As we in the insurance industry consider how to recruit and keep members of the Millennial generation, there’s one key thing to remember: They could just as easily be called the “entrepreneurial generation.” More than one-third of Millennials in a recent survey have worked for a startup company. And about 30 percent of these young adults have already started some kind of business (compared with 19 percent for baby boomers and 22 percent for members of Generation X).
According to the same survey, 61 percent of Millennials believe that the best job security comes from owning your own business rather than being employed by others, compared with 36 percent of Baby Boomers surveyed and 40 percent of members of Generation X. Furthermore, 59 percent of Millennials say with the right idea and resources, they would start a business in the next year.
The results are intriguing, especially given the fact that Millennials make up more than a third of the U.S. workforce and are projected to comprise half of the U.S. workforce by 2020. Not all Millennials who want to start their own businesses will do so, of course. But they certainly will be motivated to do so if their employers do not meet their needs.
More so than other generations, research shows that Millennials don’t necessarily need to start their own businesses, but they do want to work in an entrepreneurial atmosphere. They want to feel as if they are valued members of the companies they work for, that they have a voice in important business issues and that they have a degree of flexibility in how and where they do their work. Research shows that many Millennials are extremely loyal to employers who provide them with fulfilling and enjoyable work and pay attention to their personal needs. What does all this mean? Finding out what makes your company’s Millennial workers happy will be an increasingly important way in the coming years to keep your best and brightest.