Another reason the human resource management field has been growing in recent decades can be attributed to the emergence of a new generation of workers. The baby boomer generation was known for being hard-working and loyal. Many baby boomers would stick with the same company for their entire career and valued compensation and prestige in the workplace. Their workplace demands were limited and they embraced long work weeks.
Now, the baby boomers are retiring and a new wave of personalities have emerged as the face of today’s workforce. This new Millennial population has a different set of values when it comes to the workplace and are much more likely than their predecessors to move on to a different employer if their needs are not met. The Millennial group values diversity, work-life balance, and meaningful work. This change in attitude creates new challenges for an organization looking to retain employees and reduce turnover. Comapnies will need to be more strategic in their planning and create programs that meet the expectations of the Millennial worker. Companies that fail to meet these expectations may see a hit to their bottom line as the costs for acquiring new employees begins to add up.