The Millennials, the youngest generation of workers born roughly between 1980 and 2000, are entering the workforce in droves. An estimated 44 million are already working and 46 million more are to become a part of the workforce in the upcoming years ahead. This generation will come to dominate the workforce in both number and attitude and in the process reshape the work experience that all employees will come to have.
This massive workforce change presents challenges for every organization: The pending exodus of the Baby Boomers as 70 million retire over the next 10 years, the fact that 76% of Millennials currently working in your organization report they plan to leave as the economy improves, the fact that the cost of replacing professional employees is estimated today to be 1.5 times their salary (so says research from the national Society for Human Resource Management) – not even taking into account the opportunity cost of lost corporate knowledge of products and services, client relationships, process and procedures.
The conclusion is that your organization – and each of your managers — needs to be skilled at attracting and motivating this younger new talent and even more skilled at holding on to that talent. What is important to this generation and how can employers best tap into the potential they have to offer at work? It’s worth your investment of time and energy to see how best you can attract, motivate and retain Millennials in your organization today.