Millennials in the Workplace

08.04.17

Millennials are now the largest generation in the workforce. Born between 1981 and 1997, the oldest Millennials have moved into the
management ranks and are leading multigenerational teams that include Boomers, Gen Xers, other Millennials, and the first of
Gen Z. Notorious ‘job hoppers’ who see nothing wrong with making a switch in less than two years, Millennials have very specific ideas
about what they expect from employment. We conducted job market research to identify what makes this generation tick, as their
preferences will shape the future of work.

Of the generations working, Millennials are the least truly engaged at work (47%). To better engage them, Millennials reported that
– after salary – companies should focus on keeping the projects interesting and career paths clearly articulated. Millennials are a
generation of experience seekers – keep work meaningful, memorable and motivating.

CAREER DEVELOPMENT & ADVANCEMENT
Millennials are now the largest generation in the workforce. Born between 1981 and 1997, the oldest Millennials have moved into the
management ranks and are leading multigenerational teams that include Boomers, Gen Xers, other Millennials, and the first of
Gen Z. Notorious ‘job hoppers’ who see nothing wrong with making a switch in less than two years, Millennials have very specific ideas
about what they expect from employment. We conducted job market research to identify what makes this generation tick, as their
preferences will shape the future of work.

Millennials are keen to keep growing professionally both in the workplace and beyond (with an eye to their career future).
In fact, almost 8 out of 10 Millennials want help with higher education tuition -- it’s perennially one of the most preferred benefits
that a company could offer. When it comes to on-the-job development, Millennials are most interested in formal mentoring and
seek out employers who demonstrate a commitment to their growth and advancement. How serious are they about it?
Millennials are more likely to opt for a faster track in advancing their career than a higher salary when accepting a job offer.

COMPANY CULTURE

When evaluating whether a company’s culture is one they want to be part of, our research finds that older employees generally look
at how the business is run. Millennials on the other hand indicate that that’s the least of their culture concerns, putting a higher value
than older workers on transparency, the company’s attitude toward compensation, and its commitment to employee professional
development. The individual they directly work for factors significantly into Millennials‘ assessment of culture.
As such, companies looking to attract and hold onto Millennials need to invest in training of managers, who will serve as important
cultural ambassadors and the first line of defense when it comes to retaining them. Across generations, work/life balance is a critical
element of company culture. For Millennials, established policies that support flexible schedules and remote work are the
hallmarks of an ideal employer. While the physical work environment falls to the bottom of the Millennials’ culture aspects list,
Millennials prefer open workspaces that foster communication and collaboration. This preference might be attributed to the fact
that this generation is more likely to see the workplace as an extension of their social scene than older workers.

COMPENSATION AND BENEFITS

The student-debt generation, Millennials put a high value on compensation. Salary influences their attitudes about making a job move, feeling engaged at work, and experiencing stress on the job – just to name a few. However, an employer not able to meet Millennial salary expectations might be able to win them over with more paid time off, a plan in place to get to the target salary, more flexible schedules, faster track in advancing their career, or better perks. Ever focused on professional improvement, tuition reimbursement and/or paid continuing education tops the list of traditional benefits that Millennials want. Perhaps because youthful good health is on their side, medical insurance falls to the bottom of the list. When it comes to soft benefits, the Millennial top five are on site exercise/athletic facilities, subsidized entertainment perks discounted/hard-to get tickets et. al.), international travel, unlimited time off and paid birthdays off. Number six on the list is a perk all generations agreed on – summer hours/comp days. Rounding out the Gen Y list of coveted perks and benefits are green incentives, free meals and in-office services that help with life tasks like dry cleaning and grocery shopping.


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