By 2030 the generation born between 1980 and 2000 (the Millennial Generation) will make up 50% of the workforce, and by 2050, 75%. Attracting and keeping these new hires is going to be a larger part of every company’s business activities as the years roll by. So what are they looking for in a job & a company? Both Price Waterhouse, and Deloitte Touche Tohmatsu Limited surveyed younger employees in 2014 to get insight on this topic.
Advancement & Growth
According to Price Waterhouse, the top three factors desired by millennials were: (52%) opportunities for career progression; (44%) competitive wage and incentives; (35%) training and development programs. (PWC study 11/25/14)
Jobs with Social Conscience
Fifty percent of the millennials surveyed want to work for a company with clearly stated and credible ethical practices.
Fifty-seven percent (57%) of the PWC’s respondents said it was unlikely they would stay with their employers for their entire career. That is markedly different than the 38% of Gen X’ers who are likely to change jobs rather than stay for their entire career, and 16% of the “Baby Boom” generation who share that position. However, the current mood among this group has been dramatically shaped by the recession, and the experiences of their parents in the workforce (downsizing, off-shoring and out-sourcing). Concrete steps to show trustworthiness to the employees will likely grow confidence and loyalty in these younger workers.