Credit Unions may have problems holding on to talented millennial employees.
According to a new Gallup research, millennials are just not that into their employers.
Millennials are the least likely generation to be engaged at work. Only 29% are engaged, meaning they are involved in, enthusiastic about and committed to their work, according to the research.
However, millennials are also one of the least likely generations to be actively disengaged in their work. Gallup explained that a vast majority of millennial employees (55%) are not engaged, meaning they are neither engaged nor actively disengaged and feel indifferent about their work, without close ties to their jobs or companies.
Gallup’s data also suggested that millennial feel unattached to their coworkers as well.
Only 43% strongly agree they know what their coworkers are expected to do at work, which is significantly lower than the 57% of members of older generations who say the same.
What’s more, most millennials don’t identify with their company’s purpose. Only about one in three millennials strongly agree that the mission or purpose of their organization makes them feel their job is important.
So it’s no surprise that 21% of millennials have changed jobs within the past year, and 60% are open to different job opportunities. Nonetheless, 50% plan to continue working with their company one year from now, according to Gallup.
“For millennials, work must have meaning. They want to work for organizations with a mission and purpose,” Gallup CEO Jim Clifton, wrote in his organization’s new report, “How Millennials Want to Work and Live.” Back in the old days, baby boomers like me didn’t necessarily need meaning in our jobs. We just wanted a paycheck ― our mission and purpose were 100% our families and communities. For millennials, compensation is important and must be fair, but it’s no longer the driver. The emphasis for this generation has switched from paycheck to purpose ― and so must your culture.”
Millennials also want managers who can coach to help them build their careers and their strengths and not fix their weaknesses.
Clifton also said Gallup’s research found that millennials value ongoing conversations with their managers over annual reviews.
“The way millennials communicate ― texting, tweeting, Skype, et cetera ― is now real-time and continuous,” he wrote. “This dramatically affects the workplace because millennials are accustomed to constant communication and feedback. Annual reviews no longer work.”
