Millennials will soon be the largest generation in the U.S. workforce, yet businesses have a difficult time hiring and retaining this group. Millions of good jobs remain unfilled while many Millennials struggle to build careers. In this Executive Briefing, John Frehse, Chief Strategic Officer at Core Practice, shares ideas on why this phenomenon is occurring and what can be done to manage it.
Do you “get” Millennials? Do you understand what they want? Read this executive briefing to learn about three important factors that shape their world.
The first factor is cultural. Despite numerous opportunities in blue-collar industries, few Millennials aspire to enter this segment of the job market. They pass up opportunities to learn a skilled trade and receive paid on-the-job training because they believe they need a college degree to be successful. So they’re going to four-year schools and graduating with burdensome debt. But even with their degrees, they struggle to find permanent employment or are under-employed at positions that don’t require a college education.
The second factor is social. Millennials have the lowest marriage rates of any previous generation. They don’t feel the pressure to earn a higher income to support a family. Many live at home with their parents to keep their expenses down, and a part-time job can pay enough to cover their modest needs.
The third factor is financial. Millennials are earning less than previous generations. According to the US Census, 1834 year olds are making $3,500 less now than they did in the year 2000, even though more of them are college educated!
Download this executive briefing to learn more about how to compete as an employer in this new world.