3 Remarkable Statistics about the Millennial Workforce
Oracle HCM Helps Your Business Acquire Better Talent
The U.S. Bureau of Labor predicted that by 2015, millennials or a young workforce would be a major part of the workforce and by 2030, the tech-savvy and hyper-connected workforce would be 75% of the total workforce. In a world that’s constantly changing, tactics that worked for the retiring workforce do not work on the millennials.
While businesses and companies might not be adequately prepared for the young workforce, their presence can neither be avoided nor ignored. We discuss 3 remarkable statistics you should know about your millennial workers and how to engage and retain them.
Millennials are hunting for jobs online
The young generation is comfortable with the latest technology and more so, mobile phones. They do not mind using sites with constant updates and those that demand extensive research. Due to their reliance on the internet and the need to feel that they are part of something bigger, they use avenues such as social media and LinkedIn to find jobs, as such provide social as well as communal ties.
This implies that organizations need to focus on making their social media channels engaging and advertise for vacant positions therein. However, have clear descriptions of the role you are advertising for.
Millennials aren’t comfortable with hierarchies
While a young workforce could accept and even put up with hierarchies that were typical of organizations in times past, they are more comfortable with collaborative and flat management systems. The younger workforce is not in need of a manager. Rather, they need a mentor or a coach who’s ready to help them grow and learn. This will help them understand their role and unlock their willingness to learn even from their mistakes. This explains the high use of software such as Oracle Fusion HCM in the human resource departments.
Millennials aren’t scared of changing jobs
According to a study carried out by the Education Advisory Board, millennials could change jobs 20 times during their career. This demands that companies employ tactics that will stem staff turnover. As they are tech-savvy, companies need to employ the latest technologies such as the use of BI tools to retain them.
Although these are some of the traits expected from a young workforce, it is important to remember that individuals differ from each other. Therefore, seek to understand your employees at an individual level. This can be accomplished through face time, employees’ surveys, walks around the office, and automated report migration on their performance and workplace behavior. If you’re looking for a more robust system for HCM reporting and tracking click here to learn more about DataTerrain and our BI tools.