Each generation looks behind them and questions the characteristics and ways of the new group coming up. “These kids just don’t (fill in the blank).” It’s human nature. But it’s wiser to try to understand what makes people tick rather than complain about your differences with them. After all, complaining won’t change the reality that 75% of the workforce will be comprised of millennials by 2025. And as baby boomers retire, millennials, who now occupy around 20% of leadership roles, will take over more and more of these important positions.
There has been a belief—or perhaps a hope—that as millennials get older they will begin to show greater loyalty to their employers. But according to the 2018 Deloitte Millennial survey, the number of millennials who see themselves leaving their jobs within two years has grown from 38% to 43% over the last year. This pattern is even more pronounced among those in Gen Z, who are less likely to stay at a job for more than two years than millennials (61% to 43%). Millennials are swayed by good pay. A Gallop poll found that 50% of the group would change their jobs for a 20% increase in pay.
Millennials are increasingly concerned about the lack of ethics they see in the business culture. How a company treats its people and what type of citizen they are in the world registers with this group as much as profits. Millennials are also discouraged about how their parents’ generation has dealt with diversity. Based on the world they live in, millennials have a greater appreciation for different backgrounds, perspectives, and experiences. As a result of this, once they control the workforce they’re likely to enact more programs and incentives that push for inclusion for all.
Flexible Work Environment
The regimen of a 9-to-5 workday at an office, tethered to a desk, is not a millennial’s idea of a healthy work-life balance. Millennials prefer flexible work hours and they want the option to work remotely. This type of work arrangement caters to the desire millennials have not to be micromanaged and their preference for mentors rather than bosses. Most millennials own at least one mobile device and favor employers who advocate BYOD (bring your own device) policies. Currently 39% of companies have such a policy. While security issues need to be mitigated, there are economic advantages for companies in not needing to update employee devices.
Millennials want meaningful work that pays well and provides an opportunity for growth. Companies that can provide them with the right work conditions will get the most from this talented and technologically savvy generation. In the 2015 Deloitte Millennial survey, only 28% of millennials felt that their current employers fully utilized their skills. So clearly there is room for improvement.
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