Employing millennials: Courting the purpose over paycheck generation
They have been called many things, from entitled to humble, hardworking to lazy, overly reliant on their parents while at the same time independent. Tom Brokaw even famously tagged them as “the greatest generation since The Greatest Generation.” An enigma for retailers to attract and an adjustment for businesses to employ, Millennials (the generation loosely defined as those born between 1981 and 1996) have been simultaneously torn down and put on a pedestal by their peers and elders. But data doesn’t lie. With over 56 million in the US workforce according to US Census Bureau data, Millennials make up the greatest percentage of employees today, and are proving that they are just as hardworking and perhaps even more balanced in their approach than generations before them. Hiring Millennials and keeping them happy and engaged at your credit union is heavily reliant upon the traditional motivators: money and benefits. However, what sets this generation apart when it comes to job satisfaction is the level of importance they place on purpose and technology… working for a credit union whose mission is in-line with their primary values, and one that provides them with the latest technology to get their job done efficiently are major factors in retention.
A Look at Millennials in the US Workforce
Millennials are the largest generation currently employed in the US, with Gen X next, and Baby Boomers’ numbers at third and dwindling. Estimates have put the number of Millennials at well over 50 million, 40-50% by some totals of the workforce. According to Forbes, predictions place this generation at nearly 75% of workers in the US by 2025. Worldwide, their numbers are slightly lower but still dominant. Almost half of them work in business and professional services, while a third are in the financial industry, according to a 2018 Paychex survey. This bodes well for attracting employees to your credit union.
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