16 Compelling Millennial Facts

 

What do Millennial workers want from the workplace? It’s a topic that comes up time and time again in the media, yet many businesses seem to struggle with the task of appealing to this always-connected generation. According to the National Restaurant Association, the restaurant and hospitality industries saw a combined turnover rate of 72.1 percent in 2015.

With more Millennials entering the workforce — and set to comprise three-quarters of it by 2025 — it’s important for restaurateurs and hoteliers to understand what Millennials seek from their employers if they wish to keep turnover rates low. These compelling Millennial facts will help guide you as you go through the recruiting process:

  1. According to U.S. Chamber of Commerce Foundation Millennials workers tend to view their bosses as coaches and mentors, and value frequent feedback.

  1. In a recent Time article it was revealed that by the year 2025, three out of every four workers around the world will be a Millennial.
  2. PricewaterhouseCoopers survey found many Millennials feel they don’t have adequate work-life balance. Twenty-eight (28) percent of Millennials say work/life balance at their place of employment is worse than they had expected before joining.
  3. Pew Research discovered that Millennials now outnumber all other generations in the labour force: there are more than 53.5 million Millennials, versus 52.7 million Gen Xers.
  4. U.S. Chamber of Commerce Foundation reported that Millennial workers are 2.5 times more likely to be early adopters of technology than any other generation in the workforce.
  5. Millennial Branding found the average job tenure for Millennials is two years. In comparison, average job tenure is five years for Gen Xers and seven years for Baby Boomers.
  6. PricewaterhouseCoopers revealed Fifty-four (54) percent of Millennials expect to have two to five employers throughout their career. Twenty-five (25) percent expect to have six or more.
  7. PricewaterhouseCoopers additionally found more than half of Millennials say they are attracted to employers who offer them opportunities for career progression
  8. In a Bentley University Center for Women & Business report, it was uncovered that eighty-four (84) percent of Millennial workers say making a difference in the world is more important to them than professional recognition.
  9. According to a Deloitte survey forty-four (44) percent of Millennials say that, if given the chance, they would leave their jobs within the next two years.
  10. In that same study by Deloitte it was reported that millennials want businesses to be as concerned about social responsibility as they are with profits, but only 36 percent of Millennials believe businesses consider societal issues over their own agendas.
  11. PricewaterhouseCoopers found three-quarters of Millennial employees believe access to technology makes them more effective at work.
  12. A survey conducted by Deloitte found that, when asked which values contribute to a company’s long-term success, 25 percent of Millennials said employee satisfaction, 25 percent said ethics and integrity, and 19 percent said customer focus.
  13. Gallup discovered in a U.S survey that, In the past year, 21 percent of Millennial workers left their jobs to do something else. This figure is more than three times higher than that of all other generations in the workplace.
  14. In that same survey Gallup unearthed that seventy-one (71) percent of Millennials are not engaged at work. Of those, 47 percent said they would leave their current roles if the job market improves in the next year.

The Takeaway:

  • It’s time to ditch — or at least supplement — the yearly performance review. Using mobile technology, it is possible to give Millennials the consistent reinforcement they need to keep performing well.
  • When it comes to Millennials, technology is no longer an option in the workplace. Many Millennials will not feel they are performing to the best of their ability without access to technology.
  • Millennials want to derive meaning from the work they do, otherwise they become actively disengaged. Gamification — the use of goals, scoring, and competition to encourage engagement — is a great way to instill a sense of purpose in their work.

How can you gamify the employee experience using mobile technology? Visit benbria.com to learn more —  what are some compelling Millennial facts you know? Let us know on LinkedIn, Facebook, or on Twitter @Benbria!

 

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