The Millennial workforce is growing, with 30% of the entire workforce today counting Millennials among their ranks. By 2025, this figure may explode into a stunning three-quarters of the entire workforce.
As they take over the global workforce, Millennials’ sensibilities must now be considered when looking at how your workplace is conducted, and how you attract your talent. One of the most important things to consider is that pay, benefits, and some abstract notion of “company loyalty” may no longer be the gold standards of keeping them interested in work - because Millennials want to find purpose in their work! Let’s explore what this means for you and your staffing needs.
Today’s Millennials prefer brands whose values align with their own. Almost 70% of Millennials look up company values before making purchases from their brands, and there’s no shortage of incidents of outrage against brands’ executives acting, for lack of a better word, like douchebags. And believe us when we say that they can find this information - Millennials are far more connected and informed than ever thanks to being digital natives.
The same holds true for the companies they choose to work for. Most Millennials want to work for companies which are aligned with their values. And it’s not enough to not have a stance that they disagree with; it’s important to have a stance on issues to showcase your values, and to extend these values into the workplace, so they’re not just lip service.
By ensuring that work and personal values agree, Millennials are able to derive purpose!
A 2016 study by Cone Communications shows that 75% of Millennials are willing to work for a socially responsible company, even if that means a pay cut compared to a company without such values.
But it’s not enough to have a socially responsible company - companies need to allow these Millennials to have a hand in changing the world and feeling purpose in their work. This is a byproduct of the so-called always-on generation, whose lives in and out of the office are constantly connected thanks to the overlapping bounds of the Internet and social media. There are very real advantages to listening to this - studies show that engaged, inspired workers can be nearly three times as productive!
People keep saying that job loyalty is dead among the current generation. Perhaps, in the traditional sense of seeing companies as tickets to securing their futures, this is indeed the case, because many Millennials see jobs differently. If you want loyal Millennial workers, you need to provide a reason for them to stick around, not just be a default option by providing the bare minimum that a worker should get in this day and age.
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