12 Top Millennial Motivators

As Gen Z come of workforce age, Millennials are increasingly in charge and shifting to more maturity, responsibility and leadership 

Born between 1981-2000, the oldest Millennials are 38 this year, taking their place among rank and file leaders. By 2025 they will make up 75 per cent of the Australian workforce. They are called Millennials, Gen Y, Generation Flux, Generation Next, along with, less kindly, Blame Generation, Entitled Generation and Avocado Toast Generation.

A report by Kronos Australia identifies their top 12 characteristics:

1. Millennials are on the rise. By 2020, they will make up half of the Australian workforce, further to 75% in 2025. 
2. Millennials are well educated. Research suggests over half (54%) of Millennials have university degrees compared to 40% of Generation X and 26% of Baby Boomers.
3. Millennials swap jobs twice as quickly. Their hiring half-life - the time they spent in their last few roles - averages 3.4 years, compared to 7.3 years for Baby Boomers and 5.8 years for Generation X colleagues.
4. More Millennials average less than two years in a role, a significate minority of Millennials (15%) compared to just 6% of Generation X and 1% of Baby Boomers.
5. Most Millennials swap strategically. Two thirds of Millennials say that they’ll stay at an employer as long as they are acquiring the skills and training, compared to a third of Generation X and 27% of Baby Boomers.
6. Millennials mobilise when their passion or performance passes its peak. 60% of Millennials had left a position within a year of feeling they were no longer giving their best, of which 32% left within three months.
7. Millennials are motivated more by money than their older colleagues. 61% of Millennials have pay in their top three reasons to stay energised and deliver their best. 
8. Millennials stay in a job as long as they are paid well: the attitude of 84% of Millennials compared to 75% of Generation X and 69% of Baby Boomers.
9. Millennials will stay for better pay or promotion - but only for a limited time. More money will increase their service by a factor of 18 months, while promotion extends their work cycle by 19 months.
10. Millennial loyalty - however bought - often expires early. No incentive, from training to formalised mentorship, delivers more than 19 months from a Millennial, compared to 26 more months from Baby Boomers.
11. Millennials may make their moves more quickly, but they appear more open to managerial discussion.
    
    When presented with a list of incentives, only 19% said there was nothing an employer could have done to prevent their departure.
12. Millennials respond more positively to personalised plans. Two thirds (65%) of Millennials say they’d have stayed longer if management had shown interest in them as an individual, or simply asked what they needed to keep them there.

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