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Millennials are projected to outnumber Baby Boomers next year. Numbering 71 million in 2016, Millennials in the United States are approaching Baby Boomers (74 million) in population and are projected to surpass them as the nation’s largest living adult generation in 2019. The Millennial generation defined as Americans born from 1981 to 1996, corresponds to adults ages 22 to 37 in 2018.
Millennials are already the largest generation in the U.S. labor force, making up 35% of the total, surpassing Generation X in 2016. Although Boomers formed the majority of the labor force in the early and mid-1980s, they made up just 25% of the total in 2017, as many older members of this generation reached retirement age.
It's important that your company know how to attract and retain this important segment of the labor force.
ATTRACTING AND RETAINING MILLENNIAL WORKERS
Attracting millennials has become the primary concern for companies... milennials are dominating the workforce, but the median job tenure is only between 3 - 4 years. Many of the companies searching for millennial talent want to invest in a young, growing team but they need to have solid programs in place to attract, hire and retain millennial talent. Below are 5 important factors to help companies do this:
1. A Positive Company Culture
It is much easier — and less expensive — to keep an employee happy after they're hired than it is to replace them. The top reasons for their employee unhappiness include lack of personal growth, lack of challenge or inability to have added responsibilities (upward growth).
Companies that can retain millennial talent are those that create opportunities to add challenges to their existing roles and emphasize a long-term philosophy that with added responsibilities come additional perks and/or compensation. Sharing this philosophy in the first interview dramatically helps decrease turnover, as it provides the new employee with an attachment to the “bigger picture.”
The top organizations for millennials create a role in which the employee can take pride in their performance and demonstrate that in formal reviews. Everyone wants to do well on their first day, and employers can continually reinforce that feeling. Allow employees the freedom to come up with a few parts of their own review and describe how they will be accountable to themselves. For a salesperson, this may look like implementing more follow-up phone calls to their routine to increase referrals from happy clients. During your review, ask them what their metric was, how they went about reaching it and what the results were. This instills prideful ownership of the work.
3. Professional Development Opportunities
If a significant portion of millennials believes that professional development opportunities are important in a job — and 87% do — it’s up to the company to provide such opportunities. Making room for on-the-job skill-building within your organization can mean you have a staff full of millennials willing to engage and become part of the business and its culture. Even further, offer off-site workshops or conferences that will benefit them in growing professionally within their role. They’re willing to participate because these new skills will increase their value within the company and the position.
4. Defense Against Burnout
At one point or another in a workday, many of us slow down our working pace because of overloading or fatigue. But when the stress becomes overwhelming for your team members, reevaluate ways to combat this issue in your organization. Implement solutions like an open-door policy for managers, which lets team members know that they’re able to express concerns to their management team
without repercussions. Encourage mental health breaks. Usually, a walk around the block can do a world of good for settling one’s mind, and taking in outside air can help to soothe nerves.
5. Corporate Social Responsibility
Creating a company culture that will entice millennials to apply isn’t just about offering the right salary or perks. Other factors come into play, like corporate social responsibility. Words like "honesty," "integrity" and "truth" reign supreme for these employees and should be reflected by the organization they decide to join. Millennials tend to be attracted to companies with community service projects -- companies that give back to charities, have the occasional in-office event to raise money or donate volunteer hours to causes. If your company does not currently have a culture of social responsibility, the good news is it's easy to create. Encourage employees to rally together for an event with the local chapter of Habitat for Humanity or food bank, or sponsor a 5K charity walk and give employees recognition for participating. Employers will be relying on millennial talent for decades to come. If you want to hire millennials, you have to see recruiting as a proactive process. If you want your new talent to stay with you, you have to give them unique reasons to.