Millennials is a term used to refer to those who are born between 1980 and 1996. According to Gallup’s new report “How Millennials Want to Work and Live”, Millennials are the most likely to look for and change jobs.
Research by Amy Adkins & Brandon Rigoni provides an in-depth look at Millennials as employees, people, and consumers. This research, both, confirms and casts aside some of the myths about this particular generation. It paints a nuanced picture that can help inform companies looking to hire and retain Millennial employees.
Six in 10 Millennials say they are open to different job opportunities, which is the highest percentage among all generations in the workplace. And these opportunities are not always within their current company. A separate study shows that an overwhelming majority of all workers — 93% — say they left their employer the last time they changed roles. Only about 7% took a new position in their current company.
On the flip side, Millennials’ willingness to switch jobs and companies presents a substantial attraction opportunity for organizations. Ultimately, Millennials are consumers of the workplace; they shop around for jobs that best align with their needs and life goals. More than ever, employers need to know and act on the factors that make company appealing to these candidates. The companies have to make it easier for prospects to choose them over their competition.
But what exactly do Millennials look for in their job searches? How important is the attribute of work environment to them when applying for a new job? For all employees, opportunities to learn & grow, and the quality of their manager lead the list – these issues are often more important for Millennials.
At a given stage in life, Millennials perceive their current role as a stepping stone and a growth opportunity. But they also want to feel deeply committed to their role and at the same time work for a manager who will invest in their development – which isn’t entirely different from what other generations value. Research shows that while having a great manager and being part of a great management culture are important to all employees, Millennials place a greater emphasis on opportunities to learn & grow, and opportunities for advancement.
Contrary to popular perception, Millennials place little importance on a company encouraging creativity or being a fun, informal place to work. In fact, Baby Boomers are slightly more likely than Millennials and Gen Xers to say that creativity and fun are “extremely important” to them when applying for a job. Millennials need to be convinced why and how an organization will help them learn, grow, develop, and further their careers.
Although income is not among Millennials’ top five factors when applying for jobs, it still matters to them when looking for a job, as it does to all employees. It is understandable that they would seek roles that make better use of their qualifications and bolster their income levels. But companies should also keep in mind that Millennials value other job attributes, including learning and advancement, even more.
The team at Actuate Business Consulting, a knowledge based management consulting firm in India, believes, that while millennials differ in some ways from a recruiting and retention standpoint, they largely want the same things from their employers as most generations. They look for growth & learning opportunities, great managers, and jobs that are well-suited for their talents and interests.