For most auto dealerships putting together a five-year hiring plan, millennials are going to be the most frequent candidate who comes across your path. According to the Pew Research Center, millennials surpassed Generation X as the largest demographic in the American workplace in the first quarter of 2015, with 53.5 million workers. As more Baby Boomers reach retirement age, the shift will only become more pronounced.
Meanwhile, the Upwork (formerly oDesk) “2015 Millennial Majority Workforce” report found that nearly 3 in 10 millennials are already in management positions and two-thirds anticipate filling this role within the next 10 years. Millennials are nothing if not ambitious, with a clear demand for upward mobility in their careers, and they’re willing to constantly search until the right fit. In fact, Deloitte’s “2016 Millennial Survey” highlighted the fact that 64 percent of millennials in the U.S. plan to leave their current position by 2020. Even those in senior positions (57 percent) anticipate making a career move within the next five years.
So, auto dealerships must come to grips with this huge generation of current and future employees by understanding exactly what Generation Y is looking for in an employer.
What Millennials Want
These are the top three expectations that millennials have as they’re researching an employment opportunity:
1.) A meaningful, high-impact company
According to the 2015 Deloitte study, the most important consideration for millennial job seekers is a company’s purpose. In fact, three-quarters of millennials say businesses have narrowed their focus too much on profits and are neglecting the impact they can have on society at large. So, when millennials are considering a position, they’re not just looking at how much money their employer generates—they look for ethical practices, environmental responsibility and charitable programs, among other initiatives that go beyond the bottom line.
2.) Employee well-being
Similar to the way an employer treats society, millennials also expect their company to treat its employees well. Compared to senior leaders in today’s companies, 37 percent of millennials place the highest priority on employee well-being, Deloitte wrote. For example, a CNBC survey from November 2015 found that 18 percent of millennials say that work-life balance is the most important aspect of a company’s culture. They’re typically more concerned about flexible work hours than other generations.
3.) Leadership support
As previously mentioned, a growing number of millennials are either already in or aspire to be in management positions. According to Deloitte, 63 percent of millennials say that they aren’t getting the leadership development they want—which is a contributing factor to higher churn rates. They also want to use their skills to springboard into more senior roles, but many millennials feel their employers aren’t making the most of their talents.
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