The millennial generation has arrived and they are quickly changing the traditional work place. It seems that just about everyone wants to understand millennials, currently considered to be anyone under the age of 34, and what motivates them in a professional setting.
Why? Quite frankly, because Millennials can no longer be ignored. With over 80 million millennials and counting,this generation now outnumbers the Baby Boomers. The Baby Boomers continue to make up the largest share of the workforce, but that is expected to change within the next decade. Some say Millennials could comprise the majority of the workforce in as little as 5 years.
Millennials are bringing a new outlook, evolved expectations, and some interesting habits into the modern day workplace. While it was easy to once write them off, employers now realize that in order to recruit, retain, and reward the next generation of talent, they must evolve too. But the question is this: how do we transcend generational gaps and work together to increase productivity and performance?
ExactSource and Ingenium CMO, Sarah Walpert, traveled to Sandestin, Florida this month to present at the 2015 ACEC Deep South Convention. She shared valuable insight into the millennial generation with an audience of over 100 engineers, all eager to learn new strategies to connect with these young professionals
1. WHO ARE MILLENNIALS?
As we previously stated, millennials are changing the traditional work place. They place value over certain aspects of their career that previous generations never even considered. Management must take these changing values into consideration in order to better understand this innovative generation. The typical tenure of a millennial at their job is less than 5 years. With the impending retirement of the Baby Boomer generation, there is potential for a turnover disaster in the next 5-7 years. How can your firm invest in these young minds and retain them for several years to come?
2. RECRUITING IS A HUGE ISSUE.
...But you knew that already. Recruiting in the A/E/C industry is no easy task. The number of available jobs is growing, but finding skilled workers who will succeed is becoming increasingly difficult. Engineering is known as the highest paying major out of college, so where are all of these young and brilliant minds? They're out there...but you'll need to learn where to look and understand what motivates them to join a company.
3. COMPENSATION PLAYS A MAJOR ROLE, BUT NOT AS MUCH AS IN PREVIOUS GENERATIONS.
Due to the tough recruiting environment, firms are having to step up their compensation packages to attract the best talent. Compensation is increasing among all disciplines, and firms are considering multiple factors as they develop new compensation packages. This includes not only salary, but benefits, vacation time, and perks as well. How does your firm's compensation stack up to the competitors? Is it enough to attract the top talent in the A/E/C industry?
4. IF YOU WANT TO RECRUIT AND RETAIN MILLENNIALS, YOU MUST BECOME AN EMPLOYER OF CHOICE.
Compensation is a very important part of the recruitment process, but now employment branding is becoming an increasingly important factor in a Millennial's decision to join a firm. Previous generations may not even be positive about what this term means. For millennials, it is an essential part of their career. Millennials value a strong work/life balance, and becoming an employer of choice is crucial to providing that balance. What does your firm have to do to adjust to today's changing work place? What aspects of your firm require more focus so that you can continue to grow with the addition of talented millennial workers?
Orgininal Article found: http://info.exactsource.com/blog