Who are the Millennials and what do they want? Most sources agree that the Millennial Generation spans the birth years of 1982 to 2004. Some break down those years further and analyze that that within the millennial generation, there is a sub generation called Generation Y, the older side of the millennials. Sometimes, these two named age groups are used synonymously.
Now that definitions are out of the way, what do Millennials want at work? According to Forbes Magazine, by 2025, about 75% of the workforce will be comprised of Millennials as more Baby Boomers and Generation X’s retire out of industry. However, though Millennials will make up the majority of the workforce in the future, currently, that generation is experiencing the highest turnover.
Millennials turn over in positions quickly because of their widely exhibited generational traits. They demand a sense of urgency to the work environment and like immediacy in their role. Once a year reviews do not satisfy Millennials in the workforce, but rather, they want consistent feedback and thorough assessments.
Millennials are no longer willing to work at the grind, like their parents, to make ends meet, but rather expect their compensation to match their opinion of their skills and talents. Once a Millennial is apathetic to their role, it decreases productivity significantly. The Bureau of National Affairs believes an estimated $11 billion dollars are lost per year on low productivity.
So how do employers prevent turnover, and how do Millennial employees ensure they stay in one place?
Employers need to play to this generation’s strengths. For example: acknowledge that the Millennial Generation has a unique set of skills technologically that could benefit the company. At the same time employees from the Millennial Generation need to slow down. In an age of technology and instant gratification, the Millennial’s inability to take time and process situations can be detrimental in the workplace.