We’ve all been hearing for years that the Millenials, or Gen Y’s, will pick up and leave an employer if their needs are not met, such as time off, a promotion, or engaging work. Well, a new study by Millennial Branding and Beyond,com found that 30% of surveyed companies lost 15% of their Millennial workforce in the past year; that 87% reported that their cost to replace them was between $15,000 to $25,000; that most Millennials who had left did so due to a poor fit with the culture while 30% left due to a better job offer or their career goals out of alignment with that of their employer.
Their views of the workforce will be shaping how business is done and run, so to speak. The findings from the survey confirmed that companies are not heeding or meeting the needs of the workforce, and it’s not just towards the Millennials. When we look at succession planning, this is the generation we need to hone as they are the up-and-coming and are in line to take the realms. Here are areas that Gen Y’s are looking for:
- a clear mission
- the opportunity to build marketable skills
- flexible schedules
- work-from-home options for more work-life balance
- mentoring opportunities
- internal career pathing and advancement opportunities
In looking at the list, I don’t think it’s exclusive to just the Millennial generation as I would say (almost) all employees desire those job criteria. If organizations can address these issues, and really work to provide those opportunities, they will not only save the loss of money and personnel, but it would create a more engaged and productive workforce.
I recently read with interest an article in Talent Management Magazine titled, “The Evolution of Recruiting.” It discussed how talent recruitment practices have changed in the last few years and how it will continue to evolve as our Boomers begin to leave and the Millenials, or Gen Y’s, age in. Consider these statistics: there are 80 million born between 1976 and 2001; in 2014, 36% of the workforce will be comprised of Gen Y’s, while there will be 46% by the year 2020; 64% have asked about social media policies during a job interview with 24% reporting such policies would be a consideration in accepting a job offer.
Considering those numbers, the way organizations recruit talent will need an overhaul from current practices, especially if they want top performers. Using social media to find talent, like LinkedIn, Facebook and Twitter, hiring personnel can not only search for potential employees but can also use them to brand themselves as a desirable place of employment. Keeping up with the technological advancements is presenting challenges in the recruitment process when having so much potential and data to mine through and ensuring the ‘right’ candidate is found.
Other considerations that need to be considered are the values of the Y generation: flexibility, the opportunity to work in different markets, finding a company that fits with their needs and career advancement opportunities (although not necessarily with the same company – it is predicted they could have between 14-25 different jobs throughout their lifetime). Other factors Y’s consider are a company’s mission and vision, how involved and socially responsible the company is, and fitting in work with their life, and not the other way around.
Y’s are the up and coming workforce and will make a great impact in the way business is done, moving from the more traditional way to being more open and flexible as well as technologically-savvy. Knowing the values and needs of this generation will keep the pipeline full and flowing with talent that can bring energy, creativity and social consciousness into the world of work and change the way business is run.