Millennials are entering the workforce in record numbers, so managing and hiring this generation has been a hot topic with executives and recruiters alike. Knowing what’s important to this young group allows organizations to recruit, hire, and manage them effectively. It also gives all of us an idea of what changes may be coming in the future as recruiting and hiring practices begin to accommodate those preferences.
Korn Ferry Futurestep Millennial Survey is a great tool to see Millennial workplace preferences. It’s valuable information both as an executive job seeker and as someone building a career in an ever-changing business landscape. 76% of organizations polled said they are changing to meet Millennial needs, which means your next employer may have already put these changes into place this summer. Other organizations are focusing on how the generations interact and work with each other. The survey gives some valuable insight into each of these questions.
Here are 6 surprising hints into the Millennial mindset:
- Work with meaning trumps salary. Buying into a company’s vision and mission is more important to this group than income.
- Close to home. They value family connections and are less willing to move far from their roots than previous generations.
- Work/life balance. While less willing to work a regular schedule of long hours, this group will push themselves for the team if they feel their contribution is valued.
- Feedback hunger. Millennials crave feedback, and retention rates are improved by offering frequent assessments and development plans. They’re not just looking for kudos, but seek guidance on how to effectively grow their careers within an organization.
- A clear career path within the organization is important. This fact seems to go hand-in-hand with the preference for frequent feedback.
- Titles matter. Not since the Boomers has a generation been as focused on the ladder to success. They’re happier knowing where they stand and what they need to do to move up, and they’re willing to work hard for it.