It’s true. Millennials killed the paycheck. Gone are the days of working just for the piece of paper (or direct deposit) that our mothers and fathers labored over. Millennials just don’t care about the paycheck like generations before. If your strategy for recruitment and retention is salary based, you’re already losing the battle.
I’m a why person. You know, the type that has to see the purpose behind everything. I was a mediocre student in middle and high school because I often failed to see the long term purpose in subjects (boy I wish I would have). Once I found my passion and started to look at things from a higher view, I zoned in on school and saw the applicable purpose of most things.
Millennials, in general, are driven by purpose over everything else. The goal is to make a positive impact on the world. There are many theories on why this is the case. I’ve heard some state that it has to do with the world they grew up in (9/11 happened early in their lives), the fact that social media and the Internet has made it possible to make an impact in ways never before seen, and the “coddling” that created the “ME” Generation.
5 Reasons The Paycheck Is Dying
Since Millennials are now the largest single generation in the workforce, they have gain immense power. Over the next four years they will account for 50% of the entire workforce and by 2025 75% . I recently read that by 2020, 75% of leadership positions will be held by Millennials. You can see why it’s only a matter of time before Millennials rule the world.
Millennials replaced the paycheck with their purpose. They no longer chase huge salaries as motivation. Don’t get me wrong, Millennials as a whole love the ability to bring in the dough, but it’s not the sole factor in a career or no now.
Millennials will trade the high paying job for one that provides them development opportunities. If you’re not empowering, training, educating, and developing their skills, knowledge, and abilities, you are on the fast track of losing them. They would rather have diverse skills than a paycheck.
The term boss is so Gen X. Millennials want coaches, people who are invested in their outcome as a team not just the bottom line that benefits the manager. If your organization isn’t coaching new hires, you are on the short list for leaving.
Feedback ties into coaching and development, but it deserves its very own place. Annual performance reviews aren’t what Millennials have in mind for feedback, instead it is ongoing conversations that focuses on the good and the bad. Millennials want a place that makes them better but also encourages the good they’ve done.
Perhaps the most important reason that Millennials are killing the paycheck is life. Millennials aren’t the type that work to live or live to work, they live. Work is part of it, but it does not have the grip on them as previous generations. Since Millennials will stay at jobs shorter times than any previous generation, they are not afraid to find another place to work.
We only have one life to live. Maybe its time we learn from Millennials on what’s important. For the record, I’m not telling you to quit your job, I’m saying to find your purpose, grow, and live life.
It’s never to late to find your purpose, but why put it off?