Millennials, the Last Standing Heroes of the Workforce: A Comprehensive Literature Review on Synching Millennials’ Values With Organizational Culture to Boost Retention Rates

Abstract

This paper dives into millennials' role in the workplace, merging generational insights with foundational research. According to Mannheim’s theory, generational distinctions stem from upbringing, societal values, environmental circumstances, and key events. Works by Rescher and Viega underline the importance of value alignment, emphasizing its effect on job satisfaction, behavior, and productivity. Drucker's theory stresses the power of managerial authority on employee retention. As traditional management methods become outdated, emphasis on attraction, selection, turnover, and talent development becomes paramount. Recognizing what drives this key demographic is pivotal for talent retention. Millennials, labeled here as the Hero generation due to their vast numbers, demand recognition and alignment with their values for effective retention. Ignoring this can be financially disastrous for businesses. The insights offered in this paper offer a competitive edge for organizations aiming to harness and retain millennial talent in a dynamic business landscape.