Don’t blame the millennials
Much has been written about the working habits of millennials in recent years – not all of it positive and, it seems, not all of it true either.
With PwC predicting that this group – today somewhere between their late teens and 35 – will make up a full half of the global workforce by 2020, employers need to look beyond the headlines and stereotypes.
At LinkedIn, we wanted to know more about what drives this vital, and often misunderstood demographic when it comes to the jobs market. So we surveyed over 13,000 of them across the world to see what makes them tick.
Employers have to work harder to keep them
When looking for a job, nearly one in three Millennials (32 per cent) will interview with two or three firms at the same time. That’s more than double the number of Generation X and three times the number of Baby Boomers that do this.
While this may seem disloyal, it’s a natural adaptation to the new world order, where greater connectivity means that it’s easier than ever for professionals to shop around.
As a result, 30 per cent of Millennials we questioned see themselves leaving their current employer within a year. This is a significant challenge a lot of companies will have to face in the not-too-distant future – but one that they can easily use to their advantage. Employers need to find and experiment with new ways to keep millennials engaged; whether this is by offering bespoke training programmes, secondment opportunities and mini-sabbaticals, or simply by remaining transparent and authentic to their brand values.
They want to try before they buy
One in four Millennials say that they have been approached with roles from companies they’ve never heard of. Not knowing the company or fully understanding the role are the top two reasons that Millennials will reject an opportunity, topping salary and title as the reasons to say no, so employers looking to attract this demographic need to make sure that their reputation precedes them.
Millennials may not be as purpose-driven as we thought
According to our research, compensation and benefits top the list of considerations when it comes to job opportunities for Millennials, followed by career advancement and challenging work. In fact, they seem less preoccupied with culture and values than their older colleagues, with 30 per cent saying their work should be purpose driven compared to nearly half (48 per cent) of Baby Boomers.
This means things like free food, gym membership, and discounts with high street shops go a long way with this group.
All of these trends go to highlight the changes that companies need to be applying to the way they think about talent today. Far from a fad, this could make the difference between being in business in 2020 and not.