There’s a common theme in today’s job market. With unemployment at its lowest in 17 years, and our current workforce growing closer to retirement, finding great talent is difficult. The solution to this problem is one that scares some employers today. By the year 2020, Millennials will comprise more than half of the workforce – the biggest wave in employment since the Baby Boomers. Many emphasize the negative characteristics of this generation. It’s hard not to emphasize when statistics bashing the generation are frequently discussed, but what if I told you that the Millennial generation is one of the most teachable generations yet?
One might gather that Millennials are simply an idle generation. This stigma is alive partly due to employers failing to recognize what motivates this generation. Rather than avoiding this large wave of talent, leverage their passion to ensure future success.
Author of Millennials Matter, Danita Bye, gives us some key Millennial statistics that employer’s should know:
- 64% of Millennials would rather make $40k a year at a job they love than $100k a year at a job that is boring.
- 80% say they prefer on-the-spot recognition over formal reviews. They feel this is imperative for growth and understanding in their role.
- 84% noted they see making a positive difference in the world as more important than professional recognition.
- 88% prefer a collaborative work culture over a competitive one.
- 92% believe that success should be measured by more than simply profit.
Millennials value education and understanding, but most of the time, suffer from underemployment and debt. They are coachable, eager to build confidence and leadership skills, and strive for productive collaboration. Being that Millennials will be sole powers in driving economy soon, it is crucial to utilize the millennial potential. Danita Bye points out that:
- Millennials are digital natives. They understand technology and media presence like no generation before. Leverage this by consulting with them on your problems. Millennials have adapted and created many new ways to communicate – learn how your business can obtain these communication skills.
- Millennials are catalysts of thinking. Being the first generation to truly communicate globally through media, they are aware of many issues. As you grow, the Millennial prospective provides intel that could serve as a competitive advantage in your industry.
The largest generation to date (Baby Boomers) is retiring, and the unemployment rate is lower than it ever has been. These two significant aspects combined create problems in our growing economy. Don’t allow the negative stigma behind Millennials to hold you back from achieving success in a market that is constantly changing. Rather, acknowledge that there is a large wave of talent arising. Be strategic, take hold of this wave, and count it as leverage against your competitors.
Written by: Isaac Pirk, Talencio intern and student at North Central University, Minneapolis, MN.
Another related blog that may be of interest is “The Knowledge Train is Leaving! Mind the Gap.”
About Talencio: We help the Health Technology community make progress by putting the right people in the right place to solve problems and identify opportunities to move healthcare forward. To learn more about career opportunities in health technology, or to hear how other companies have partnered with Talencio to tap into our skilled professional talent pool, contact us at 612.703.4236 or email. Talencio has been the preferred provider of vetted, accomplished professionals to the Health Technology Community for over 9 years.
Millennials Matter, written by Danita Bye