Millennials are Americans born between 1980 and the mid-2000s, and there’s seemingly no shortage of data, misconceptions or stereotypes about this generation. They’re also the largest generation in the U.S., representing one-third of the total U.S. population in 2013, so odds are you’ve worked with or hired someone of this age group recently.
You’ve probably heard those workplace stereotypes about how Millennials aren’t loyal, don’t work hard, are entitled, and more. While these stereotypes could be true of anyone, we also know there’s a ton of useful data to leverage when considering the hire of a Millennial.
Here are just a few facts to consider when hiring a Millennial—as the largest generation yet—there’s plenty of data out there.
Millennials are interested in money.
In a survey about obtaining the American Dream by the Aspen Institute, 46% of millennials surveyed said money was crucial to attaining the American Dream. This means Millennials could be more direct about asking for raises or asking for more compensation up front. When considering salary based on experience also consider how much this generation has learned outside of school and their early educations shaped by technology.
Having a strategy for evaluating the skills of a candidate who may want more compensation up front will ensure your company is prepared and can help alleviate delays in the hiring process.
They have been shaped by technology.
You know that stereotype that Millennials are always on their smartphones? That one might very well be true. With that comes a level of connectivity than exceeds generations before them.
“A quarter of Millennials believe that their relationship to technology is what makes their generation unique,” according to 15 Economic Facts About Millennials via WhiteHouse.gov, and they show in numbers and on social media.
When hiring a Millennial, consider the technology they’ll need to do their job well. Millennials also want to work for tech savvy companies so if you’re looking specifically for Millennials target them in content strategy, social media and overall marketing plans. Marketing your tech side is especially important if you’re working with an outside recruiting firm in a candidate-driven market as candidates have many choices.
Millennials value community, family, and creativity in their work.
While Millennials do value technology and social media communication, they also value their contribution to society and their families. If given the opportunity to contribute to your workplace they’ll exceed not only personally but in ways that can impact the growth of your company.
Based on employee engagement studies we know employees engaged and integrated into the culture of the workplace can affect overall growth: “Organizations with more engaged employees to actively disengaged employees in 2010-2011 saw 147% higher earnings per share compared with their competition in 2011-2012,” according to 2013 State of the U.S. Workplace report by Gallup.
Working Millennials are staying with their early-career employers longer.
Perceptions of Millennials are that they are flaky and not loyal but data from the Council of Economic Advisors via The White House shows otherwise: “Millennials actually stay with their employers longer than Generation X workers did at the same age.”
This means Millennials face a labor market made up of:
- Longer job tenure
- Fewer employer switches and other types of career transitions
- Lower overall fluidity in the labor market
Most Millennials are more likely than Generation X to have been with their employer for 3 to 6 years—a longer period of time when the generation before them was the same age. Based on data alone your opportunity to build a lasting relationship with a consultant or perm placement is greater than years past.
While every generation has outliers, data such as this can be used to better channel what drives this tech savvy sector of talent. Having an understanding of what they’ll want, what drives them to success, and their plans for the future can help your organization adjust accordingly for talent of this generation.
If you have any questions about hiring Millennials, contact us today!
Sources: http://money.cnn.com/2015/07/01/news/millennials-american-dream-poll/
https://www.whitehouse.gov/sites/default/wp-content/uploads/docs/millennials_report.pdf
http://www.gallup.com/businessjournal/163130/employee-engagement-drives-growth.aspx