According to the latest U.S. Census Bureau report, 3.4 million people will turn 65 in 2015 and out of the 3.4 million; approximately 9 out of 10 may choose to retire. Combine this with CNN Money report that 60% of employers expect to increase hiring in 2015, and it is easy to see that recruiting & retaining good talent is going to get difficult very quickly. Where do companies turn to fill this gap? All accounts point to the Millennial or Gen Y generation.
But who exactly are the Millennials? According to Wikipedia this generation was born between 1982 – 2000 and is sometimes referred to as the New Boomers, referring to the generation’s size relative to the Baby Boom generation. They are the most educated generation to date & have been plugged into technology since they were babies. Some 81 million have already entered college or the workforce.
To recruit & retain this group one has to understand them. Job satisfaction is very important. They want work-life balance or work flexibility – they are going to work hard, but they want to have the flexibility and time to spend with family & friends. They are curious & confident. If they think a process should be changed or improved, they want the opportunity to share their idea. They also want mentoring programs to build & measure their effectiveness. They value results over tenure & can get discouraged with the amount of time it takes to work up the career ladder. They also value an employer’s social responsibility more than any other prior generation.
Currently companies of all sizes are spending record-breaking amounts of money on recruiting this group. This generation has grown up on Social Media and building a company brand is more important than ever. Those employers whose companies’ website is not mobile friendly are losing out on recruiting this much needed pool of candidates.
Companies large and small that strive for substantial growth over the next few years will need to take this population seriously. They are the future workforce & will soon replace the Baby Boomers as they retire. Are you ready for the Millennials?