and 24% will view your social media policy as a key factor in their decision about working with you.
- Don’t care about purchasing things. Don’t get it wrong, they are ambitious! Owning something is less important than the connection it provides – connecting people to something bigger than themselves. They want quality of life.
How do you attract and retain this “not their parents” generation?
- Recognize the value they place on flexibility at work. Offer it. Redefine your workplace, now. One in three millennials prioritizes work mobility over salary.
- They want to lead. They want realistic expectations and feedback, in real-time. Connectedness, remember?
- Motivate them. Money won’t work. Carrots and sticks, give them up. Give them work that will make a difference, allow them to grow personally and provide career advancement planning.
- Collaborate with them, listen to them and engage them. They love to work in teams.
- Keep the women. Nearly half of the global workforce is female, and well-educated. Multiple studies have shown a positive correlation between women in leadership and financial performance.
This is not the generation of their parents. They are ready to take on the biggest challenges of today, and they believe business has the potential to change the world as much or more than government does. Embrace them and give them the opportunity to get started!