Millennials: Statistics About Them You Need to Know For Retention
Millennials, those born between 1980 and 1996, make up a majority of the workforce and by 2020 will comprise nearly half of all workers. Millennials, as with previous generations before them, have been labeled as job hoppers. Perhaps job hopping is a symptom of youth or perhaps millennials truly are different from previous generations. Either way, understanding the job issues millennials must contend with and their motivations will help you better retain them as employees.
According to Gallup, these are the five most important issues millennials consider when applying for a new job:
· Opportunities to learn and grow
· Quality of manager
· Quality of management
· Interest in type of work
· Opportunities for advancement
Below are a few statistics that paint a better picture of the millennial workforce climate.
· Sixty-three percent of millennials have a bachelors degree.
· Forty-eight percent of them work in jobs that don’t require a four year degree.
· 6 in 10 millennials are open to different job opportunities.
· 21% of millennials have switched jobs in the last year – 3x higher than non-millennials
· Non-engaged millennials are 26% more likely than engaged millennials to take a different job for a raise of 20% or less.
· Of the millennials that changed roles last year, 93% did so by changing companies.
· 59% of millennials say opportunities to learn and grow are extremely important to them when applying for a job.
· 48% say that overall compensation is extremely important to them when seeking new opportunities.
· In their current jobs, 87% rate professional or career growth as important to them.
· Less than 50% of millennials strongly agree that they’ve had opportunities to learn and grow in the last year.
· 77% of millennials say that flexible work hours are essential to boosting their generation’s productivity.
· Fifty percent do not believe Social Security will be available when they reach retirement.
· Fifty-six percent would not work at a company that banned social media access.
· Sixty-nine percent believe office attendance is not necessary on a regular basis.
· 89% of smart phone owning millennials regularly check email outside of 9-5.
We now have a better view of the picture plaguing employers. Millennials want more growth opportunities. Millennials are working in jobs that don’t require a degree. Millennials desire more work/life balance. Millennials value social media and half feel they need to earn money now because no social security will be waiting for them when they retire.
Employers must do a better job of retaining their millennial workers by offering growth opportunities and benefits such as flexible hours that are more in tune with millennial desires. They must also continue using social media and technologies such as video interviewing to reach younger workers routinely accessing the web and their social media presences over their phones.
As mentioned, 46% of the workforce will be made up of millennials in four years and if 60% of them are open to new opportunities, you have a significant chunk of the U.S. workers who could be jumping ship. This benefits nobody in the long run. So if you are looking for a New Year’s resolution it should be to retain, retain, retain.