Millennials have quietly surpassed Generation X to become the largest demographic group in the U.S. workforce. Today, millennials — adults ages 18-34 in 2015 — make up more than 33 percent of all employees. Yet, despite this impressive takeover, according to Deloitte’s 2016 Millennial Survey, one in four millennials said that if given the choice he or she would leave their current employer in the next year.
For managers across the country, this desire to depart presents a whole new challenge that accompanies employing millennials. While striving for tenure seems to be a thing of the past, there are ways to keep this young, burgeoning group of talented professionals engaged with your organization and create a better employee experience across the board.
One of the biggest issues highlighted in Deloitte’s survey is that millennials want to know they are valued within their company. Twenty-six percent of millennials said employee satisfaction, loyalty and fair treatment are key to the long-term success of a business and that companies should have a solid foundation of trust and integrity. They want to understand how their work is helping the company — and the world in some way — and it is our job as executives to ensure they know how their work impacts success. This is an opportunity for employers to take a closer look at how to communicate and show team members that their work has a positive impact and creates social and corporate value.
Set up mentors
Whether it’s their first job out of college or their fifth “workaversary,” millennials desire mentorship. In fact, 71 percent of those surveyed said they are unhappy with how their leadership skills are being developed. On the flip side, twice as many millennials surveyed who were currently engaged in some level of mentoring said they would be loyal to their current company for five or more years. Career development through mentorship programs, whether formal or informal, is a keystone element to employee retention and aiding your team in developing long-term career skills. It’s crucial to keep these initiatives at the top of your human resources priority list.
