In 2016, Millennials became the largest generational group in the American workforce. As with every generation, their experience in the workforce and what they want out of their jobs is unique and will continue to evolve as they grow in their careers. For firms looking to attract Millennial talent, it’s important to understand current Millennial workforce trends. A new report by Paychex takes a deep dive into Millennial wages, geographic distribution, and industry preferences, analyzing their current status, growth rates, and what this all means for businesses trying to attract, retain, and grow talent in this increasingly important employee group.
Here is a snapshot of Millennials in the workforce, and, more specifically, in the Professional and Business Services industry, today:
- On average, Millennials make $21.80 hour ($5.79/hour less than the all-generation average), but Millennial wages are growing at a rate nearly double that of all generations (5.8 percent compared to 3.0 percent, respectively).
- Females employees make up 45.3 percent of the Millennial full-time employee population, compared to 54.7 percent for males.
- There is a higher percentage of full-time Millennial female employees in the Professional Business Services industry than full-time Millennial male employees, 39.7 percent and 38.6 percent, respectively.
- Aside from the Leisure and Hospitality industry, Professional and Business Services has the highest percentage of full-time Millennial employees (39.1 percent), 1.1 percent greater than the percentage of full-time Millennial employees nationally.
- Millennials in Professional and Business Services have the highest hourly earnings among industries ($26.05/hour), but have the lowest annual growth in wages, 5.3 percent.
Those facts can keep your firm competitive when it comes to potential salary requirements for Millennial candidates, but once you start the recruitment process, there are a few additional factors to consider. First, be proactive and effective in your recruitment effort. Millennials don’t like to drag out their job decisions. When conducting the interview, really listen to what the Millennial applicant is looking for in a workplace. While you don’t need to change your entire business model to adapt to Millennial employees, there are perks – flexible work hours, work from home/telecommuting options, casual dress days, etc. – that can make the difference to Millennial candidates in choosing a firm and remaining content and engaged there.
Once the employee is hired, offer meaningful work opportunities and foster connections. Millennials seek to be effective and impactful in their roles. As the job allows, let them work on projects that they are passionate about that also impact results. Along the same lines, provide Millennials with opportunities for development, whether a special project, exposure to other departments, or classes/training outside of the workplace. Ask them early on about their career aspirations, develop a plan to help them get there, and regularly monitor progress toward those milestones.
Each generation brings unique energy, ideas, and expectations to the workforce. A lack of understanding of the factors impacting a generational employee group can cause you to lose out on talented candidates.