Millennial Motivation Issues Related to Compensation and Benefits: Suggestions for Improved Retention

Millennials are currently the largest generation at work and will reach an estimated 75% of the labor force by 2025. Studies have shown that millennials hold slightly different attitudes toward work when compared with previous generations. They more readily change jobs and are generally less committed to their organizations, with an estimated 66% of millennial employees planning to leave their current company within 5 years. These differences in work values necessitate changes in current approaches to compensation and benefit packages that would better align with these changing values. The goal of this article is to review recent empirical data on Millennials as compared with previous generations and then offer suggestions for what changes might improve retention.