Millennials are stereotyped as being less competitive, entitled, avocado toast loving, technology addicted workers. Sure, many millennials are glued to their smartphones and social media, but that doesn’t mean they don’t have important things to contribute to your organization – nor does it mean that they don’t work hard.
By 2020, millennials will make up 50% of the workforce and their share of the workforce will continue to grow from there. On the whole, this group is goal and value driven and cares about its impact on society and the planet. So, millennials are not only going to represent a large portion of your talent pool but will also be looking to the job market for an opportunity to make that impact. That is good news for employers – hiring millennials can actually offer a number of (maybe) unexpected benefits to companies.
There’s no denying it – millennials aren’t as experienced as the baby boomers in the marketplace, but boomers can’t beat the open-minded perspective millennials have. Millennials have experienced the world changing around them quicker than generation X, so they see new possibilities before they arise. They are always willing to think out of the box and come up with fresh and innovative ideas.
Plus hiring young employees can work out great if your business aims to attract young customers. After all, who knows better what the young generation wants than themselves? They’ll bring marketing and product design strategies that better appeal to their age group, which will kickstart your sales.
Millennials are on track to be the most educated generation ever with 27% of women and 21% of men having completed a Bachelor’s Degree by age 33. Most of them are highly qualified, having done sometimes multiple internships to gain professional work experience. Hiring millennials will modernize your organization’s workforce, as well as bring the most up to date knowledge pertaining to your sector.
Millennials have grown up using computers, portable devices, the Internet, and social media. They have digital and technical knowledge at their fingertips. They pick up and apply technology better and quicker than the experienced baby boomers in tech-companies. You’ll have little or no trouble training these people on computer systems or new equipment.
Further, millennials are familiar with the latest communications technology and know their way around social media. There is no company in existence today that does not need a social media presence to be relevant. Even the millennials without a communications background can help you harness the power of Facebook, Twitter, and other social media platforms and turn that into brand awareness and sales.
Less focused on money
The older and more experienced generation have high expectations from their previous workplaces when it comes to compensation. The bottom line is usually their only bottom line.
Unlike baby boomers, the calculation millennials make is usually based on meaning rather than pay. A recent study of Canadian millennials showed that nearly half of this demographic would forgo a raise of about $9,000 to do work they considered more meaningful and impactful, so this benefit may not work for every job you offer. Also, with less experience, their salary expectations tend to be lower. But do ensure your salaries are competitive and commensurate with experience and responsibility. If you are truly unable to offer competitive salaries, millennials are more likely than other generations to be open to flexibility perks, such as remote days or additional vacation days.
What’s better than having a highly motivated and excited workforce? Millennials are driven and deeply invested in what they do. They are motivated by their will to perform better and bring high-end results. It goes without saying how this particular attribute impacts your business outcomes.
They tend to be more tenacious and eager to learn in the workplace than other generations. Such a disposition leads to quick problem solving and adaptability, as well as a desire to get the job done well before moving on.
A survey of millennials conducted by IdeaPaint found that 74% of millennials prefer to collaborate in small groups, as opposed to large teams or on their own, and that 38% of millennials feel that antiquated collaboration processes actually damage their company’s innovation potential. Teams with more millennials mean better teamwork, less internal competition and more innovation. This leads to a stronger bottom line, but also a more positive work environment.
The Bottom Line is….
Hiring millennials helps you bring new and innovative talent into your organization. They are highly motivated and enthusiastic about their work. They know (or can find) their way around technology and are keen to learn new things, as well as seize new opportunities. The fact that they seek meaning through their work means that organizations have an opportunity to harness their enthusiasm towards achieving something greater.