By the year 2025, Millennials will comprise 44 percent of the U.S. workforce, per the Deloitte Millennial Survey 2016. Employers should expect to see a rising tide of turnover as a result, as two-thirds of these young employees expect they'll leave their organizations by 2020. "Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces," say Deloitte's researchers. (Download an executive summary here.)
M&C's own research reveals some of the same truths for Millennials in the meetings industry. Of the young planners we surveyed (born between 1982 and 2004), just 26 percent expect to stay with their current employer for five years or more, and only 39 percent intend to remain in the meetings/hospitality industry indefinitely. Another 45 percent believe they'll be in this business "for a while."
Our research also shows that despite the many stereotypes about this generation, they have a lot in common with the rest of us. The most important factors determining job satisfaction among planners of all ages are largely the same, with the top priority being a good salary and benefits. Find the full survey results, plus lots of interesting comments, at here.
This month's cover story celebrates the bright, enthusiastic and creative young professionals who already are making their mark on our industry. I hope you enjoy the impressive profiles of these rising stars.
Who did we miss? Please take a minute to tell us in the story's comments field about the fantastic young professionals you've had the pleasure of working with.