By 2020 millennials will make up 50% of the workforce, and 75% of the workforce by 2030 (1). In line with these forecasts, in 2011 the millennial generation accounted for 29% of the population (2). Ever increasing, this population is the largest generational cohort since the Baby Boomers (3). Best known for their flexibility, technological competency, innovative nature and fresh perspective, millennials offer employers across all industries the opportunity to gain a competitive advantage.
While employers may be successful in attracting this generation’s Top Talent, there is evidence that they are struggling to retain it. Today, 91% of millennials expect to stay at their job for less than three years (4) and 70% will leave their first position within two years (5). With a millennial tendency to job hop, employers are at risk of facing high turnover costs [see “The Real Cost of Hire” ] in the future if they do not take the initiative to truly understand this generation’s needs. The following are three of the most popular demands of the millennial generation.
With millennials forecasted to dominate such a large percentage of the workforce, employers must continuously assess what matters most to the generations that make up their workforce and react accordingly to maximize performance.
(4) Multiple Generations at Work Survey
(6) PWC Millennial Study
(7) Net Impact survey
(8) National Society of High School Scholars
(9) Harvard Business Review
(10) PWC Millennial Study
(11) US Chamber of Commerce Foundation, Millennial Generation Research
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