Studies show millennials are not only interested in progression and management opportunities, but growing within a business, adding value, and becoming much more than a number. Our SLC Economic Development Workforce Development Manager Jake Maxwell shares his experiences from the field. As always, we’d love to hear your feedback.
According to a recent CBRE study, millennials are projected to make up more than half the workforce in two years, and roughly 75 percent by 2025, employers looking to attract and retain top-notch talent need to better understand what motivates the generation born between 1980 and 2000.
We conducted an informal survey with Young Professionals Salt Lake City and some of his findings are pretty consistent with the report.
What do our young professionals want? Well, SLC DED asked the SLC Young professionals group and here is what we found! It may help to know 95% of the group have a Bachelors or Masters degree and most were working in their field of choice. The average age is 29 (OK, 28.75 for the ones who like specifics).
Young professionals are motivated by making an impact more than any other motivation in their ultimate career goals. Other popular motivations include flexibility in their work and schedule and of course, more money.
When asked about career ladder mobility and professional development, 65% stated they had a good career ladder to climb, but 42% felt their company invested in the professional development skills to get there. There seems to be a small gap between having next steps and investing in helping them achieve them. For the most part, companies are working on opportunity and the large vote was that if young professionals feel the investment, they are more likely to stay even if they feel the pay could be better where they are.
So in short, you might retain your younger people if you invest in skills with intent to promote high performers, support flexible schedules, and provide opportunities to help their community. Also, if you don’t have a career ladder, maybe look into a career jungle gym.