A new study by LinkedIn surveyed more than 13,000 Millennial job seekers to find out what it takes to get them to work for you, and offers some insights into the lengths some employers are going to need to go to hire the best talent from this generation.
Here are just a few statistics the survey revealed:
- 93 percent of Millennials are eager to learn about new job opportunities. That means just 7 percent of them are fully satisfied in their current role.
- 30 percent of working Millennials say they plan to leave their current job within a year.
Translation: Your smiling Millennial work force isn't as happy as you think.
- The No. 1 reason for not accepting a job is not knowing enough about what it's like to work for the company.
- Of all the generations working today (Millennials, Gen X, Baby Boomers), Millennials are the most likely to follow you on social media as a way to learn more about you as an employer.
Translation: Your failure to reveal your employment brand via social media is hurting your recruiting efforts.
- 64 percent want to know about perks and benefits.
- The No. 1 thing they want to know about your company is its core values and beliefs.
- Only 30 percent of Millennials are focused on purpose-driven work, whereas almost half of all working Boomers (48 percent) want to do work that feels meaningful.
- The top two reasons Millennials leave for a new job are: A) more money and benefits, and B) more career opportunities.
Translation: You might be marketing the wrong aspects of your employment brand to Millennials. Or, even worse, you may not have what they are looking for.
Think twice before saying, "I'll skip it," with respect to hiring Millennials
Millennials make up half the current working population and will continue to dominate over the next decade. Even though Baby Boomers have delayed retirement, they're still exiting the work force at a rapid rate. And with just 46 million Gen X behind them, as compared with more than 70 million Millennials, the talent gap will require hiring from the youngest generation in the work force.
In short, if you aren't building a marketing plan to recruit, train, and retain the best and brightest Millennials, your company could suffer in the future.
How to keep Millennials from leaving
There is one thing this survey doesn't reveal--what it takes to keep Millennials from leaving. There is an answer--and it lies in how Millennials were raised. This is the first generation to be coached their entire lives. Raised on organized activities, they don't see coaching as a sign of weakness but rather as a path to greatness. Companies that go all out in offering professional training, mentoring, and even private career coaching not only help their Millennial work force become more valuable faster, they also gain their trust and loyalty. Millennials aren't big risk takers. And thanks to protective parents, they also try to avoid failure at all costs. They'd rather stay with an employer who offers them the tools and resources to feel safe and successful. Investing in programs that give Millennials the coaching they want, in the way they want it, can help you keep the talent you are working so hard to develop.