Some employers think they've got millennials all figured out. They're entitled, they don't know how to communicate and they're glued to mobile technology. Even while these observations may be true, employers need to find out what drives millennial workers, especially as their numbers surge in the job market. Millennials are poised to represent 75 percent of all workers in the U.S. by 2025, according to the Brookings Institute. As their business success and economic growth depends on it, business owners should consider what millennials want in an employer and how they can maximize these workers' potential.
The authors of the paper "How Millennials Could Upend Wall Street and Corporate America" wrote that millennials are already changing markets, which is leading companies to modify their workplaces. However, there might be an even greater change in America's businesses as millennials head into the job market.
"But soon, as millennials become an increasingly large share of the adult population and gather more and more wealth, the generation's size and unity of belief will cause seismic shifts in the nation's financial sector, shaking it to its very foundations and leading to major changes in the nation's board rooms," the authors stated.
With millennials expected to contributed to large demographic shifts in the workplace, dissecting the anatomy of the millennial worker could prove invaluable for puzzled employers.
Here are five ways to think about millennials:
1. Millennials Care About Social Issues - And They Want the Same from Employers
The Brookings Institute said millennials believed social and ethical causes were important. However, these workers don't just keep these values to themselves as 63 percent also said they wanted employers to contribute these these initiatives. As employers aim to attract the best in the talent pool, they should show that companies care about hot button issues and improving the world while recruiting millennials.
Millennial workers are changing the market and the future of business operations with every new hire.
2. They're Ambitious About Advancing Their Careers
Although many count millennials out as lazy, they are likely more ambitious than employers initially believe. They have their sights set on moving up and they are willing to change jobs to do so. Not only do millennials strive for promotions, they also want plenty of learning opportunities. Millennials want to gain new skills not only because it will benefit their career, but also because they're enthusiastic about learning, according to PwC.
"Compensation and benefits are very important for millennials."
3. Compensation Is Important
With high levels of debt looming and millennials looking to climb the corporate ladder, competitive compensation will be crucial to bring these workers on board. According to LinkedIn, compensation and benefits are very important for millennials, even more so than for professionals who are over the age of 40. Make sure to offer incentives, such as noncash rewards and bonuses, along with a good base pay.
4. Job Flexibility is Key
PwC also highlighted the need for flexibility in the workplace to draw millennials. They often thrive with flexible work schedules, such as working from home or having the option of when to come into work. Give them the freedom to work where they feel the most comfortable so they can be their most productive.
5. Young Workers Drive Innovation
One of the biggest benefits to hiring millennials is being able to hear their ideas for how to run operations more efficiently or the latest technology for improving performance. Millennials often think the key to companies having a positive impact on society and addressing global problems is through innovation. However, 63 percent of millennials believed the greatest obstacles to innovation were management attitude while 61 percent said operational structures and procedures were the largest barrier, according to the Deloitte Millennial Survey. With younger workers entering the workforce, consider millennials in your employment plan and how to increase innovation in the organization to boost productivity and efficiency.