Millennials are taking the workplace by storm, with a recent count by LinkedIn estimating that by 2020 they will make up 50% of the workforce globally. Because the 18-34 age group includes people at very different life stages, some millennials are securely established in the workplace environment and hierarchy whereas some are just beginning their lives as professionals, or pursuing higher education.
LinkedIn have published data around the presence of millennials on their platform around the globe, and salesperson ranks as the most popular job role for this generation with a whopping 2,733,905 profiles. The second highest is software developer, closely followed by administrative worker, marketing and student/intern. The stereotype that millennials are disloyal comes from the fact that they switch jobs more frequently than the previous generation, but this isn't necessarily a bad thing. According to LinkedIn's survey of over 5,000 millennials, the most popular reason for switching jobs is to advance their careers, followed by the desire to be challenged in the workplace. These are all elements that can be assured with a fixed progression plan or career development plan in place for your staff. Retaining your millennial employees is easy, and investing in their future means that they are infinitely more likely to invest themselves in yours.
A recent survey run by Korn Ferry Futurestep reported that 28% of millennials most valued the ability to make an impact on the business, whereas only 3% ranked salary as the most important facet of their role. Additionally, when asked what mattered most to them, 38% responded that visibility and buy-in to the mission and vision of the organisation was what they looked for. It ranked as the most likely reason for them to choose one role over another.
Whilst it's easy to buy into the stereotypes of generation Y - born between 1980 and the mid 1990s - as lazy and disloyal and write them off as an unknown quantity, realigning your outlook could give you access to a new generation of thinkers, just as motivated and engaged as previous generations. In fact, harnessed correctly this generation of millennials who are already embedded into the workforce can equip your business with a new set of digitally savvy skills and awareness.