The Millennial Takeover

Millennial TAKEOVER Millennials (twenty-somethings) are starting to have a major impact in the workplace. By the year 2020, they could make up nearly half of the workforce - even with many Baby Boomers delaying retirement. World Population by Generation Millennial Worldwide and in the U.S., Millennials are the largest generation yet - some 2.3 billion strong. (US. Census Bureau) Demographics Millennials are more ethnically- Builders diverse and better educated than previous generations. They are the first generation that doesn't need an authority figure Boomers Gen X (like a manager or teacher) to gain access to information. Millennials IWhite Next Gen I Hispanic I Black 2015 2020 2025 2030 2040 IAsian 1 Other Filling Boomer's Shoes Even though many Baby Boomers have delayed retirement, many are beginning to leave the workforce and are taking their knowledge and expertise with them - leaving a gap that can only be filled by Millennials. 2$ I> High School I High School I Some College 14+ yrs of College 2015 2025 I Single I Married I Divorced/ Separated 2030 -1 million $$$$ $$$$ $$$$ $$$$ $$$$ $$$$ Millennial Attrition Costs 2$ $$ $$ $$ $$ $$ $$ $$$ $$$ $$$ $$$ $$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$$ Replacement costs of Millennials due to turnover Millennials are more likely to job-hop than previous generations. Some estimates show turnover rates for Millennials at nearly 2 times that of older workers. For an organization with 1,000 employees, the additional cost of replacing Millennials is over $300,000 on average annually. These costs add up and can quickly grow to millions of dollars for larger organizations who don't improve employee retention 2$ $$ $$ among younger workers. Year 1 Year 2 Year 3 Year 4 Year 5 S- $so thousand Millennials at Work Younger employees have different expectations and opinions about their work. 3 out of 5 Millennials feel that they will switch jobs in less than 5 years 4 out of 5 Millennials want regular feedback from their boss 4 out of 5 Millennials think they deserve to be recognized more for their work 1 out of 4 Millennials say they are completely satisfied with their current job. Half of Millennials One-third of Millennials would rather have no job than have a job they hate prefer recognition from their boss or coworkers or a promotion over higher pay 9 out of 10 Millennials think they deserve their dream job 7 out of 10 Millennials say they need "me time" at work Sources: Red Tree Leadership, U.S. Census Bureau, Pew Research copyright © 2012 Red Tree Inc. Red Tree Leadership & Development 825 N 1420 E • Orem, Utah 84097 (800) 851-9311 • www.RedTreeLeadership.com Red tree MILLENNIALS @WORK Leadership & Development !! !! !! !!