For the first time since industrialization, companies are now faced with a larger generation exiting the workforce than entering. As the Baby Boomers retire, Generation X is not large enough to replace them and is followed by a large, less experienced cohort – the Millennials. This structural change to workforce itself has helped drive employee rewards and recognition to center stage, as CEO’s and senior leaders must strategize to retain as many top performing Boomers for as long as possible, while simultaneously “training up” Millennials at a much faster rate than previous generations. In this changing environment, it is easy to understand why over 90% of CEO’s said they either need to or are already changing their attraction and retention strategy.
Likewise, Millennials are looking for a much different employment contract, preferring entrepreneurism and much shorter-term thinking than in the past. They are looking for brands that are innovative and values driven; brands that carry those values through to multiple kinds of benefits and offerings.
Take-away for your business - be sure to consider your training and retention strategy, so that the know-how of older workers remains in your organization and Millennials are ready for the challenges presented to them. Ensure company values are succinctly stated and well-supported throughout the organization.