Generation Y. Generation Net. The Echo Boomers. Whatever the media chooses to call them, in many organizations around the country they are simply referred to as co-workers. That’s because by 2014, 36% of the U.S. workforce will be comprised of millennials, and by 2020 that figure will be 46%.
So who are they? They’re diverse1. They’re well-educated2. And they’re digital3. Employers need to consider this both in attracting millennial talent and retaining top performers. How are you delivering your message to this audience? Think mobile and social. Why?
• 75%+ own a smartphone
• 24% own a tablet
• 93% use Facebook
• 53% use Twitter
• 32% use LinkedIn
Once you’ve gotten their attention, you must speak to job and company attributes that matter to them. Forget about long vacations and high salaries. Sure, millennials enjoy these things like any other generation would, but they’re not the most important factors when considering an offer. Rather, millennials value meaningful work and social media freedom. Additionally,
• 80% prefer feedback in real time rather than via traditional performance reviews
• 65% cited personal development as the most influential factor in their current job
• 22% saw training and development as the most valued benefit from an employer
1Over 40% of millennials identify their race as something other than Caucasian. 220% of male millennials and 15% of female millennials have completed 4+ years of college. 28% of male millennials 35% of female millennials have completed some college. 3Millennials switch their attention between media platforms (e.g., television, smartphone, tablet, etc.) an average of 27 times per hour, 60% more often than previous generations.
Sources: Youth Pulse, Inc., Mashable, Pew Research Center, Media Post, comScore, Buzz Marketing Group, UNC Kenan-Flagler Business School, Young Entrepreneurs Council