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By Angela McDonald
Special to the Financial Independence Hub
Thinking about hiring or recruiting millennials? As more baby boomers (born from 1940s to 1960s) are retiring, the global workforce landscape is expected to slowly start changing as the millennials (born from the early 1980s to the early 2000s) start entering into the scene.
It is imperative for employers to know and understand these Generation Y-ers, as millennials are expected to make up the workforce by 46% by 2020. Just recently, the new Pew Research Center analysis in the US said that more than 1 in 3 American workers today are millennials (adults ages 18 to 34 by 2015), and have surpassed baby boomers as the largest member of the American workforce.
Here are eight things backed with statistics that executive search firms or job recruitment agencies need to know about the perceptions and expectations of millennials in the workplace and how they are at work:
1.) Millennials are the most educated generation in history, but face underemployment and have a harder time achieving financial independence.
- Almost 79% of millennials have earned at least a bachelor’s degree, as compared to 62% of baby boomers. (Source)
- Despite this finding, they are facing higher rates of underemployment. 30% of millennial doctors are underemployed while 34% of them with Ph.D. are also underemployed. (Source)
- 24% of millennials from a survey claimed to have had to move back home at some point after starting employment because of financial hardship.
2.) Millennials are not worried about loyalty when it comes to employment.
- 75% of them believe they will have between two and five employers during their lifetime. (Source)
- Compared to 41% of baby boomers, only 13% of millennials agree that employees should stay with their employers for at least five (5) years before looking for a new job. (Source)
- 26% of millennials think that they should only be expected to stay in a job, at least, a year before looking for a new position. (Source)
- 43% felt extremely or very confident that they could find another job if they lost or left their current one. (Source)
- 70% of them are planning to change jobs once the economy improves. (Source)
3.) Millennials are technology and social media savvy.
- They switch their attention between media platforms such as laptops, smartphones, and tablets 27 times per hour on average while previous generations only averaged 17 times. (Source)
- More than 41% prefer to communicate through electronic channels than face-to-face or on the phone. (Source)
4.) Millennials prioritize a healthy work-life balance over financial compensation.
- One in three millennials said he or she would prioritize social media freedom, device flexibility, and work mobility over salary in accepting a job offer. (Source)
- 40% value a job that gives you a chance to make friends as very important. (Source)
- Three out of four millennials say they are very happy. (Source)
- Millennials report having twice as much happiness as stress. (Source)
- When asked, “How do you define success?” 46% responded having a job they enjoy, and only 36% answered being rich. (Source)
- 74% want flexible work schedules (time freedom). (Source)
5.) Millennials care more about the work they do, the company they work for, and the social contribution they make over how much money they earn.
Millennials care more about the work they do, the company they work for, and the social contribution they make over how much money they earn. They want to learn and grow with the company they work for. They are extremely ambitious and eager for their careers to take off.
- 52% of millennials said opportunities for career progression made an employer attractive. (Source)
- 65% said the opportunity for personal development was the most influential factor in the current job. (Source)
- 22% saw training and development as the most valued benefit from an employer. (Source)
- 30% valued meaningful work. (Source)
- 25% valued a sense of accomplishment on the kind of work they do. (Source)
- 78% believe that companies have a responsibility to make the world a better place. (Source)
6.) Millennials are mobile.
- 71% of them would like to work abroad. This speaks volumes on whether employers offer a chance to train overseas or get assigned abroad. (Source)
7.) Millennials are entrepreneurial.
- 72% of them claim to want to be their own (Source) If they have to work for a boss, 79% of them would want a manager that can serve more as a mentor. (Source)
- 92% of those surveyed felt entrepreneurship education was vital in the new economy and job market. (Source)
- 30% started a business in college. (Source)
- 35% started a side business. (Source)
8.) Millennials want to be collaborators and team players.
- Millennials want managers who are friendly but are less likely to say that they value those who go to bat for them. (Source)
- 88% prefer a collaborative work culture than one driven by competition. (Source)
- 88% want “work-life” integration. (Source)
Millennials are extremely driven, idealistic, and passionate individuals who believe purpose over money should be the driving force for seeking work. There are huge generational differences between the millennials and the current workforce they are replacing: the baby boomers.
That should be taken into consideration when hiring and recruiting employees.
Angela McDonald is Partner and VP of Client Services at Manila Recruitment. Angela used to work at the British Chamber of Commerce Philippines; this gave her a deep insight into the challenges companies faced which, eventually led into a profession in recruitment. This blog originally appeared here and is republished on the Hub with permission.