Now, in 2015, we are finally pulling out of the depths of the Great Recession. Younger generations are finding more job opportunities out of college, as there’s an influx in available positions as companies bounce back. However, this means that the older generation of millennials in the workplace is getting the brunt of the Great Recession, and they are now rushing to play catch-up to younger millennials who are finding more opportunities in their chosen career.
According to Bloomberg:
- Millennials are expected to surpass Baby Boomers in 2015, with 75.3 million people compared to 74.9
- The employment rate for 25- to 34-year-olds hit 76.6% this year, marking the highest rate since December 2008
- The share of 25- to 34-year-olds employed or looking for work is 81.4%
Older millennials during the Great Recession were forced to take jobs strictly for the paycheck, dubbed “survival jobs.” Now that they are able to move into positions within their career path, they’re at a disadvantage to both younger millennials and older generations in terms of experience. This is a problem companies can and should help with, especially because it can cause job hopping among this age group. Specifically, there are three vital ways to help older millennials advance in their career path and stick around in their job.
Offer Education Without the Debt
Vouchers or subsidies for employee education can bolster an older millennial's attractiveness for higher-responsibility — and higher-paying — jobs within your company. Help these employees advance, with the added incentive to advance within your company, by making it easier to further education in their career field. And because student debt crippled older millennials as they were forced into survival jobs post-college, you can help ease the burden by taking on some of the cost of classes that can directly impact their career within your organization.
Use the Buddy System
Millennials aren’t all about the money. According to Millennial Branding, 53% of this generation’s workers said mentorship relationships would “help them become better and more productive members of the company.” Putting an emphasis on matching your older millennial workforce with mentors that can help them grow and escalate their careers would not only help them advance, but it would make them more satisfied with your office environment.
Open Up Exciting Job Opportunities
Sometimes the best education for your career is real-world experience. Specifically, millennials have increasingly valued opportunities to work abroad. In a Virtuali study, 80% of millennials would be highly engaged by a working opportunity overseas, and 81% said it would make them want to remain at their company. In order to engage these workers and help them move forward in their careers — if you have the means as a global company — invest in exciting job opportunities for these workers.
It’s a win-win for your company and your workers to engage older millennial employees, helping them play catch-up from the Great Recession.