Millennials, the largest generation currently in the workforce, place a high value on having a sense of purpose in their work. Just as purpose can bring them great satisfaction, the lack of purpose can drive them to look for new jobs. Organizations that make an effort to give their younger workers a sense of purpose experience higher retention, pride, and endorsement with this cohort.  

For Millennials (and their younger Generation Z colleagues), purpose affects how they see their future. They’re willing to walk away from jobs that lack meaning. When Millennials believe their work has purpose—that it’s more than “just a job”—they are three times more likely to stay. Organizations are not meeting this need as much as they should, though: recent survey research by Great Place to Work found that only 79 percent of Millennials believe that their work has meaning (compared to 90 percent of Baby Boomers).¹  

Millennials aren’t unique in wanting meaning in their work. Purpose is a key driver for all generations in the workplace. That said, Millennials and Generation Z are less likely to stay at their jobs than Baby Boomers and Generation X. Even at great workplaces, only 81 percent of Millennials and 77 percent of Generation Z say they intend to work at their jobs for a long time (compared to 90 percent of Baby Boomers). At an average U.S. workplace, only 52 percent of employees (regardless of generation) plan to stay. 

Although purpose might be the biggest gap in employee experience for younger workers, it’s not the only area that needs work. Giving workers a sense of purpose is good, but organizations should also take steps to address Millennials’ concerns and interests in four other key areas identified in research by Great Place to Work: 

Profit sharing. More than any other generation, Millennials feel that they do not receive a fair share of profits, ranking 8 percentage points lower than Baby Boomers and 7 points lower than Generation X on this issue. (Profit sharing is the lowest of all measures of the overall workplace experience for Millennials.) 

Fair pay. Many Millennials feel they are not paid fairly, with this generation ranking 8 percentage points lower than Baby Boomers on this issue. Millennials and Generation Z are tied, with 71 percent of both generations saying they receive fair pay. (Fair pay is the second lowest of all measures of Millennials’ workplace experience.)  

Clear expectations. More than any other generation, Millennials lack clarity around expectations. For organizations that want to outperform their competitors and experience strong business outcomes, clarity isn’t a “nice to have” but a “must have.” One study found that companies whose employees experienced purpose at work and believed their leaders set clear direction and expectations outperformed the stock market by 6.9 percent.² 

Work–life balance. Looking across generations, Millennials trail Baby Boomers by 6 percentage points (at 79 percent) in work–life balance and by 5 percentage points (also at 79 percent) in feeling that their workplaces are psychologically and emotionally healthy.  

Millennials will continue to make up a significant portion of the workforce for the foreseeable future. In order to benefit from this generation’s contributions, organizations need to provide Millennials with the workplaces they want.