As a manager, it is important for you to know everything about the current generation of employees. In the upcoming year, you can expect to see most of your baby boomer employees leaving the workplace and being replaced by millennials. As we speak, there are currently 76, 370, 030 millennials in the United States. As you can see, his generation will soon make up the entire workforce. Because of this, it is important that you are educated on what types of people millennials are, so you can manage them accordingly.
Millennials grew up at the same time as technology began to become popular. Because of this, they are very tech-savvy and dependent on technology. It was reported that 53% of millennials would rather give up their sense of smell than give up their technology. Also, they are very goal oriented and are driven by success. Even more, millennials are very confident in themselves and are independent.
Millennials are very loyal to brands, as 70% say that they would come back to a brand that they love. Sadly, in terms of employment, 91% of millennials say that they plan to stay in a job for less than 3 years. As a hiring manager, you must consider these factors, as it will cost an average of $24,000 to replace a millennial employee when they decide to leave. Even more, you can work on ways to keep your millennials around longer, such as offering training and mentoring.
As we stated earlier, millennials are very tech savvy. The internet has a big influence on the way that a millennial operates and makes decisions. You should be sure to consider this factor when creating your company strategy and forming company culture, as well as when recruiting from this generation. 56% of millennials say that they would turn down a job opportunity if the company has banned social media in the workplace.
The days of a standard 9 to 5 job are long gone. Millennials work well with flexibility. 69% of millennials believe that office attendance on a regular basis is unnecessary and 89% of them would prefer to be able to choose when and where they work. You must be able to work flexibility into the company strategy in order to attract gen-Yers to your company. Lastly, most millennials rely only on their cellphones and most do not have a land line anymore.
With millennials, company culture is huge. 9 out of 10 gen-Yers say that they crave a workplace environment that is social and fun and 88% say that a positive culture is more important or essential to their dream job. Lastly, 80% of millennials say that they would like to receive feedback from their managers regularly and almost all gen-Yers are motivated to work harder when they are able to see results and know where their work is going.
In the end, millennials are a special type of person that have a unique set of characteristics. If you, as a manager, are not able to accommodate these characteristics, millennials will look elsewhere for work. On the other hand, using these unique characteristics to your advantage will allow you to attract strong, millennial employees to benefit your company.
All statistics were found here. Millennials taking over the workforce is one trend of 2014. Make sure you know when to hire these millennials by downloading our 2014 Hiring Calendar!