20 Facts You Need to Know about Millennials
Posted on October 10, 2014
There were 46 million Millennials employed in the United States as of April 2014, and by 2025, this generation will comprise almost 75% of the US workforce. How much do you know about the ways this generation is shaping the business environment?
Here are 20 things to think about as you recruit, hire and retain Millennial employees:
# Pay ranks first among job factors that matter most to this cohort.
Meaningful work is second, positive relationships with co-workers third
and flexibility fourth.
# 82% of Millennials did not negotiate their salary, either because they were uncomfortable doing so or didn’t realize it was an option.
# 37% of Millennials left their first full-time job within two years.
# 26% said a better salary would have kept them around longer; 17% would have stayed with a clearer sense of how to advance in the organization.
# Millennials list Google, Apple, Facebook, the US State Department and Disney as their top ideal employers.
# 94% enjoy doing work that benefits a cause.
# 63% want their employer to contribute to a social cause.
# 77% would prefer to do community work with other employees, rather than on their own.
# 57% want their organization to provide companywide service days.
# 47% had volunteered on their own in the past month.
# $45,000 is the average amount of debt carried by Millennials.
# More than 63% of Millennial workers have a bachelor’s degree, but 48% of employed college grads have jobs that don’t require a four-year degree.
# 70% have “friended” their colleagues or supervisors on Facebook.
# $24,000 is the average cost of replacing a Millennial employee.
# 15% of Millennials are already managers.
# 56% wouldn’t work for an organization that blocks social media access.
# 69% believe it’s unnecessary to work from the office regularly.
# 35% have started a side business to augment their income.
# 54% want to start a business or already have done so.
# 41% have no landline phone access and rely solely on their mobile phone.
To learn more about Millennials, check out the articles How to Manage the Multigenerational Workplace and Hiring New College Graduates? Here are 3 Steps for Success.
And for a deeper dive into personnel management, download the free whitepaper, Employee Engagement: Why You Can’t Afford to Get it Wrong.
Sources: Society for Human Resource Management, The Brookings Institution, Dan Schawbel