HR & millennials: Insights into your new human capital
Millenials, specifically workers who were born between 1980 and 1995, are probably one of the most discussed and debated age groups. They are often said to be disloyal, highly self-interested, and, by some, even lazy. Yet, are these characterizations accurate, and should employers care? Ontario’s economy is changing at a rapid pace and is dramatically different than it was even a few short years ago. In today’s highly competitive global marketplace, talent is mobile and competition for workers between jurisdictions, as well as organizations, is fierce. A recent world-wide survey of CEOs by Price Waterhouse Cooper (PwC) highlighted that retention of Millennials is one of their largest issues. 1 Millennial workers are the future of all Canadian businesses. Today, Millennials represent the largest age cohort in the Canadian workplace 2, and are steadily moving past entry-level jobs, and into leadership roles. Studies in the United States show that Millennials are now the largest living generation, larger than even the Baby Boomers3, and that trend continues in Canada. According to Statistics Canada projections compiled by Environics Analytics, the Canadian Millennial population will grow past 11 million people, while the next largest generation, Baby Boomers, continues to decline.4 It is therefore critical for the human resource industry to understand Millennials – what defines them, how to attract them, retain them, and integrate them into our organizations. With this goal in mind the Human Resources Professionals Association (HRPA) has undertaken to help its Members understand the Millennial generation by exploring what Millennials look for from their employers and how they can be better transitioned into a new workplace. The recommendations made in this report are based on a literature review of primarily quantitative studies conducted on these issues, as well as a survey of 1,026 HRPA Members, which was conducted online from September 14, 2016 to September 28, 2016.