Millennial’s will make up more than 50% of the workforce in a few years. Recognize their strengths and talents, and align them with your company mission and purpose. Staying relevant to the talent will increase your employee retention!
Employee Retention and Generations : Millennials | Episode 77
Welcome to the epic company culture Podcast where your host, Josh Sweeney will give you the business leaders, HR professionals and company culture aficionados, the knowledge you need to take your company culture to the next level.
Hello, my name is Josh Sweeney. Welcome to the epic company culture podcast. This is season three, which is all about retention, employee retention, and company culture.
I am joined here by my co host, Crystal Sweeney. Hey, thanks for joining us.
Thanks for having me.
Before I get started, I would like to thank Prototype Prime for this amazing podcasting space.
The topic of the day is generation millennials. So, what we’re doing is for these four podcasts in the first four of this season three, we’re going to progress through sharing just a little bit about each generation from some of the research that we’ve done so that then we can talk about how that impacts employee retention and your company culture.
Millennials are currently 20 to 35 years old, correct?
So, tell us a little bit about this 20 to 35 year old group.
Yeah, so I think the most important thing that we need to talk about first and get it out there is by 2025, not very long from now, they are going to make up 50% of the workforce. They are a huge generation just by population alone. I think they, as of this year, by sheer numbers have surpassed the baby boomer, which was the largest generation so because they are such a large generation. And they’re definitely impacting the workforce that we know it.
Nice. Tell us a little bit about them.
Yeah. So, millennials are a product of working mothers that stems back from the Gen X generation where mothers were going to work. It was the norm, you know, Mom and dad go to work. With the divorce rates that they are today, a lot of them have single parent families. They’re also growing up where everybody gets a trophy, world that we have going on right now. But that also helps contribute to some of the traits that they have in the workforce.
Got it. So what are some of those traits that’s contributing?
Yeah. So, with everyone gets a trophy, I just like to say that because that’s something that everybody has talked about at some point in time. But what that’s actually created is a generation that has learned how to work together as a team. They’re winning together, they’re losing together, you know, at the end, they’re all still winning. I think that creates a level of optimism with this generation.
When they’re doing it in the workforce, it makes it a little bit less competitive and a little bit more likely to work together as a team. I think that’s pretty important. Another thing that they value is they value productivity. They’re looking to make the most impact with their work and be more productive.
They want to sell their successes on their work results so they’re less likely to spend a lot of time in meetings and face time and things like that. So they are more likely to just get the work done and figure out how to do it the fastest and the best way possible.
Yeah. I know a lot of technology companies that are leading the way with younger generations and company culture and all kinds of other strategies that they have.
Beyond Merits and Tenure
A lot of them, I feel like they kind of coined the whole meritocracy type of scenario where everybody is really moving up based on their merits and not their tenure. And I’m curious as to if this is maybe part of the generational shift from what we talked about with boomers. Because boomers wanted to stay a lot of loyalty, whereas if you’re moving away from that, then what are you moving to. It’s not really moving to disloyalty, it’s just shifting from loyalty to meritocracy, where you move up based on the merits of your work, which I think is a pretty positive direction in a lot of ways.
Yeah, absolutely. I’m in this generation who wants to know how they can get to their goals. And how fast can they get there with them growing up. They had a computer in every home and most of them have grown up with access to cell phones. The level of education that they have at their fingertips is actually catapulting their career and whichever direction that they choose. They’re continuously learning from the access that they have than just information.
They definitely want to figure out the fastest way to get where they want to get going. And they also want their work to be meaningful. They want to have purpose behind it, why they are doing what they’re doing? How is that affecting myself? How is that affecting the organization and the world? That’s definitely their mentality.
Yeah. You’re definitely trending away from the culture that’s been built in over the years through the industrial age where people showed up and worked in a factory line and did one piece of the job. The old Ford Model T construction lines where you’re doing one role whereas now people are doing a lot more intellectual work. They’re doing a lot more knowledge base work, and they want to know how and why they’re doing it and ow are they utilizing that.
Anything else to share about millennials?
Search for Growth
The one thing you need to know about them is this generation has kind of got a bad reputation when it comes to job hopping. I think the average tenure for a millennial is anywhere from 18 months to two years. The reason for that may be that they don’t feel like they’re getting enough traction. They’re not growing fast enough and they’re definitely looking for a home. But it’s got to be a fast pace environment that just naturally what comes with the way the world is with the technology and information that we have now.
So, I think they have a lot to offer as far as bringing new technology and new concepts or thoughts. Because of they’re fast paced learning, they’re bringing all of that to companies. And hopefully they’re able to harvest some of the benefits that come with having that generation working in your organization.
Yeah. We’re going to talk about all of those in progression as we move along through season three of the podcasts. We will make sure that we’re sharing what’s changing and why it’s changing. And really looking at each generation in a very positive light from Boomer all the way to Gen Z, making sure that everybody understands what their strengths are, their struggles and how do we leverage those strengths to build an amazing company culture.
So, we hope that this has been educational for you as you learn all about the millennial generation. And the next episode, we’ll be talking a little bit about Gen Z which is coming up fast and quick. Thank you.
Thank you for tuning in to today’s episode of the epic company culture podcast with Josh Sweeney.
If you enjoyed this content, please subscribe on iTunes, SoundCloud, or Stitcher. For additional content and transcripts visit epicculture.co. If you have questions or topics you would like us to address or expand on, tweet us @epicculture1 or email us at firstname.lastname@example.org.