The world is changing. “The majority of U.S. workers today are millennials (those born between the early 1980s and early 2000s). And by 2020 they will occupy over 50 percent of the global workforce.”
Millenials think differently about work than previous generations, and understanding the things they value is key to attracting and retaining younger talent. Gloria Sinibaldi describes some top trends in this August 8, 2015 article from The Desert Sun.
Millennials are confident and adaptable, but mostly they’re connected. With a keen affinity for technology and an inbred social media relationship, their generation stands apart.
Access to instant information is expected. Due in part to their technical savvy but also because of the economic crisis that coincided with their coming of age, their worldview and priorities differ from those of their predecessors.
They are the first generation that does not place work ethic on their list of values, according to a Pew Research Study.
The Department of Labor Statistics reports that 58 percent of millennials will stay on their job three years or less — a paradigm shift from previous generations that believed sticking with one employer was ideal. (NADEXA GROUP: This statistic did not surprise many of the millenials we spoke to, who see learning opportunities in diversity versus lack of commitment.)
Millennials focus less on working for purchasing power and more on passion for their work. If not connected to a cause they will change employers, even careers. There’s no hurry to buy a home or car. Access is preferable to ownership. Many, burdened with student loan debt, are in no position for such financial commitments. Millennials are the most educated generation in history, but also the most narcissistic.
A non-traditional approach to work is on the rise. Work/life integration is key .
By 2020, 40 percent of the American workforce will be freelancers, contractors, and temporary workers. This allows for a flexible work environment, something most appealing to millennial workers. Many will pass up bigger paychecks in favor of personal fulfillment.
Keeping traditional working hours is out. An American Psychological study found that over 50 percent of millennials check messages during off hours and 44 percent do so on vacation. Most have a smartphone within reach 24/7 and, in spite of the fact that they are innately health conscious, they are also sleep deprived compared to previous generations.
“I can work from anywhere!” is their mantra and employers are listening. Telecommuting is becoming increasingly more common with workers being accommodated at home and other locations of their choice. Co-working spaces are popping up everywhere.
Millennials are drawn to employers with perks that support their work-from-anywhere philosophy.
They seek out companies with a “think outside the box” approach. For example: childcare, gym memberships and relaxed dress codes.
A millenial we spoke to at Publicis Health Media agrees: “While working with smart, talented people is top priority, external perks like a gym membership/gym reimbursement, concerts, and social gatherings come in at a close second; they help to relax you and reinvigorate you when you are working those sometimes very long hours. Not to mention, they are fantastic ways to keep morale up and give coworkers a chance to bond and converse on a completely different level.”
