Understanding Millennials
Three problems employers face
Born between 1980 and 2000, millennials are entering the workplace in vast numbers. According to the Bureau of Labor Statistics, millennials are currently the largest generation in the workforce and will be 75% of the global workforce by 2025.
Millennials are powerful force of change that employers are increasingly concerned about. They bring new views on work/life balance; employer/employee relationships and how career progression should be managed. They are tech savvy, keen to learn and expect instant access to information. Their behaviour and attitude is coloured by their experience of the global economic crisis. Corporate loyalty doesn’t necessarily bring them rewards or long-term security in today’s environment.
“I believe that younger generations will change careers at least once and try a variety of different roles. There will be less long-term commitment to organisations”
Female graduate employee, Japan
Three Problems Employers Face
- Millennials want to grow regardless of where they go:
Millennials stay in their jobs for an average of 18 months. Gen X employees stay for 5 and Baby Boomers for 7. This generation has a strong entrepreneurial mindset; they’re always on the lookout to move up the ladder.
How Talking Circles can help: At TC, we understand that empowering employees is key to increase their loyalty towards a company. Based on skills, goals and interests, we want to connect them to the right people within their environment.
2. They’re looking for mentorship, not just instructions:
Millennials are looking for opportunities to become leaders at work. Research from TriNet shows that 69% of millennials see their company’s review process as flawed due to the lack of feedback throughout the year.
How Talking Circles can help: Support their needs and make them feel valued with on-going feedback. At TC, we ensure feedback is given to and from the person giving and/or receiving the advice. We make it easy for people to think and act on their career progress.
3. They’re ambitious and have high expectations
Recent research shows that millennials expect raises, promotions and bonuses more than once a year. According to Time magazine, Joel Stein quotes that 40% of millennials say they should get promoted at least every two years regardless of performance.
How Talking Circles can help: By helping employees realise their short and long term personal and professional goals, our algorithm matches them to the right people. Personal networks are important, especially to move up the ladder.
Employers need to realise two things:
- Millennials no longer work for you, they work with you.
- Talking Circles helps you manage this change. Request a demo today and let us help you engage today’s workforce.
