Not for profit: Millennials and views on business success
The millennials have hit the workforce in droves, and with them comes a changing attitude on business and employment priorities. Generally considered those born after 1982, Millennials are expected to comprise 75 per cent of the worldwide labour force by 2025 according to a Deloitte report.
Proactive companies should look now at how they can successfully reconcile their practises with millennials’ expectations and ideals in order to attract these up-and-coming professionals.
The mobile millennials
Only 19 per cent of millennials plan on staying in their current role for more than five years.
A Deloitte survey on millennials worldwide and in Australia indicated that this demographic is highly fluid within the job market; nearly 46 per cent of Australian millennials expect to leave their current position within the next two years, and only 19 per cent plan on staying in their current role for more than five years. This anticipated workplace migration creates both challenges and opportunities for companies looking to hire and retain skilled members of this age group.
While a focus on profit has been a traditional priority in business, it has far less sway with millennial workers who place a great deal of importance on the social impact of their work. Thus, the factors keeping employees satisfied in their jobs are not as likely to keep younger talent in a company. In fact, only 21 per cent of millennials considered salary the most important factor in accepting a new role, according to Millennials at work by PricewaterhouseCoopers.
“For the most loyal millennials a sense of corporate purpose is incredibly important, with 95% of those who remain with their employer more than five years saying it keeps them satisfied,” noted Paul Dobson, Sustainability Services partner at Deloitte.
A desire for training and leadership
While millennials are attracted to purpose, they also seek out opportunities for professional development and advancement. According to research conducted by Robert Walters, 67 per cent of millennials said that explicit opportunities for advancing in the workplace were one of the most important factors when considering a new position.
Hiring managers will be more likely to attract skilled millennial talent by focusing on these goals, but will also be in a better position to retain and groom these workers for long-term success within a company.
Given the emphasis millennials place on person-first principles, it is crucial for the hiring process to reflect this ideal. Comprehensive recruitment software can free up hiring managers’ time to focus less on minute details and spend more time nurturing the personal touch that millennial workers value.