This month, Building Careers had the privilege of participating in the annual NAIOP Chapter Leadership & Legislative Retreat in Washington, DC. While attending a seminar titled, “How to Get the Younger Generation Involved,” Building Careers gained insight into the factors employers should consider when attracting, engaging, and retaining Millennials in the workforce.
Millennials, or Generation Y, are considered born within the early 1980’s to late 1990’s. They are characterized as being influenced by technology, 9/11, helicopter and snowplow parents, the Internet and trends and politics. According to studies, Millennials value autonomy, diversity, positive reinforcement, structure, and technology. These characteristics and values are important because they directly impact how Millennials perform in the workforce.
For companies looking to hire and engage Millennial talent, it’s important to provide them with two-way feedback, structure, and stability. They need to feel accountable for specific action items, not vague ideas. Millennials are looking for incentives (not just monetary ones) and significant opportunities for growth within an organization. Where employers, who do not fall in the Millennial category, often struggle with their younger employees, is the topic of promotions. Millennials desire, and frankly expect, to be promoted based on merit, not by paying their dues. Many employers in the Baby Boomer or Gen X eras, struggle to engage and retain their Millennial employees due to this factor.
Why do Millennials leave organizations in record numbers? Because they don’t find value in the work they’re doing, they require higher incomes than most starting salaries in order to maintain their lifestyles, their companies lack advanced technology, and because they don’t connect with their more senior colleagues. To retain Millennial talent, provide them with up to date technology, opportunities for growth and volunteerism, exclusivity, and incentives.
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Written and published on February 22, 2016 by Julia Turpit, Recruiting Consultant with Building Careers