Financial Management
Millennials in the workforce reached 53.5 million in the first quarter of the year, surpassing Generation X as the biggest age group in the U.S. workplace. Millennials — ages 18 to 34 in 2015 — now comprise more than one-third of all employees, according to an analysis of U.S. Census Bureau data by Pew Research Center, an independent think tank.
There’s good news and bad news about this fact. The bad news is that most Millennials ranked pay as the most important factor in accepting a job, according to a 2014 study by Business Insider and News to Live By, a site highlighting career lessons, and most nonprofits can’t compete with for-profits in the salary arena.
The good news is that knowing an organization was involved in “cause work,” or programs that help people and communities, influenced job decisions for more than half of the Millennials surveyed in the 2014 Millennial Impact Report. Additionally, this age group aspires to succeed both at work and at home; for example, nearly 20% of fathers who responded said an ideal career would provide time off to be with their children, according to another study of Millennials by Bentley University.
What’s the message here? Your nonprofit may be able to draw Millennials to the workplace through your mission and by offering flexible paths and time frames for advancement. One example: Let parents work less hours while their children are young, yet remain eligible for promotions.