Is This What Your Millennial Employees Want?
Millennials may seem like a relatively new addition to the workforce to some, but as early as 2015, they made up a full one-third of the American workforce, when they overtook baby boomers to claim the largest share by cohort, according to Pew Research Center. What’s surprising about that figure is the fact that many employers are challenged to fully understand this group. They’re often seen as job-hoppers, disengaged and lacking the work ethic of earlier generations.
The issue: lack of understanding leads to disengagement.
According to some, what millennials really crave are opportunities to thrive in the workplace and better themselves professionally. Ryan Pendell recently wrote an article for Gallup titled, “Why Your Best Millennials Will Leave, and How to Keep Them.” A millennial himself, Pendell argues that a big part of the frustration this cohort feels is due to the fact that they feel they are capable of high-quality work but are often offered or treated like they are in entry-level jobs. “We aren't looking for entry-level work anymore,” he writes, “though we often feel like we are playing catch-up in our career due to a slow start after the Great Recession. Many of us have had one (or even two) major career shifts since college.”
It's a point many companies miss, says, Pendell who cites Gallup research which indicates that millennials value opportunities to learn and grow more than anything else. Yet, many millennials have not had this opportunity.
For employers hoping to attract and keep top millennial talent – and consequently, due to their numbers, top talent in general – professional development should be a big selling point for recruitment and retention efforts. There are many ways to do this: mentorship programs, regular (i.e., not just annual) performance appraisals, career development planning, employee training, etc. While these activities do take time, effort and money, they are worth it when considering the largest cohort in the workplace is looking for exactly that.
What are you doing to fully understand, and consequently engage, your millennial employees?
Most Read IRIS Articles of the Week: Feb 19-23
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, Feb 19-23, 2018
Click the headline to read the full article. Enjoy!
I’d like to introduce you to Peggy. Born in 1956, Peggy will be 62 in 2018. She has worked in retail her whole life, the past twenty-five years spent in management. Peggy divorced from her husband 14 years ago, is still single and has no children. — Dana Anspach
This week the markets shrugged off last week’s fears and went back to the slow and steady melt up, despite economic news that looked likely to once again rock the boat. — Lenore Elle Hawkins
Themes established in 2017 across a wide range of markets and factors continued to resonate through the fourth quarter. Economic growth was strong and supportive of equity markets across the globe, a range of volatility measures reached all-time lows, and business and consumer sentiment remained elevated. — Yazann Romahi and Garrett Norman
Advisors and investors that feel they are hearing more and more about commodities and the corresponding exchange traded products in recent months are right. That is a natural result of dollar weakness and yes, the greenback is floundering again in 2018. — Tom Lydon
As the industry works to cope with new regulation, wades through an outpouring of new products, learns to satisfy investors’ shifting priorities and manages the active-passive debate, the viability of business units will be questioned, and at times radical measures will be taken. — Peter Hopkins
My hope is that this article points out some opportunities for you to make more money and serve your clients at a higher level and that you decide to do something about it. — Bill Bachrach
Whether the market is flying high or taunting your emotions with new lows and some bumpy volatility, here are four things every investor should keep in mind ... — Lauren Klein
Why financial advisors NEED to understand much more clearly the power of good digital market. With tools like AdvisorStream, it’s easier than ever to get the content you need to drive leads and referrals today! — Kirk Lowe and Matt Halloran
How do some firms and ideas go from nowhere to everywhere in a few short months? All of a sudden a restaurant becomes popular, a gas station gains a cult following, or a Broadway show becomes too popular to get a ticket for years. — Maribeth Kuzmeski
"Worldwide, $27.4 billion poured into fintech startups in 2017, Accenture reports, up 18% from 2016. With so much in play, it’s not surprising that 22 companies are new on this, the third edition of our list." — Chris Skinner
Many sensational headlines have been written the past few weeks about market declines, but two things have increased for sure: the viewership and the ad revenues of financial media organizations — Preston McSwain
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