Millennials in the US industry
It has recently been announced that 74 percent of employers plan to hire recent college graduates this year, a steady increase from last year’s CareerBuilder survey, with plans for increased starting salaries to attract millennials within a range of industries.
So, how can millennials help impact and shape your business positively? We take a look at how the largest sector within the employee market can help support business growth and drive new ideas and skills into the business.
Rosemary Haefner, chief human resources officer for CareerBuilder said, "Competition for soon-to-be college grads is escalating to a degree we haven't seen in the last 10 years. "In the current environment, where job unemployment continues to decrease and there's continued competition for sought-after skills, employers are especially attracted to college graduates, and the fresh perspective and skills they can bring to the workforce."
Expectations of employers
With the rise of technologies amongst societal and political change, millennials have gained a different set of priorities, as they are increasingly connected through phones, apps and various devices, adapting their ways of working and overall outlook within the workforce. Such increased awareness has not gone unnoticed by employers, who seek to benefit from workers with an advanced set of technological skills, and an ambition to rise up the career ladder and compete for roles which provide a sense of value, personal challenge and job satisfaction.
However, the recent survey has stated that employers are concerned as to whether college graduates have been prepared for roles within organisations due to some of the following factors:
- Too much emphasis on book learning instead of real-world learning: 44 percent
- I need workers with a blend of technical skills and those skills gained from liberal arts: 38 percent
- Entry-level roles within my organization are more complex today: 23 percent
- Not enough students are graduating with the degrees my company needs: 12 percent
Such industries popular for employees are based around STEM subjects, alongside business and information technology, highlighting the change in the employee sphere.
Expectations of millennials
With less money to spend amongst increased debt, millennials increasingly feel employers want more for less in the employee market. However, this year graduates will be able to gain an increased salary, with many starting at $50,000, with 23 percent under $30,000, and many will receive offers before they graduate to secure full time roles and financial stability.
However, unlike baby boomer generations, millennials are increasingly aiming for the American dream, with owning a home and having no financial debt, yet want to travel and see the world, with larger ambitions then previous generations
With an increased focus on financial help and education, millennials are taking less risks in the employee market, and rising house prices see many millennials staying at home due to rising rental costs. Paul Appleton, Executive Vice President, Consumer Payments & Product, Bank of the West said, "Millennials want the choice and flexibility to make their own decisions — whether it is to build a new life in a foreign country, navigate a career change to pursue their passions, or buy a home and raise a family.”
However, financial planning will have to come into play for millennials if they are to achieve these goals, and to think long term in placing investments which will provide significant returns.