Within four years, Millennials (people born between the years 1980 – 2000) are projected to make up 50 percent of the workforce, and 75 percent by 2025. Yikes!
As baby boomers continue to retire en masse, Millennials are no longer the workers of the future – they’re the workers of today.
A lot has been said about millennials, but one thing that most studies can agree upon is that millennials are more likely to job hop than their older co-workers.
For business owners, that can be an expensive “preference.”
According to a study from Multiple Generations at Work, 91 percent of millennials will stay at a job for less than three years—a pace that equates to 15-20 jobs over the course of their careers. The average cost to recruit an entry-level employee ranges from $3,000-$6,000, and that doesn’t even factor in indirect replacement costs.
A good question to ask to understand this trend is, What do Millennials value?
The following are some general characteristics of millennials:
- Millennials are highly educated, tech-savvy, hard-working and altruistic.
- Millennials grew up in the aftermath of the recession; as a result, many distrust corporate America.
- Millennials grew up witnessing the successes of tech startups like Facebook and Uber, and aspire to the innovative work cultures these companies embody.
What millennials value is really not that different than other generations, though, according to a study from Harvard Business Review. All employees (millennials included) want to feel respected, be paid well, have good benefits and feel a greater sense of purpose in their work.
So while it is important to be aware of the differences between generations, focusing too much on millennials can cause workplace division and resentment. Instead, employers should aim to find retention and engagement strategies that will benefit not only millennials, but all generations in the workplace.
Get Benefits Insurance Services is here to help. We can offer company communications to keep employees engaged in addition to health and wellness benefits.