Much has been written about Millennials, and for good reason. Millennials make-up 50% of the modern workforce, and the oldest members of Generation Z, (those born roughly 1995 to present) are starting their first jobs and internships. Why is this relevant? Because it means over half of the modern workforce are digital natives. Many do not remember a time before the internet, email or mobile phones. Millennials are no longer entry-level, the oldest are about 35 and in managerial roles. Many organizations have said they have a problem retaining and engaging Millennials. Infact, much of the conventional wisdom surrounding Millennials simply isn’t true and plenty of research proves it.
At Digital Disruption 2016, HireVue’s CEO, Mark Newman, shared 3 myths in HR in 2016. One of which is - ‘Millennials don’t want to work for my company.’ (Watch the full talk on demand here - The Next Wave of Disruption)
Why is the Millennial turnover rate so high?
Millennials are really no different to the other generations in the modern workforce and most employees want the same things out of their work according to a recent Harvard Business Review article. The reason they are turning over at a higher rate, is simply because they make up the majority of the workforce, and turnover in the under 35 group has historically been higher than older employees. Last year, 46% of employees under 35 left their last job due to lack of career growth according to Glassdoor.
What many companies are experiencing is a lack of strategy and understanding around candidate and employee engagement and the ways they prefer to learn and engage - digitally. This is driving much of the urgency for companies to undergo digital transformation to stay competitive for talent and in product, service and customer experience offerings.
What Do Millennials want out of their careers and organizations?
According to Glassdoor, Millennials are seeking: growth opportunities, retirement benefits and work culture. According to Harvard Business Review, they are also seeking: impact, diversity, developing expertise, solving social and environmental problems, purposeful and meaningful work.
To attract and engage Millennials (and all of you other employees too), it’s important to figure out creative and mobile people strategies. If you can give them development opportunities many will stay. To enable development, managers need to effectively coach their teams, because it provides the feedback, growth and satisfaction employees want, while also attracting talent to a coaching culture. Strong leadership also connects talent to the purpose of their work and helps them see their individual contributions having impact.
Millennials desire financial security, seniority, inspirational leadership, clearly articulated business strategies and performance-based recognition and promotions, just as much as Gen X and Baby Boomers do. Creating opportunities for more candidates to be considered via digital interviewing is a way the best companies, including Goldman Sachs, are attracting millennial talent. Creating an effective coaching culture and enabling managers to coach with technology keeps talent engaged and attracts the best candidates because they are looking for coaching and growth. Many managers pay lip service to coaching, but aren’t actually doing it, because it is so hard to scale. It doesn’t have to be that way.To see the other two myths of HR in 2016, check out On Demand Digital Disruption sessions here.