Did you know that Millennials are the largest generation in the labor force? And as more Baby Boomers and Gen X’ers age out of the workforce, Millennials (born between 1981 and 1996) will continue to grow into leadership roles, effecting changes that they feel are important to improve work-life balance and effectively re-tool the modern workplace to foster better collaboration and efficiency.
Millennials are also a fickle bunch, with a tendency to job-hop (21% changed jobs last year, and 60% are open to new opportunities). According to Gallop research, Millennial turnover costs the U.S. economy more than $30.5 billion a year, so there are major benefits to taking the steps now to nurture your business’ relationship with its Millennial employees.
We’ve rounded up some of the most significant ways that Millennials are changing the workplace, along with some tips for how your business can adapt to foster more loyalty and give this valuable segment of the workforce the tools and training necessary for them to feel more engaged. Check out our blog, which is updated weekly with insights for small businesses and entrepreneurs.