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The Millennial Workforce
By 2030, millennials will comprise 50% of the U.S. workforce, necessitating employers to adapt to their unique needs and preferences. This generation values flexibility, meaningful experiences, and expects competitive benefits, viewing them as entitlements rather than perks. Engaging millennials requires a deep understanding of their digital connectivity, desire for customization, and preference for informal communication over formal meetings.
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The Millennial Workforce
- 1. ATTRACTING AND RETAINING THE MILLENNIALWORKFORCE By Emily Buchholtz Brand Strategist, Liquid Agency
- 2. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM 2 By 2030,Millennials (ages 18-35) will make up 50% of the US workforce — a fact particularly important for employers and human resource leaders that know future success depends on their ability to attract and retain the best young talent. They are digitally connected, technologically savvy and excited to share their opinions, beliefs and dreams — but what does all that mean for their careers? And for the people who will hire them?
- 3. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM BUILDING APOSITIVE CULTURE NEEDS TO CONSIDER THE NATURE OF MILLENNIALS. A deep understanding of this generation and the key demographics and trends that unite them is critical to keeping both business and company culture vital. Understanding and engaging the millennial is a challenge for many businesses today, which is why Liquid created a snapshot into the mindsets and priorities of this important audience. In the infographic below you will find a quick overview of who they are, what they value, how they connect with technology, how they like to work — and what they believe and expect from themselves, their communities and their employers. 3
- 4. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM PLEASE FEELFREE TO DOWNLOAD AND SHARE THIS INFOGRAPHIC WITH YOUR PEERS. This SlideShare presentation as well as high resolution PDFs in vertical and horizontal formats can be found on our blog. 4
- 5. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM I AMBUSY BECOMING WHO I AM. I AM INDEPENDENT, ENTHUSIASTIC AND I WANT MY VOICE TO BE HEARD! 50% 31% of the US population of the US workforce by 2030 VS. are married or partnered34% have never been married61% Age Range: 18 - 35 DEMOGRAPHICS Annual Buying Power: $889.3 Billion 5
- 6. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM have 200+ Facebook “friends” 46% sleepwith their phones next to their beds 80% think technology makes them more efficient 56% produce and upload online content 60% CONNECTED TO TECHNOLOGY 6
- 7. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM FLEXIBLE WORKPLACE ONLY29% Millennialsfind work meetings efficient They preferFREQUENT,INFORMAL dialogue to sporadic formal meetings 33% IN REAL TIME want questions answered 40% ACCEPTABLE think blogging about workplace issues is 7
- 8. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM KEY MACROTRENDS #1 CONTRIBUTE TO THE CULTURE VS. CONFORM TO THE CULTURE 51% of millennials want interactive channels that let them connect and make a difference in brands 40% want to co-create with their colleagues They will be more likely to participate in a culture that resonates with who they are verse one that does not 8
- 9. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM KEY MACROTRENDS #2 SMALL CHANGES VS. MAJOR SACRIFICES They want to settle down without settling They want to balance living in the moment with planning for the future Millennials will make small lifestyle changes before sacrificing their dreams 9
- 10. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM KEY MACROTRENDS #3 FLEXIBILITY AND ACCESSIBILITY OVER CORPORATE PROTOCOL “Anytime, anywhere” mentality They want to set their own goals They care more about meaningful experiences than climbing the corporate ladder They value flexibility over compensation 10
- 11. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM KEY MACROTRENDS #4 THEY WANT TO DISCOVER & SHARE EVERYTHING The average Millennial sends 20 texts/day 86% of millennials are willing to share information about their brand preferences online They appreciate ongoing opportunities to share openly and collaborate frequently 11
- 12. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM HOW THESETRENDS IMPACT COMMUNICATION AROUND HEALTHCARE, WELLNESS & FINANCE 12
- 13. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM 70% of millennialswill provide personal information if it means they'll get BETTER SERVICE A “one size fits all” approach is NOT ACCEPTABLE in their lives I need it to fit who I am. Millennials have grown up in a world of choice so they expect the ability to MAKE THINGS WORK FOR THEM If they cannot find what they need, they will use their creativity, know-how, & resources to create A BETTER SOLUTION UNIVERSAL THEY VALUE CUSTOMIZATION OPTIONS OVER OUT OF THE BOX PACKAGES 13
- 14. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM THEY VIEWBENEFITS AS AN ENTITLEMENT VS. PERK Millennials expect companies to offer competitive benefits packages + competitive salaries Healthcare ranks 9/10 as most important in overall job satisfaction They expect to weigh options. 50% will carefully evaluate their benefits options Millennials save & invest more of their income than Gen X & Boomers 14
- 15. MILLENNIAL SNAPSHOTLIQUIDAGENCY.COM RECOGNITION They arewilling to work hard if they get the recognition they want AWARDS 52% want individual awards for their accomplishments CALL OUTS 68% want to be personally called out for their contributions THEY APPRECIATE REWARDS & INCENTIVES Sources: Iconoculture | PEW research studies | Society for Human Resources Management | World Economic Forum’s Sustainable Consumption report | Department of Health and Human Services Health report 15
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