The Millennial what you need to know to recruit and retain this generation

The Millennial what you need to know to recruit and retain this generation

The Millennial what you need to know to recruit and retain this generation

According to recent research done my McCringle Millennials or Generation Y make up the largest group of working Australians versus any other demographic group. They currently make-up 34% or our working population and are predicted to remain at 33% in 2025. As a recruiter, it’s a good idea to take a closer look at the Millennial – who are they and what do they think?

 

What is a Millennial?

There is some conjecture about the exact age range for a Millennial however you are pretty safe to say those who were born between 1981 and 1996 are a Millennial or Generation Y.*

*Source: Pew Research Center,

The chart below is a great overview of each Generation

 

What do Millennials think?  

Based on the 2018 Deloitte Millennial Survey** – “Australian millennials remain uneasy about the future: worried about terrorism, robots taking their jobs, and unemployment generally, and they have little confidence in the ability of business or politicians to help them”

The 2018 survey revealed three key themes:

1) Perceptions of business are declining

  • Millennials opinion of business’ motivation and ethics is at its lowest level in four years
  • Less than half (45%) of millennials believe business has a positive impact on society, down from 72% in 2017

2) Flexibility and a positive work culture are key to millennial loyalty

  • Australian millennials believe culture is more important than money: 67% rate a positive work environment as the most important consideration when choosing a new employer (compared to 52% globally)
  • In Australia, financial rewards/benefits are ranked second (63% in Australia and globally). Flexibility is ranked as third most important (by 55% in Australia and 50% globally)
  • Millennials’ loyalty to their current employer is at a similar level to last year: not good. Almost half (44%) of millennials expect to stay with their employer for less than two years. Only 22% say they plan to stay beyond five years.

According to the survey “Both millennials and Gen Z place a premium on factors such as tolerance and inclusivity, respect and different ways of thinking,” said David Hill. “While pay and culture attract this cohort to employers, it’s diversity, inclusion, and flexibility that keep them there; they’re the keys to keeping millennials and Gen Z happy.

“Those working for employers perceived to have diverse workforces and senior management teams are more likely to want to stay five or more years. And among millennial and Gen Z respondents who said they intend to stay with their current employers for at least five years, 59% note greater flexibility in where and when they work.

“The fluctuating loyalty levels highlight a unique opportunity for Australian employers to double down on attracting and retaining talent. We need to listen to what our employees are telling us and reimagine how we approach talent management, guided by a renewed focus on learning and development to help our millennial and Gen Z employees grow for years to come.”

3) Young workers feel unprepared for the changing nature of work

  • The growth of Industry 4.0 technologies—from robotics and the internet of things to artificial intelligence and cognitive—has altered the nature of work, and millennials have mixed feelings about this
  • In Australia, 45% of Millennials believed that Industry 4.0 would augment their job, allowing them to focus on more creative, human and value-adding work

How have Millennials changed?

It’s interesting to see below how the attitude of millennials has changed over the last 2 years especially in regards to employer loyalty. In 2016 Millennials, in general, expressed little loyalty to their current employers and many were planning near-term exits. By 2017 however young professionals indicated they were less likely to leave the security of their jobs, and more concerned about uncertainty arising from conflict, especially in developed countries.

Source:

** The 2018 Deloitte Millennial Survey surveyed 10,455 millennials across 36 countries, including 337 in Australia, about their attitudes to work and climate change, unemployment, and income inequality are the top concerns of Australian millennials.

https://www2.deloitte.com/au/en/pages/about-deloitte/articles/millennial-survey.html

https://www2.deloitte.com/au/en/pages/media-releases/articles/millennials-lose-confidence-in-business-politics-160518.html

https://mccrindle.com.au/wp-content/uploads/Australia-Population-Map-Generational-Profile-2015_Infographic_McCrindle.pdf