Dreams of career success and professional ascension are typically very significant within the first few years after graduation for Millennials. After years of learning and testing, many of these participants of the workforce want a meaningful return on the personal investments of their education. However, the timeline and definition by which these dreams and ascensions are expected to occur have changed over the past generations. Where prior generations were willing to allow around 5 to 7 years of workforce engagement before expecting positional, monetary or additional incentives to be provided in the workplace... this emerging generation has cut that expectancy time, in most cases, by more than half.
For companies not accounting for this new timeline of expectancy, the timeline of expected retention of these professionals has greatly reduced as well. Investment of an aligned coaching resource can greatly reduce the impacts of this growing situation.
The issue of millennials workforce expectancies is neither holding steady nor declining, but increasing. This is due to their rising dominance in sheer numbers in the workforce population. The generations making up most of the current workforce are of the following:
Millennials are the largest generation in the U.S. labor force. More than one-in-three American labor force participants (35%) are Millennials, making them the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data.
Another study concluded that by 2020, nearly half (46%) of all U.S. workers will be Millennials. By comparison, the generation before them, Generation X, represent only 16 percent of today's workforce.
Now, armed with the knowledge of understanding that millennials are currently the growing majority of the workforce, let us look at some startling statistics involving this group of working professionals based on what they expect from their workplace experience:
In 2016, among workers with less than four years of tenure, 34.5% of millennials chose to jump ship, compared to 19.4% among non-millennials. Why? Because the current workplace culture that previous generations have worked within is vastly different from the culture needed to retain well today.
Based on all of the numbers and research, Millennials want responsibility, opportunity and flexibility. Not only upward, but lateral moves work well, a well defined and customized career path, flexible working hours based on results and/or productivity and well-structured working environments that foster both personal and professional growth are hallmarks of a company positioned to retain this new population of professionals.
According to research from survey software firm Qualtrics and venture capital firm Accel Partners, Millennials are willing to give up a percentage of their salary for long-term job security, a management structure that emphasizes mentorship, a better career trajectory and flexible office hours.
A Coaching Program provided by a fully dedicated and competent firm can address much and more of the issues companies face while seeking to retain their highly talented and capable Millennial team members. Here are seven ways that coaching programs position companies for Millennial retention success:
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