Millennials matter. By 2020, they’ll represent the largest segment of the global workforce. They’re set apart not just for their use of technology, but for deeply held views on how they like to work and what they expect from potential employers. And companies are taking note as they seek, and often struggle, to successfully attract, development and retain top young talent.
So what do millennials want most from potential employers? According to a comprehensive study on the topic by PwC, the answer is clear: personal development.
Money certainly isn’t everything, with 65% of respondents citing Personal Development as the most important factor influencing their decision to accept a position. This is more than 300% greater than the Rate of Pay/Starting Salary and 80% higher than the reputation of the organization. You can read the full PwC “Millenials at Work” report here.
PwC: Millennials at Work Survey, 2014.
And it’s no wonder that millennials are looking towards their employers for training. According to a recently study by EdAssist and Bright Horizons, 72% of millennials feel that their schooling did not effectively prepare them for the workforce (only 20% of 18-23 year-olds feel confident that the formal education they received has prepared them for their job). On top of this, only 26% feel that their employers are actually invested in their professional development.
So, with millennials citing professional development as their top criteria in choosing where to work, but ultimately feeling that their employers are failing on properly investing in it, a clear disconnect and opportunity exists. For companies looking to attract and retain top young talent, it’s never been more important to build a culture that supports the full breadth of an individuals’ learning goals.