By Rae Majors-Wildman
Millennials are the largest cohort in three generations, and in the next few years, they will become the force with which you will have to reckon.
Check out these distinguishing statistics about Generation Y:
• Millennials will make up 75 percent of the workforce in 2025, according to industry observers.
• 83 percent of millennials are willing to relocate for the right job that promises better pay/growth opportunities.
• 41 percent of baby boomers believe that workers should stay in a job for at least five years before changing jobs. Only 13 percent of millennials believe in the five-year rule. In fact, by the time they are age 30, millennials have had three times as many job changes as baby b oomers.
• 68 percent of hiring managers say that millennials have job skills that previous generations lacked, which makes retaining them important in the evolving digital economy.
• Millennials have no problem leaving a job if they are dissatisfied. In 2015, one-third of companies lost 15 percent of their millennial workforce.
• In 2015, 43 percent of millennials were actively looking for new jobs.
How can the motorcoach travel and tourism industry attract millennials?
There are three things you should emphasize to attract millennials to your job offerings: a competitive compensation package, professional development opportunities, and opportunities for advancement. Earlier, we mentioned that millennials have distinctive career objectives. Let's put a little gloss on that: A full 60 percent of millennials chose their current jobs because of the organization’s sense of purpose. In addition, 48 percent say that stability is what they look for in a prospective employer, along with a job that offers them financial security and the opportunity to collaborate with other workers.
How do we reach millennials?
Millennials are internet savvy. If you want to reach them, you need to upgrade your social media skills. Use social networks to post jobs and to parade insights about your business. The internet generation wants personalized emails, announcements, and invitations. They want informative website portals so they can research company culture, historical context, current employees, and the company’s mission. You will also need to step into the 21st century with video interviewing so millennials can interview anywhere they choose in the most cost-effective way. Feedback on the job is important, too. A majority of millennials (80 percent) want employer feedback on their performance, and they want it in real-time.
Generation Y is not only changing the way businesses recruit employees, it is changing the way businesses interact with their employees and what they expect from their employees. These are demanding statistics from a cohort that will dominate the workforce in a short eight years!
Rae Majors-Wildman is an award-winning business strategist, sought after speaker, best-selling author, and CEO/president of Rae Majors-Wildman International.