What do young people (millennials) care about in an employer?
Hello! Thanks for your question about what do young people (millennials) care about in an employer. The short version is that millennials consider opportunities in professional development, benefits provided by the organization, provide them with a sense of purpose, flexibility provided at the workplace, colleagues as a second family and a vision that positively impacts the society, to be the most important factors in an employer. Millennials lay emphasis on professional training opportunities and the lack of such opportunities is a common factor for young employees to leave an organization.
Below you will find a deep dive of my findings.
After searching industry reports, corporate websites and trusted media sites, we were able to gather a number of sources that answered the question on what millennials care about in an employer. We have provided a list of twelve reports that provide insight into the working mindset of the millennial professionals. The reports also contain statistics of how the factors affect their employment with the organization. It is important to note that the factors vary from country to country.
• REPORT 1 — Attention, Employers: Millennials Have Made Their Demands — By The Atlantic
This report talks about what millennials consider as important to lead a successful life and what employers need to take note in order to keep them working for their company longer. Research shows that most millennial employees carry little employer loyalty to their professions, with over 60% of millennials quitting within three years of their employment. The report states that millennials look for a cultural fit in the company that includes a “fun and social” workplace and colleagues as a second family. Lack of a “cultural fit” is the most common reason provided by a young employee when exiting a company.
• REPORT 2 — The 2016 Deloitte Millennial Survey Winning over the next generation of leaders — By Deloitte
This report is primarily an investigation into the reasons why millennials express little loyalty towards their employers. Millennials value ethics, expecting their employer to show trust, integrity, fair treatment and honesty. They are looking for more opportunities that would help them develop their leadership qualities and wish to grow within the organization to become a business leader. According to the report, millennials believe that employers are not making the effort to ensure the development of new generation business leaders.
• REPORT 3 — This is what millennials look for in a job — By World Economic Forum
This article provides a breakdown of the factors that millennials look for in a job. The top five priorities when looking for a job are money (92%), security (87%), holidays (86%), great people (80%) and flexible working (79%). These factors, however, vary from country to country. The report states that young employees look for their employers to provide opportunities to progress as leaders, provide them with a sense of purpose and get a sense of meaning from their work.
• REPORT 4 — Millennials want to work for employers committed to values and ethics — By The Guardian
This article provides insight into what millennials are looking for in an employer. Statistics show that 42% of millennials in the UK wish to work for a company that has a positive impact on society, 44% believe that meaningful work is more important than salary and 36% of millennials are willing to work harder if their organization makes a difference in the society. They believe that companies should project their values in their work. This implies that millennials lay importance to good business culture and ethics.
• REPORT 5 — Millennial employees are a lot more loyal than their job-hopping stereotype — By CNBC
This report focuses on the factors that millennials look for to stay in a job longer. It states that over 90% of millennials would continue to work at a company for more than 10 years if they are certain to avail annual raises and upward career mobility. They want stability and want to be a part of a larger picture within the organization. According to this article, millennials look for an employer who would value their work and provide them with a sense of purpose.
• REPORT 6 — The Millennial Generation, Research Review — By National Chamber Foundation
This report provides an in-depth analysis of the millennial generation in all aspects. According to this report, in view of the present economic condition worldwide, over 56% of millennials states that a “quality benefit package” impacts their choice of employer and 63% believe that additional benefits will influence their loyalty towards the employer. They prefer a close professional relationship with their employer and expect frequent feedback about their work. They also prefer to look up to their employers as their mentors. Millennials want an employer who provides a workplace where “authority is earned” in a joint, casual office. They want the employer to give importance to ideas rather than experience and provide opportunities for creative engagement.
• REPORT 7 — Attracting and Retaining Millennial Professionals — By Robert Walters
This report is a thorough study into the millennial professionals’ outlook at work. It covers all important aspects that an employer needs to look into to attract, hire and develop millennial employees. According to the report, 91% of millennials expect fast career progression. The factors that keep millennials engaged at work are career progression, opportunity to exercise influence, recognition of individual achievements and personalized training by their employer. The top three reasons for millennials to change jobs are bigger salary (25%), more fulfilling job (25%) and better career development opportunities (20%).
• REPORT 8 — Generation Y — By Robert Half International — Yahoo Hot Jobs
This report studies the professional priorities, what motivates the millennial employees at work, how they view their roles at the workplace and what they want from their employers. According to this report, millennial employees want their employers to provide for their employees as much as they do for their customers. They believe that companies should benefit the society and the employees. The five factors that millennials lay emphasis on while working for an employee are salary, benefits, opportunities for career growth, in-house training programs and company’s philanthropic efforts.
• REPORT 9 — HR and Millennials: Insights into your New Human Capital — By the HR Professionals Association
The key values that millennials are looking for in work, that are highlighted in this report are work-life balance, professional development and desire for promotions. 63% believe that employers are not spending enough time to develop their leadership skills, while 28% believe that work life balance is worse than expected. It was also found that 77% of millennial workers plan on leaving in the next two years due to deficiency in professional progression.
• REPORT 10 — Study: Millennials in the Workplace — Which Stereotypes are True? — By Fit Small Business
This report explores opinions concerning millennials in the workplace and confirms the key facts. According to this study, 42% of millennials are searching for a new job and looking for a better fit. 13.3% have admitted that they would change jobs if their employer is too demanding, since they believe that flexibility at the workplace is very important. 80% expect frequent feedback and are capable of handling criticism. They strongly believe that an ideal employer should be committed to them professionally.
• REPORT 11 — How to get more millennials to apply to your company — By Linkedin
According to this study by Linkedin, the key values that millennials look for in an employer are strong core values, care about their professional growth and promote a work-life balance of flexibility. The main reason behind millennials wanting to leave their jobs is because they feel their employers do not invest in them.
• REPORT 12 — If you don’t care about professional development, millennials won’t care about you — By The Muse
This report talks about the different ways an employer can provide a better work environment for the millennial workers to progress. The key value for millennials is professional development. The article advises employers to be transparent about their growth, to identify stepping stones, to show the employees they understand them, to provide non-traditional compensation and to encourage continuous learning.
To wrap it up, each report provides various factors that influence millennial workers in either leaving the organization or continuing to work. The most common values that millennials care about in their employer are providing them with a sense of purpose, bosses as mentors, work-life balance, benefits, professional development opportunities and flexibility in the workplace.
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