Last week we discussed that millennials desire to work-life balance, flexible work schedules, and constant feedback and praise. However, that’s not all. Note the following to understand all of the needs millennials have in the workplace:
Millennials crave change. That can mean everything from changing the office layout to creating new opportunities for social interaction. Research shows that members of the millennial generation tend to change jobs three times more often than their elders, sticking with the same employer for no longer than three years on average (Bureau of Labor Statistics 2013). The millennial generation desires new jobs and new assignments every 12-24 months and usually refuses to wait 3-5 years for a promotion (Deloitte 2009). This change in mentality is partly due to the fact that millennials believe promotions should be based on performance and not tenure. It also has to do with the advancement of technology. Millennials are able to gather information at a speed that did not exist prior to their generation. As a result, millennials tend to be more impatient than previous generations.
A study conducted by Deloitte concludes this impatience is most likely a result of the economic pressures to flatten organizations. Considering promotions for millennials are not always available within the timeframe millennials desire, Deloitte believes organizations must build “corporate lattices” rather than corporate ladders for millennials. One way organizations are offering more opportunity for change is by allowing lateral moves within the workplace. Millennials view lateral moves similarly to promotions. This is because, as discussed earlier, millennials highly value skills that will make them more marketable in future positions.
The millennial generation is opportunity-driven, seeking new chances for career enhancement over greater salary or a more secure job. When asked what influenced millennials’ decision to join their current employer, 63.5 percent of millennials cited “opportunities for growth and development,” while just 49.8 percent cited “salary and benefits.” (Deloitte 2009, 6). This is indicative of millennials valuing other things over strictly financial gains.
As stated earlier, millennials value employability. They wish to work for a company that will invest in their development. Millennials prize ability and skill development and often seek out opportunities for learning (Anderson 2014). Millennials are attracted to employers who can offer more than merely good pay.
Meaning in Their Work
Millennials want to find careers where their passions, inspirations and desire to do good can not only be part of their personal life but also part of their work. Because of this, the lines between personal passions and professional engagements are rapidly disappearing for the millennial generation. As a result, this commitment to doing “good” in the workplace is quickly becoming one of the new norms that will define the millennial generation (Case 2014). Millennials are looking for employers who share their passion of doing good.
According to the findings of the 2014 Millennial Impact Report, a company’s involvement with causes influenced 55 percent of millennials to accept a job. Once in a position, the main factor (53 percent) in determining whether millennials remained at their company (beyond compensation and benefits) was having their passions used and fulfilled (Case 2014). In other words, millennials highly value organizations that desire and try to make a difference in the world around them. This is only one preference millennials have of their employers that improves the employee-employer relationship and helps organizations better engage millennials. The following examines three approaches organizations can take to better meet the workplace expectations of the millennial generation.
Do you want to read the entire whitepaper on Millennials in the Workforce: Creating a Mutually Beneficial Relationship? Download it now: http://go.kpaonline.com/millennialspdf