There are more than 75 million millennials in America, enough to overtake the baby boomers as the country’s largest generation.Defined as persons aged between 18 and 34, this demographic holds incredible influence and buying power. What’s more, they also hold incredible potential.
As they enter the job market, they’re bringing with them fresh ideas, a new perspective, and a tech-savvy skill set that defines today’s digital era.As such, figuring out what motivates Millennials in the workplace is more important today than ever before. By 2030, they’re expected to make up more than two-thirds of the workforce.Though there may not be a magical one-size-fits-all answer, we can determine a few general motives that appear to drive them as a whole.By tapping into these ambitions, businesses can create the kind of forward-thinking work environment on which modern success hinges.
Ready to learn more? Let’s dig in!
Millennials in the Workplace Want to Grow
Research reveals that on average, baby boomers stayed in their same jobs for at least 20 years or more.
In comparison, more than 20% of Millennials reported changing jobs after only one year. Gallup estimates this turnover rate costs the U.S. economy more than $30 billion annually.
The reason they’re not sticking around?
Arguably more than any generation before them, Millennials are seeking growth opportunities. When such upward movement isn’t offered at their current position, they’re looking elsewhere. In fact, a recent study reveals that 71% of Millennials who plan to leave their job within two years are doing so because they feel their leadership skills aren’t being cultivated.They Want to Be Challenged One of the reasons they can afford to embrace such mobility? They’re the generation most closely associated with the rise of technology. As such, they own the knowledge, education, and aptitudes that no other age group can offer — and they want to absorb even more.
Millennials in the workplace are less likely to sit back and let someone else climb the ladder. They’re out seeking new, smarter, sleeker, and quicker ways to build that ladder themselves. To capitalize on this spirit of entrepreneurship, keep them challenged, motivated and on their toes. Then, present them with opportunities to keep learning — and growing. They Want Connection, Not Just Commands Despite a spirit of individualism, Millennials aren’t ones to buck the advice and guidance of their bosses. What sets them apart is that they’ll actively seek a closer working relationship with them. They’ll treat them more as mentors than dictators.
When they feel supported by their leadership, Millennials tend to feel more secure in their position. In return, their productivity is improved. The top traits they’re looking for in a boss? Someone who’s ethical (a plus for 35% of Millennials in the workplace), transparent (35%), and dependable (32%).
They’re Motivated by Balance
More so than any generation before them, Millennials seek a work-life balance. Digitization and automation are affording many of them the opportunity to work from anywhere, at any time. Thus, this expectation is becoming increasingly feasible. If this sounds like a way out of hard work, think again.
Research reveals Millennials aren’t shying away from difficult projects, or ones that take a while to complete. Rather, they’re the generation most likely to give up their vacation days, work overtime, and stay later to work on a project. The difference? They’d like the flexibility to control when those working hours are performed. This means they may stay in the office until 9 p.m. to finish a task one evening. Yet, if they’ve completed their work for the next day by 3 p.m., they want the freedom to leave.
When you are looking to reach Millennials remember that they want to be part of something. While false promotion will turn them off, truly marketing your company in a way that engages Millennials will work wonders. From apparel with your logo to simple things like custom USBs, you can use these to connect with Millennials.