$300,000+ is the cost of replacing one millennial worker over time. With their unique set of needs and desires, high turnover can quickly spiral costs out of control (not to mention lost revenue!). That’s what makes recruiting, engaging, and retaining this generation so vital, the dollar and cents. Being the largest generation ever the future of every organization literally hangs in the balance. The following is an excerpt from our new eBook The Millennial Takeover: How To Recruit, Engage, and Retain the Largest Generation Ever.
So who are millennials?
This is a bit nebulous, but roughly speaking anyone you know born in the 80s and 90s. So approximately everyone between the age of 18-35. Their parents were mostly Baby Boomers; they are your kids, nephews, nieces, and grandkids. You likely already know them well.
They are the most educated generation in history. Though, while that stat is mostly commonplace, it’s a bit misleading. Of those ages 25-29, 36% of millennial men and 46% of millennial women have attained a bachelor degree or higher. So while some do have many, various, degrees, like the preponderance of their predecessors, most never graduated from college.
Despite rumors to the contrary, they aren’t job-hopping nihilists. Pew Research notes “in January 2016, 63.4% of employed Millennials… reported that they had worked for their current employer at least 13 months. In February 2000, somewhat fewer 18- to 35-year-olds (59.9%) – most of whom are today’s Gen Xers – reported similar job tenure.” Though this can be attributed to their higher propensity to have a bachelor degree (more education coincides with longer job tenures).
It is true, however, that they are living at home in larger numbers than previous generations. Though this is often a bit overblown. A total of 15% of all millennial adults live with their parents, up from around 10% of Generation Xers. As you can imagine, this number is closely correlated with educational attainment.
They are the most diverse generation on record. Some 43% of Millennial adults are non-white. Compared to the 75% white majority of the Boomer generation.5
Despite everything, millennials are also an optimistic bunch. 80% say they either currently have enough money to lead the lives they want, or expect to in the future. This despite entering adulthood with a substantial volume of debt (66% of 4-year college degree recipients have outstanding loans, averaging $27,000.)
Lastly, the assertion that they are good (or at least highly experienced) with technology is well founded. 97% of millennials regularly use the internet compared to around 80% of Boomers. 88% have a smartphone, 90% use social media. That’s why they are called “digital natives”—they are a generation for which these new technologies are not something they’ve had to adapt to. They were born in conjunction, thrived in each other’s presence, and consequential to everyone’s future.
This use of technology, their natural inclination to use and leverage it at every opportunity, is key to engaging them! Their natural skill-set is perfectly aligned to benefit from a highly plugged-in work environment!
Together, this short background paints the portrait of a generation uniquely suited to bring varied experiences and specific talents to the workplace. Their education, diversity, and commitment to employers and natural talent with technology is an opportunity, not a burden. But in return for those talents, millennials have an asking price…
Troubling, a recently published Gallup report revealed “that only 29% of millennials are engaged at work, with the remaining 71% either not engaged or actively disengaged. What’s more, six in 10 millennials say they’re open to different job opportunities, and only 50% plan to be with their company one year from now.” This is obviously a problem, but not one without a solution. In our new eBook we explore how to engage and retain millennials by leveraging the OnSemble intranet platform that will drive Feedback & Communication, Data & Analytics, and Time and Resource Management.