Millennials Are Driving Me Crazy
Well, that's what I hear from too many hiring managers and recruiters when I speak with them by phone, trade emails, and at recruiting conferences. The hiring managers tend to fall into two groups:
- Those who are frustrated by Millennials who accept a job offer but then quit within months to take a position that offers a bit more pay from an employer across the street.
- Those who are frustrated by Millennials who won't accept a job offer because the pay isn't enough even though the opportunity is otherwise perfect for them.
What's behind all of this? Massive student loan debt. The cost of college education has spiraled so far out of control that this generation is faced with a necessity to make good money, where previous generations preferred it but didn't need it. The job-hopping that Gen Y has been accused of doing is directly attributable to the irreconcilable differences between their needs and their wants. They need to make lots of money through their internships and entry level jobs upon graduation in order to pay off their student loans. But they want flexible time, lots of time off and lots of vacation time -- all those things that prohibit an employer from paying a lot of money.
So what's the solution for both types of employers? There's no silver bullet but I recommend offering Millennial candidates a base salary plus bonuses as that combination can help bridge the needs/wants gulf and incent these talented younger workers. The reliability of the base salary should allow the Millennial worker to cover their basic needs such as shelter, food, and debt service. The opportunity to earn performance-related bonuses should provide ambitious workers with a results-focused way to get what they want and on their own schedule.
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