There’s a lot of buzz in the business world about hiring Millennials, and there’s good reason for it: not only do they number over a quarter of the US population, studies also show that within the next decade, 75 percent of the workforce will consist of Millennials. This fact is going to significantly impact how companies address recruitment, employee engagement, and retention. For some, it might be tempting to wave this situation off as exaggerated and overinflated news, but as a company whose every customer is in the middle of the hiring process, we’ve seen the real magnitude of this issue. In this post, we explore why it matters whether or not you’re ready to hire Millennials.
What Millennials Want in Their Careers
As the largest generation in the US workforce, it is incredibly important to listen to Millennials and understand their career values if companies want to attract and retain top talent. The Harvard Business Review chart below shows that one of the most critical factors in a Millennial’s job search is the opportunity to learn and grow.
Several studies corroborate these findings. In particular, a PWC study of over 4,000 Millennials reveals that career development and progression is the number one factor they find attractive in potential employers. This is a generation that values continuous learning and engagement with upper management.
Outside of career progression, it’s also clear that Millennials appreciate flexibility in their schedules. A Bentley University study found 77 percent believe that more flexible scheduling would make them more productive. Flexibility is an essential part of work-life balance; this generation places high importance on friends, family and community, so work-life balance is key.
Finally, there’s an interesting split between how Millennials prefer to communicate in the workplace. The common assumption is that these individuals are driven by the digital revolution and so prefer digitally-powered communication. However, 51 percent choose in-person communication over tech‑driven communication. The rest rely on email, instant messaging, and phone. This even balance should inspire companies who are getting ready to hire Millennials to provide several options that align with the work at hand.
How Millennials Impact Turnover
Turnover is the issue many organizations worry about when they think about hiring Millennials. On the surface, they seem to possess historically low loyalty to their employers. The stereotype goes that they are job-hoppers who are all about instant gratification.
This isn’t entirely true. A Deloitte survey does show that 44 percent of Millennials would like to leave their current position within the next two years. Likewise, the aforementioned Bentley University study shows that the majority expect to stay in their current job only 3 to 5 years. However, over the course of their whole careers, 80 percent expect they’ll work for four or fewer companies.
The conclusion is that Millennials aren’t afraid to leave if a company’s values and workplace don’t align with their own values and career goals, but ultimately they are looking for long-term opportunities that can help them grow both professionally and personally.
Thus, companies may experience higher turnover rates if they don’t make the changes necessary to retain talented Millennials. If, on the other hand, they make a point to adapt alongside their evolving workforce, turnover should be relatively unaffected.
Managing Millennials in the Workplace
Ultimately, we need to be cognizant of how we manage Millennials in the workplace. It’s not just about providing learning opportunities and flexible work environments. PWC claims that Millennials feel constrained by outdated management styles and rigid managerial hierarchies. Instead, they are energized by engaging atmospheres that exercise their creativity. They have an inherent need for autonomy and empowerment in their work, and, when their managers fully understand this need, their loyalty, performance and work ethic will thrive.
Finally, it’s clear that Millennials need plenty of feedback. Annual reviews aren’t enough. They need to know they’re making a real contribution in addition to understanding how they can grow and improve in their professional lives.
Are you ready to hire Millennials? Do your hiring initiatives and business goals align with the face of your future workforce? We want to help you future-proof your workforce by choosing the right employee background screening company.
At easyBackgrounds, we’re all about making things easy. Let us help your streamline the most critical part of your hiring process. Contact us today.