Millennials are joining the workforce in increasing numbers and will represent nearly 75 percent by 2025.
Currently, 40 percent of companies employ 50 or more millennials. However, 44 percent of them say they will leave their job within two years.
This generation is considered the most diverse in U.S. history and has obtained more college degrees than any previous employed generation.
Millennials also have different values than previous generations. And companies need to understand their mindset to be able to attract and retain these employees.
While Baby Boomers are looking for job security and structure, millennials want flexibility and employability.
Eighty-eight percent of millennials want work-life integration and prefer a collaborative environment over a competitive one. They are tech-savvy, socially conscious, and confident.
Millennials want to showcase their leadership skills and 40 percent want to derive meaning from their work. With these skills as well as their entrepreneurial mindset, millennials will search for roles that allow them to continually learn and make a difference.
Millennials can help companies stay competitive in a changing market. But first, they have to attract the right employees.
Companies need to offer competitive wages and opportunities for employees to grow within the company. Because they don’t want to wait three to five years for a promotion.
Companies should have an open atmosphere when it comes to the business decision to foster trust from employees. Businesses will also want to make work fun, challenging, and exciting to keep millennials engaged.
Since they grew up with a lot of structure and measuring systems, they have specific expectations they expect from their employer. In order for companies to retain these individuals, they need to update their recruiting methods and offer more flexible working environments.
To learn more about how you can recruit and retain millennials check out the infographic below created by Pepperdine University‘s Online Master of Business Administration Program.