Understanding Millennials and the Work Force
Baby boomers, Gen X, Gen Y….Millennials. The modern workplace is shifting and it is no secret that Millennials are leading the change.
In 2015, Millennials surpassed Gen Xers as the largest generation in the US workforce. By 2020, Millennials will form 50% of the global workforce which has captured the attention of many employers.
It isn’t just the numbers, however, that has captured employers’ attention, it is Millennials’ values and expectations that have set them apart from the preceding generations.
PWC has been studying the Millennials in the workforce since 2008 and their studies have shed light on what drives Millennials. Below are some key takeaways from their studies.
Millennials value work life balance over financial reward. When they consider a new position they don’t ignore the financial compensation, but it is not the first thing that they look at. In fact, both personal development opportunities and flexible working hours ranked higher than cash bonuses as the preferred benefit.
Millennials value mentorship. Though Millennials tend to be very driven to follow their own path, they identified that working with a strong coach and mentor was the most valued form of development. Millennials are very comfortable with seeking knowledge through technology, but that has not replaced their desire for collaborative learning.
Millennials expect employment changes. As they enter the workforce, 54% of Millennials already expect that they will have 2-5 employers in their lifetime. In fact, 38 % of those in the workforce are actively looking for a different role and 43% stated that they are open to offers.
Millennials expect quick advancement. The majority of Millennials stated that advancement opportunities are the main attraction in a prospective employer. Though they place this higher than competitive salaries, if they do not advance quickly they are open to searching for new opportunities.
If you are looking for ways to apply these insights to your recruiting and retention strategies as more Millennials enter your workforce, contact The Overture Group today.