Millennials in the Workforce
Posted: October 29, 2015
According to the most recent Kiplinger Letter (Oct. 16, 2015), the number of millennials (18-34 year olds) who are entering the workforce will only continue to increase in the next few years. To retain young, tech-savvy workers will require employers to adjust their workplace policies as the battle for skilled, educated workers becomes more difficult.
By 2025, millennials will account for 40 percent of the workforce, up from one-third this year. It will mark the first time that there are more of the 18-34 year-olds in the American workforce than any other age group.
Some of the things that the younger generation of workers appreciate most are wellness benefits, such as on-site yoga and other fitness classes. Flexible work schedules that combine paid and sick leave are favored by millennials, who also like to control when and how they use their time off. And sabbaticals are becoming more popular, especially with tech companies, since younger workers like to travel more.
Another thing that I've noticed in younger workers is that they like to have regular feedback on their job performance, instead of having the more formal annual performance evaluations. Telling a younger worker how much you appreciate their work on a daily or weekly basis seems to be more important this group of workers as opposed to those of us who have been working 25 years or more.
Lastly, millennials who were recently surveyed ranked employer-paid professional development and training is more important than cash bonuses. In an effort to retain the best workers, employers may consider creative ways to allow younger employees look for new challenges.
CUBS' UPDATE: Well, it does not look very good for my favorite baseball team, the Chicago Cubs. As of this writing, they are down 3-0 in the best-of-seven series with the New York Mets and they could be done tonight if the Mets win again. It would be a shame if the Mets were able to celebrate their first trip to the World Series in Wrigley Field, but then again, the Cubs' general manager, Theo Epstein, was in the same position in 2004 when the Boston Red Sox were down 3-0 to the New York Yankees and Boston came back to win the American League Championship series and ended up winning the World Series for a long-time losing team. It's wishful thinking, but that is all I have at this point.
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