14 (REAL) Facts About Millennials

14 (REAL) Facts About Millennials

Millennials. Ready or not, here they come.

Otherwise known as Generation Y, those born between 1982 and 2003 are a force whose dominating presence and behavior (everywhere, but especially in the workforce) will define American life and culture in the next decade and beyond...

Did You Know…

Millennials will make up as much as 75% of the U.S. workforce by 2025.1

That’s a big shift in the next 10 years, so it’s understandable why the majority of companies are are planning ahead to make the most of a multigenerational workforce where millennials constitute a majority.

What Do They Care About?

92% of millennials believe that business success should be measured by more than profit.2

88% prefer a collaborative work-culture rather than a competitive one.3

74% want flexible work schedules.3

64% of them say it’s a priority for them to make the world a better place.3

88% want “work-life integration” (which isn’t the same as work-life balance, since work and life now blend together intricately).3

How Do They Feel About Feedback?

80% of Gen Y said they prefer on-the-spot recognition over formal reviews, and feel that this is imperative for their growth and understanding of a job.4

Millennials want to be appreciated just like any other generation of workers, but they like to be called out and recognized immediately as opposed to waiting around for a formal review.

And Communication?

Less than one in ten millennials think weekly communication is enough. In fact, 35% want it multiple times a day, while 25% think once a day is fine.5

Rather than having their hands held, they want to be coached and have more one-on-one interactions with their managers on how to hack a task or push innovation. In fact, 98% of Gen Y employees see mentors as necessary for their career development.6

Does That Mean Millennials Are In It For The Long Haul?

The average tenure for Gen Y is 2 years, compared to 5 for Gen X and 7 for Baby Boomers.7

Millennials have certain values when it comes to their jobs that differ from other generations. If millennials feel their contributions aren't being valued, or the company culture isn't the right fit, they act on their gut instinct by leaving rather than play the waiting game.

What Are The Costs Of That Turnover?

45% of companies experience high turnover with those employees identified as “millennials” – by a 2:1 margin versus previous generations.8

The hard, soft and opportunity cost of recruiting, hiring, onboarding and training employees who leave within their first 24 months is expensive. Making the right hire has always been important, with millennials it's imperative.

So What Makes Them Stick Around?

64% of millennials would rather make $40,000/year at a job they love than $100,000/year at a job they think is boring. 1

50% of millennials say having a “job you enjoy” is “extremely important” to them, compared with just 38% of boomers.9

Millennials who qualify as "engaged" in their jobs (nearly two-thirds of those surveyed) say they would continue to work in their current job, even if they won a $10 million lottery prize.10

The data speaks for itself.

Give your millennial employees a work experience that they will love from the

moment that they’re hired, and they’re much more likely to remain loyal to your company

and brand.

To get the most out of the millennials (or anyone for that matter) try the following:

•  Hire those who fit your unique culture•  Understand their goals•  Solicit and listen to their ideas•  Ask what they would like to get out of their career and then

make it happen•  Lead and mentor, don’t hand hold•  Loosen up and nurture fun

And most importantly, like with all employees, it's imperative to make sure that millennials feel valued in the workplace.

RoundPegg provides actionable insights into how each unique millennial prefers to communicate, make decisions and be

rewarded.

When organizations hire, onboard, develop and engage people according to their core

values, everyone wins.

Learn more at RoundPegg.com

1: http://www.brookings.edu/blogs/brookings-now/posts/2014/06/11-facts-about-the-millennial-generation2: http://www2.deloitte.com/content/dam/Deloitte/global/Documents/About/Millennial_Innovation_Survey.pdf3: http://www.forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it-to-them/4: http://danschawbel.com/blog/74-of-the-most-interesting-facts-about-the-millennial-generation/5: http://www.huffingtonpost.com/haydn-shaw/how-to-give-millennials-t_b_5695743.html6: http://www.huffingtonpost.com/brazen-life/dispelling-4-ridiculous-m_b_3611906.html7: http://www.prweb.com/releases/2012/8/prweb9817689.htm8: http://millennialbranding.com/2013/08/cost-millennial-retention-study/9: https://www.linkedin.com/pulse/what-do-millennials-really-want-alan-murray10: http://www.gallup.com/poll/166577/engaged-workers-keep-jobs-upon-winning-lottery.aspx