By 2025, millennials will make up 75% of the global workforce.
There’s no shortage of literature out there about this generation (almost 44,000 articles in 2015 alone, if you can believe it), but what do CEOs actually need to know?
We’ve cut through the fluff and compiled the most important stats here:
- Most are not engaged – 55% are not engaged at work, and 16% are actively disengaged1
- They are flight risks – 38% are actively looking to switch roles, and 43% are open to offers2
- …But they’d rather stay – Close to 50% would be happy to spend their entire careers with their current company3
- Feedback and clear goals are critical – 72% of those whose managers help them set performance goals are engaged1
- Flexibility matters – 95% say occasionally working from home is important, and 96% value occasionally shifting hours to accommodate their personal life3
- Values matter even more – 97% believe it’s important to work for someone who shares their values3
- They are highly team-oriented – 70% would rather work as part of a group3
- Technology fuels productivity – 78% say access to the technology they like makes them more effective at work4
While these stats have a lot of implications, three important takeaways are that, to better attract and retain young talent, our businesses should:
- Have clear values that are communicated clearly online and during the hiring process to encourage alignment.
- Create consistent feedback loops to guide performance and give early warning for disengagement.
- Offer tools that allow for effective collaboration no matter where your staff are located.
What’s your take? Has your business already made changes to adapt to the changing workforce? Have you hit any roadblocks? Any mind-blowing successes? Shoot us an email and let’s chat about it!
1 Gallup – How Millennials Want to Work and Live
2 PricewaterhouseCoopers – Millennials at work: Reshaping the Workplace (PDF)
3 Jennifer J. Deal, Center for Creative Leadership – What Millennials Want from Work: How to Maximize Engagement in Today’s Workforce
4 Deloitte – Big demands and high expectations: The Deloitte Millennial Survey (PDF)