20 Facts You Need to Know about Millennials

20 Facts You Need to Know about Millennials

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

More to Discover

Turnover Guide

Turnover Guide

Download this turnover guide to learn: True causes of turnover Ways to reduce it How to solve the turnover problem with metrics and insights Start reducing turnover in your organization today, and download the guide.

HR COE People Management Benchmark Quiz

HR COE People Management Benchmark Quiz

How well does your HR team manage and develop people? The path to achieving excellence in recruiting is a continual journey that evolves over three phases. To find out what phase you’re in and get a customized action plan. TAKE OUR QUIZ TO FIND OUT: Quiz will load down below shortly Content loading... Please enable javascript! People Management Quiz What’s preventing you from attracting and hiring top talent? To get to the next level, think about ways to streamline and automate all the workflows that go into the routine tasks of people management, so you can begin to focus on the more strategic aspects of motivating and developing your employees. Based on your responses, you’re in Phase 1: To get to the next level, learn the key...

Prepping for 2019 Toolkit

Prepping for 2019 Toolkit

Based on Paycor’s nearly 30 years of experience helping clients successfully navigate the complexities of year-end, we’ve created this toolkit complete with the expertise and resources you need to finish out the year strong and stay ahead of what’s required in 2019.

Paying Employees with Paycards? The Pros and Cons

Paying Employees with Paycards? The Pros and Cons

With the rise and ease of direct deposit, paper paychecks have pretty much gone the way of the dinosaurs. But, did you know there’s another paperless option you can use to pay your employees? Paycards offer a distinct advantage to employees who are underbanked – those who have a bank account but rely largely on unconventional finance options such as check cashing services – or unbanked – those who don’t have a banking relationship at all. Their wages are simply loaded to a reusable, refillable card that can then be used at points of purchase or ATMs. Estimates from a 2017 Federal Deposit Insurance Corporation (FDIC) survey showed that 6.5% of households in the United States were unbanked, representing approximately 8.4 million...