A huge shift from Baby Boomers to Millennials is happening
On Tuesday, July 26th I attended a Cherry Creek Chamber of Commerce event led by Patrick Kelly of Change Point Consulting. Be sure to check out his blog, I’ve gone through it and I think he has a lot of good ideas on a lot of aspects regarding Baby-Boomer led companies and how they can attract and retain more Millennial talent.
By 2018 Millennials will pass Boomers in Spending
Bellow are some amazing facts that Patrick shared that will make both young people and older professionals reframe their mindset for the next few years.
70% Hate or are disengaged in their job
84% Don’t trust or buy into traditional marketing
Most educated generation in history
- HIghest percentage of High School and College Graduates
More debt than any other generation
- 1.3 Trillion Dollars in Debt
- $38,000+ average debt per person in millennial age group
Student Debt has grown by 350% since 2005
35-38% of workforce is Millennials
Denver has 3rd or 4th highest millennial population workforce in the country
Millennials make-up in the Workforce Now and in Future:
$30 Trillion will be passed on from Baby-Boomers to Millennials in the next 20 years.
1925-1944 is the Silent Generation
1945-1964 is the Baby Boomer Generation
1965-1980 is the Gen X Generation
1981-2000 is the Millennial Generation
Across all Generations
Only 25% feel passionate about their job
- The rest feel neutral, dislike, or even hate their job
Only 13% feel engaged
$360 Billion is lost every year on Employee disengagement
Blockbuster vs Netflix
|$5 Billion in Revenue
Refused to buy Netflix
Wanted Blockbuster to buy them
Sold to Dish for $233 Million
|20 Million Subscribers
|Less than 50 Locations in existence||80+ Million Subscribers|
Loyalty today isn’t expected, it needs to be earned–give loyalty to earn loyalty.
If you want to keep and maintain more Millennial talent you must give them a sense of purpose and allow them to be able to make change in the company.
Additionally, give them a sense of entrepreneurship in their roles. Allow for exploration and growth.
In benefits options, why not help pay for student loans?
Why not allow for more flexibility in work options in terms of time arrangements, arrangements for
Why should employers make the change? and how should Millennials push for change?
In my opinion, companies who are allowing for more flexibility in when you can work, and how you work, are automatically more competitive to younger generations than their counterparts. This NPR Article is a great read by the way.
Based on articles I’ve read, and my own personal thoughts, I believe Millennials are more inclined to work for companies that:
- Offer competitive pay (but money isn’t everything, I would rather work for a company that offers more of the following but lower pay, than a company with less of the following and substantially more pay)
- Flexible Time to work. I want the ability to sometimes work from home. With technology these days many careers have the ability to offer this benefit. Obviously offering this benefit comes with responsibility and there should be a mutual understanding on what this means, but it really is an amazing benefit to work from home, or work different hours than a regular 9-5.
Has it ever occurred to any employer that Millennials have been trained to receive more and more time-flexibility as we’ve grown older? Think about it, when we started school we would go from 8-3pm or so. As middle-school and high-school came along we had the flexibility to choose our classes and free-periods. Then in college we could have entire days where we didn’t have a single class. Now, you want us to go back to a set 9-5 schedule? What if I’m not a morning person? What if I truly work best from in the afternoon?
- Obviously, some professions aren’t as flexible as others in time flexibility, but I think companies that have a proper forum of discussion for these types of concerns, and those that do are also more valued than those that don’t. Millennials have grown up around a ratings system (Think Amazon, Yelp, etc.) where WE have a say in what we think is good and what isn’t and companies should recognize this for their employees.
- Offer opportunities of mentorship or classes or resources for growth. We want to grow, we want to learn from more experienced professionals without feeling like you look down upon us as snotty kids who don’t appreciate the grind. We are as loyal as your generation, and just as hard working, but I will only give loyalty and effort to those who are loyal and follow through to me. Our generation on certain levels feels burned by older ones who have left behind so much debt for us to pay, taken social-security benefits with little prospect for us to look forward to, and taken thousands out for student loans based on the idea that we were told that college was the path to the American dream.
- Pay off student debt. 401K’s are great, and we still want them (with a company-match!) but what about complimenting that with a student-loan-pay-off benefit? Maybe for every $1 I pay you can match up to a certain percent? And maybe for every year that I stay with your company that percentage grows?
- Give us jobs where we can flex OUR skills and really offer a difference to the company on a VISIBLE scale. It’s great that often times we are given the duty of managing social media, but what about letting us manage a project that collaborates with other people or departments. We have ideas too, and more often than not, we WANT that opportunity and guidance to be able to grow and WORK our way up the company.
All of these are great ideas and I hope to see more companies embracing them. What do you think? Do you agree or have you implemented some of these? What has your experience been? Leave me a comment below.