Move over for the millennials.
There are six different living generations in America. Of those six, the millennials age group is the one slowly taking control of the job market.
Let’s have a quick look at this generation and how they affect us all. We may just have to move over for the millennials.
Who are the millennials?
The definitions can vary. For our purposes, we’ll define millennials as those born between 1981 and 2000.
They are also known as the generation Y, and they have the following traits in common.
- They have great expectations of themselves.
- They schedule everything.
- They are digitally literate and appreciate technology.
- They learned early that the world is not a safe place.
- They tend to be assertive with strong views.
Businesses used to hiring baby boomers can be in for a bit of a shock when dealing with millennials, but it doesn’t have to be a bad shock.
What sets millennials apart from other generations?
Deloitte University Press believes millennials have several distinctive characteristics:
- They are the best-educated generation in American history – the share of young people with a bachelor’s degree is steadily rising.
- They are more diverse than older generations – over 44 percent of the Millennials are classified as belonging to a minority group.
- They are more likely to live with their parents – they don’t rush into buying their own place or getting their own car.
We can explain the diversity with the ever-increasing number of immigrants, while higher education can be connected with why Millennials stay at home more often. The cost of getting an education has sky-rocketed, so millennials tend to have large student loan debts.
Forbes writer, Laura Shin, says today’s borrowers need to pay double the amount compared to borrowers from 20 years ago.
Getting rid of the debt burden is even harder because of the economy. Shin claims that it takes about 15 years for people who start their careers during a recession to make up for the decrease in earnings caused by the economic circumstances.
That forces millennials to reduce their expenses by staying with their parents or accept jobs they wouldn’t consider in a better market.
What are the implications for the job market?
The millennials have become the largest American living generation, surpassing even the baby boomers (the generation born between 1946 and 1964). According to the estimates of the U.S. Census Bureau, there were 75.4 million millennials in 2015.
A study by UNC showed the millennials make up around 36 percent of the workforce, and this number will continue to rise. That is why it is important for job recruiters to understand this new generation.
In general, the millennials are hard workers, as long as they feel satisfied with their jobs. They also like to think that they are an important part of a team or company. To confuse things more, they are the generation most likely to switch jobs. Around 60 percent of millennials are always open to new job opportunities.
Here are several suggestions you can use when recruiting Millennial talent for your business:
- Embrace technology – the millennials are the most technologically literate generation. Use technology to draw in young talent and offer things like video interviews and online questionnaires.
- Work on company culture – a talented millennial will strongly consider the company culture in their work environment. Adding social spaces, such as cafeterias or gyms, to your workplace can help cultivate culture and strengthen the community atmosphere.
- Acknowledge their work – while you should consider a money reward, the millennials particularly like when superiors consider and appreciate their ideas. Think about implementing a flat office space to make them feel on common ground with managers
- Offer them a chance to develop – educational and development programs for employees are important for millennials. They don’t finish their education once they get their degree. Instead, they strive for further development.
- Embrace diversity – The pros say diversity can help build harmony on your team.
The millennials are quite different from older generations. They value company culture, technology, and acknowledgment in the workplace.
The good news is, if you manage to attract them, you will get a reliable worker that can make a significant contribution to your company.
Don’t fight the millennial mindset.
Work with it.
Both your business and the new hire will profit from your efforts, and you don’t have to wave goodbye to baby boomers. Enlist them to help set the path for continued growth in the future.
Baby Boomer, Abel Cane, has learned to love the Millennial generation. You can too.
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