Use react-select with Formik

example.tsx

const options = [
  { value: 'foo', label: 'Foo' },
  { value: 'bar', label: 'Bar' },
]

return <Field name={'example'} component={SelectField} options={options} />

SelectField.tsx

import { FieldProps } from 'formik'
import React from 'react'
import Select, { Option, ReactSelectProps } from 'react-select'

export const SelectField: React.SFC<ReactSelectProps & FieldProps> = ({
  options,
  field,
  form,
}) => (
  <Select
    options={options}
    name={field.name}
    value={options ? options.find(option => option.value === field.value) : ''}
    onChange={(option: Option) => form.setFieldValue(field.name, option.value)}
    onBlur={field.onBlur}
  />
)

React select (single select) that uses more of the formik hooks to reduce props passing and keep everything as simple as possible. Must be under the <Formik>/<Form> code to ensure hooks all work properly.

import React from 'react';
import Select, { Options } from 'react-select';
import { useField } from 'formik';

type Props = {
  selectOptions: Options[],
  formikFieldName: string,
  placeholder?: string,
};

/**
 * React Select but hooked into Formik
 * @returns {JSX.Element}
 * @constructor
 */
const FormikSelect = ({
  selectOptions,
  formikFieldName,
  placeholder,
}: Props) => {
  // eslint-disable-next-line no-unused-vars
  const [field, _, helpers] = useField(formikFieldName);
  const { setValue } = helpers;

  return (
    <Select
      defaultValue={selectOptions.find(
        (option) => option.value === field.value
      )}
      options={selectOptions}
      placeholder={placeholder}
      onBlur={field.onBlur}
      onChange={(option) => setValue(option.value)}
    />
  );
};

FormikSelect.defaultProps = {
  placeholder: '',
};

export default FormikSelect;

Example usage

        <FormikSelect
          selectOptions={[
            { value: 'foo', label: 'Foo' },
            { value: 'bar', label: 'Bar' },
          ]}
          formikFieldName="formikInitVals.shippingMethods"
          placeholder="Shipping Methods"
        />

Versions

formik: 2.4
react: 18.2

@alexluongfm with your versions still gives Generic type 'Options' requires 1 type argument(s). error on line 6

"react-select": "^5.7.4",

My Solution for react-select@^5.7.4:

export default function MultipleSelect({ fieldName, placeholder, ...props }) {
  const [field, meta, { setValue }] = useField(fieldName);
  const options = props.children.map((option) => ({
    value: option.props.value,
    label: option.props.children,
  }));

  const onChange = (selectedOptions: MultiValue<any>) => {
    setValue(selectedOptions);
  }

  return (<>
    <Select
      isMulti={true}
      defaultValue={options.find((option) => option.value === field.value)}
      placeholder={placeholder}
      onChange={onChange}
      options={options}
      onBlur={field.onBlur}
    />
  </>);
}

Form of select should be wrapped with <Formik></Formik>

I just did this...
onValueChange={(val) => formik.setFieldValue('timezone', val)}