An insight into the millennial workforce stances for the future.
The term ‘millennial,’ as you probably know, refers to the portion of the world’s population born between 1982-2004.
The group is quite specific since it was the one that got to grow up during the technological boom that came to shape their minds since the youngest age. People of this age are dynamic, witty, typically more creative than Gen X and Baby Boomers, and tend to be fairly trustworthy, career-driven employees.
What are some crucial things to know when it comes to their employability, work ethics, plans for the future, et cetera? What do the stats tell us about the global millennial workforce? Read on to find out.
The Millennial Takeover
The upcoming year marks an important milestone for the millennial generation. Namely, in 2017 – just a couple of years ago – the generation made up to 35% of the global workforce. Fast forward to 2020, it becomes the world’s leading employable generation, with more than 50% of the world’s employed population consisting of millennials. Some projections even suggest the share will be rising to 75% by 2030.
The Upsides Of Employing Millennials
This generation, even though fairly alienated from standard, eye-to-eye interaction, looks to build strong and trustworthy relationships within the work environment, especially with managers and administration. Through regular meetings they have with their managers, up to 44% of them revealed to feel much more engaged – they just need a push in the right direction.
They normally won’t object to working remotely. In fact, 75% of them would prefer it. They will be grateful to be granted independence and flexibility. On the other hand, employers would be able to save up on many things that come with having a larger working collective, such as commuting costs, office supplies, utilities, et cetera.
They also put in more hours than everyone else, with over 16% working 51 or more hours each week. Since this generation is career and money-driven, they are more likely to take extra hours when needed; of course, in exchange for some good coin. This asset is considered to help employers overlook some shortages in other aspects of work, especially when it comes to their impatience and lack of engagement.
Most of this generation is troubled by low income – much lower than any other generation. As much as they look to prosper and pursue a lot in their careers, a lot of their goals are driven by money, so they will likely be more loyal to you if you offer a fair salary. Once you do this, there are fewer chances of them getting a side job, and thus they will be able to be much more involved and invested with your company.
Do not fight to give them promotions and raises if you reckon they are worth it. As we established previously, they do not only work for money but the pursuit of success as well. With this, you are more likely to avoid a good employee quitting and having to invest more in HR.
Another thing to keep in mind is that millennials are practical and utilize electronics to the max. Since 41% of them prefer communicating through tech conveniences, this can facilitate the day-to-day business, and you might even learn something new from them. Millennials know a lot about making work easier with technology.
What to Be Cautious About Once You Employ a Millennial
Depending on what you offer as an employer, there is a 50% chance you will be able to keep a good millennial worker. This generation’s individuals, as loyal as they can be, have no trouble jumping jobs and taking opportunities, with a good 21% of them changing their job. Statistically, about 50% of them will look to keep their current jobs, while other generations’ workers are about 10% more loyal.
As far as their engagement during their work hours goes, it is not that great – just over 55% of them feel mostly unengaged, some 29% feel fully engaged, and the rest are neutral. Even though they thrive on quality work relationships, if millennials do not establish them, it is going to be much harder to engage them.
According to employers and economic analysts, the above-mentioned lack of motivation, job-hopping, and overall disengagement are some of the most economically damaging and time-consuming habits of millennials. In numbers, the economy of the United States loses $30.5 billion each year because of this.
How Millennials Perceive the Future in Terms of Work
With the common motto ‘Chase your dreams’ they hear since early childhood, millennials managed to develop a fairly positive outlook on their future in terms of career and wealth. For instance, up to 80% of American millennials show high optimism, confidence, and euphoria about their future.
Still, most of them hope that their employees will eventually provide newer, more appropriate technology for them. Being used to adequate, fast gadgets, eventual inconveniences by dated technology are something they look forward to changing in the future.
Overall, it is important never to jump to conclusions and to remember that each person is different and can bring diverse things to the table. Statistics are important for seeing a larger picture and should be considered overall. However, there are many layers to uncover when finally deciding what you can get by working with millennial employees. As an employer, you have most certainly developed a habit of going with your gut, and that is truly the way to go.
Andriana Moskovska is an expert in creating relevant and engaging content. She started as a tech blogger & contributor to various sites, and now a content curator and community manager. Her mission is simple: to connect small business owners with the best tools and resources to help them thrive. During her free time, she continues her hunt for the next best taco and margarita.