Millennials have started entering our workforces and they bring about new challenges many organizations do not expect. It has been estimated that by 2025 Millennials will occupy 75% of the job market, according to a Brookings Institute report. This estimation proves that it is of the utmost importance that organizations start understanding the Millennial workforce as well as the challenges they bring to ensure that their workforce continues to strengthen and grow.
One of the first changes that millennials bring to the workforce is their motivation for taking the job. Where previous generations would focus on taking a job which provides job security and structure Millennials (having watched their parents experience of the great recession) do not focus on job security but rather on employability and flexibility a job will provide.
When Millennials look at jobs they consider three main aspects of the job that they are looking at taking. The first aspect is what compensation they will be receiving this is important to them as many of them have huge study loans which they need to pay off. The second aspect is flexible work hours, many millennials grew up with their parents having to work long hours which resulted in the parents not being home often, millennials want to be home for their children more often than what their parents were. The final aspect that millennials look at is the opportunity to make a difference, millennials have a strong sense of social responsibility and want to make a difference in society and if their job allows them to achieve this they will be more than happy to stay.
Millennials bring many great qualities to an organization which although they are different are added benefits a few of these benefits are that Millennials are team orientated in the work environment and they will often thrive in work environments which are collaborative this quality allows for more cohesion between employees as well as a greater source for new ideas and innovation within the company. Many of them have an entrepreneurial mind set which makes them extremely driven individuals as their goals are often to climb the corporate ladder to become either a CEO or to start their own business, this quality will help the organization push the limits as the millennials will push the organizations limits.
Although Millennials bring great qualities they also have needs which organizations will have to adapt to. For example, millennials believe that leadership is extremely important and therefore will quit if they do not feel they have a good leader guiding them. Organizations can compensate for this by providing millennials with mentors to help and guide them. Another need of millennials is to have opportunities where they are professionally developed therefore companies should ensure that there are continuous opportunities for growth that millennials can seize.