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.
Looking for a new job can be a daunting, draining, soul crushing experience. However if you establish realistic expectations you can approach the rejection and struggle philosophically rather than personally and hopefully not succumb to depression.
Please consider the following before you start pounding the pavement so that you don’t start pounding your head against it.
You might suffer through a long application process – So you’ve just found a great job online you feel is perfect for you? You apply and find that you’ve entered an arduous process that little helps your job seeking fatigue. Fifty-four percent of HR professionals report that their organization’s application process takes over 20 minutes to complete! Keep in mind that on average every online job posting receives about 200 resumes. Before you enter into 20 minutes of online hell and compete with 200 other blokes, ask yourself, “Do I really want this job?” and “Am I really qualified for this job?” If you can’t answer “yes” to either of those, then don’t waste your time.
You probably won’t find a job online – The majority of open positions aren’t advertised online and according to a 2014 survey by CareerXroads, only 15 percent of jobs were filled through job boards. Most candidates are sourced from within or from referrals. Networking therefore may be a better use of your time.
You probably won’t hear back from the employer – A Careerbuilder survey suggests that three-fourths of job candidates never hear back from the employer after applying or they receive no more than an automated response after hitting “submit”. Yes, though this lack of employer action may be unprofessional, you should not take it personally. If you are holding your breath with crossed fingers and refreshing your inbox repeatedly, you will be disappointed if not frustrated.
You weren’t rejected because of who you are – Automated systems often filter out about 75% of the candidates who apply through them and much of this rejection is based solely on the lack of keywords in your resume. If a company shows no interest in your online application, don’t take it personally. Chances are a human never saw your resume to begin with and even if they did, they spent on average only six seconds getting to know it.
You may not have been rejected for lack of skill – You may have all the skills in the world but today, as unfair as this sounds, cultural fit is given more consideration during the hiring process. A study of 500 organizations found that 82% felt cultural fit was an important measure in the hiring process while seventy-five percent of respondents believed cultural fit was a good predictor of success. Understand though that fit is a two-way street. If they don’t feel you are a fit for them, they may not be a fit for you either. Learning that up front is perhaps best for your career.
Hiring managers barely look at your resume – Hiring managers and recruiters look at your resume, as mentioned above, for a mere six seconds. During that time they only look at your name, current position, previous position and education. Make sure your resume is formatted in such a way that this information can be accessed quickly to best maximize the time they spend on you.
You may be requested to take a video interview – Dozens of video interviewing providers now litter the hiring landscape as employers seek to hire more efficiently and effectively. If you are invited to take a video interview, do not panic and certainly do not feel slighted you weren’t immediately invited into the office. You have been invited because your resume interests them. You have passed the skills audition and the video interview is your chance to let your personality shine. Read, “4 Reasons Why Job Candidates Should be All Over Video Interviewing.”
A job search is more a marathon than a sprint. Understand these six points and you just may have the endurance to make it to the finish line.
A new year brings with it hope for new opportunities so if you are looking for a job, thinking about quitting or want to remain where you are at and reach the top, you will benefit from the following articles.
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As your new year revs up, focus on increasing your net worth, learning from others’ mistakes and standing up for yourself.