Businesses are at a loss trying to hire and retain the millennial workforce. Past generations were easier to figure out. Baby Boomers were loyal beyond fault. Many of our parents and gr parents worked for a company for 20-30 years then, retired with a pension and a gold watch. Genxers were motivated by money. Give them base pay, plus a commission check with 401K matching and they’ll stay at a job until something better comes around. But millennials want something more from their jobs. They want a job with a sense of fulfillment that provides happiness. Millennials are less likely to be motivated by money than genxers, and less loyal to corporations, like the boomers were.
So why does this generation want something prior generations didn’t need? Millennials are more civic minded. We care about the communities we live in and are more likely to work for organizations like: Teach for America, the Peace Corps, and local non-profits, than a traditional nine to five. We want to take pride in our work and feel like we’re doing something with our lives that matter. Most millennials would take a pay cut if it meant less stress, more down time, and a relaxed work place culture.
Millennials are less attracted to traditional jobs like: banking, insurance, and skilled labor. Some say that, we are the better educated than prior generations, with College attendance at a peak. With this comes mounting student loan debt (something prior generations did not experience). A lot of us take jobs simply to pay for our student loan debts but pursue side businesses and hobbies that have our hearts.
Businesses will have to rethink their strategies to keep and retain this generation of workers. Some insurance companies in Phoenix, Arizona offer perks like: a relaxation room, game room with X-Box, and generous paid time off in hopes of obtaining and retaining millennials. It will be interesting to see if other corporations adopt the “google culture” for their businesses, as well. It may be the only way to attract our emerging work force.