The millennial population is overtaking today’s workforce. About 38% of today’s professionals are millennials. A lot has been said about the Millennial or Generation Y workforce, but not all of them are true. Hence, there is a lot of misunderstanding around millennials and how to work best with them.
In Outsourcing Angel, many of our staff are Millennials, and we have learned a lot from working with them and how other companies can do so as well. Let’s run down five important facets of the Millennial workforce and how you can maximize the skills and talents found in your workplace.
#1. Work Culture Shift
Because values have changed, so has the culture. Nearly 6 in 10 millennials, for instance, place a large value on work-life balance and personal well-being. Thus, today’s workforce places high regard on flexible working hours and with having the option to telecommute. 44% of millennials say their ideal work arrangement would be a flexible schedule; 30% want to work remotely full time.
One challenge that many human resource departments have had with the Generation Y population is tenureship and loyalty. It’s been shown that Millennials can be highly dissatisfied with their employment – 49% would, if they had a choice, quit their current jobs in the next two years.
One thing we must understand about priorities is that they can differ through time. The things that professionals value immensely today are not necessarily what people in the past valued. For instance, 57% of surveyed millennials want to travel and see the world, while only 49% aspire to own a home. This is very contrary to their predecessors, the Baby Boomers, who were all about acquiring real estate as soon as possible.
The workplace values have changed as well. A majority of millennial job seekers report that opportunities to learn and grow are extremely important to them when applying for a job. Money is no longer the sole or even leading driving force to choosing employment.
#4. Purpose and Impact
Much of the dissatisfaction though comes with valid reason. Millennials are known to leave companies that do not connect with them at the “why” level or offer no social impact. Millennials have become a highly purpose-driven group, seeking significance and contribution thus making it a need to give them constant affirmation and reminding them of the company’s mission and vision. Only 55% of Millennials believe that businesses have a positive impact on society. The challenge for businesses now is to confront their intentions of operating.
It’s clear today that what Millennials really need from the past generations is not criticisms but constructive criticism, in other words, mentorship. Millennials seek coaches – not bosses. When considering a new job, 58% of millennials consider coming under a great boss an important factor. Millennials want to work for managers who support, teach, engage, challenge and help them grow.
Millennials – The Future of the Workplace
It’s no secret that Millennials are the future of the workplace. Many of them are now becoming managers, directors, and executives in their respective organizations. To learn how to work with Millennials and to set them up for success is crucial to building longevity in our companies. They will be the leaders of tomorrow and it’s best to start preparing them for tomorrow today.