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One of the major challenges facing businesses today is the retention of Millennials. While employers have offered many "carrots", there are also many employer-driven practices and industry norms that must be examined in light of Millennials' poor retention rates. This study combines research findings on Millennials' work attitudes, values, personality traits, and behavior with corporate offerings, workplace policies, and employer practices to determine Millennials' job satisfaction. Findings reveal moderate positive effects of pay, paid leave, flex time, and co-worker support; highly significant positive effect of small establishment size; and highly significant negative effects of both extreme hours and irregular schedules worked, as well as union coverage.
INTRODUCTION
One of the major challenges facing businesses today is the retention of their newest recruits, the Millennials. Despite their compensation packages and workplace policies offerings, low retention rates of these newest employees translate into low rates of return on these corporate efforts. As much as employers wish to retain Millennials, however, some of their businesses practices and industry standards must also be critically examined. While employers have offered many "carrots", there are also many employer-driven practices and industry norms that must be examined in light of Millennials' poor retention rates. This study combines what research informs us about Millennials' work attitudes, values, personality traits, and behavior with the availability of various corporate offerings, workplace policies, and employer practices to determine Millennials' reactions to these, as measured by their job satisfaction.
A model of employee job satisfaction utilizing a 2007 sample of 1,400 twenty five year old Millennial employees from the National Longitudinal Survey of Youth 97 is tested (BLS, 2007). The model forms the basis for the following research question: How do Millennials react to various corporate offerings, workplace policies, and employer practices in light of their youth and in light of their membership in the youngest workforce generation, the Millennials? Knowing more about Millennials' reactions could potentially assist employers in both their recruitment and retention efforts.
BACKGROUND
Why Job Satisfaction? The Evidence
Too often employers who believe they have successfully recruited find, shortly down the road, that they have "lost" their employees - they have either quit or have disengaged. Millennials age 24-34 are retained on average less than three years (BLS, 2013). Lost productivity, rising...