Meet the Millennials. These young adults – now in their 20s and 30s – are the second-largest workforce cohort since the “Boomers.” According to the U.S. Bureau of Labor and Statistics, they’ll represent 36 percent of the workforce by next year…and almost half by 2020.
So what? Aren’t Millennials just like their parents and grandparents when it comes to job satisfaction and security? Don’t we all care about the same things?
Yes. And No.
Numerous studies have shown significant and meaningful differences in the way these tech-savvy, multi-taskers view the world. And, these differences are redefining the meaning of how our society views personal and professional success.
For example, family and personal authenticity are key aspects of this generation’s identity; they tend to be easily frustrated with corporate structures that do not allow them to be true to their personal and family values. A 2012 study of 1,000 college-educated women born since 1980 found that:
- About 60 percent said they admire a female leader in their company, but would prefer to take a different path to leadership or are not willing to make the same sacrifices to achieve leadership.
- 24 percent said they would not seek a leadership role because it would take time away from their other responsibilities or private life.
Another recent study found significant differences between Millennials and their Gen X and Boomer managers on several key factors of workplace satisfaction:
- Meaningful work: 12 percent of managers vs. 30 percent of Millennials ranked as very important.
- High pay: 50 percent of managers vs. 28 percent of Millennials ranked as very important.
- Sense of accomplishment: 12 percent of managers vs. 25 percent Millennials ranked as very important.
- Responsibility: 12 percent of managers vs. 5 percent of Millennials ranked as very important.
What does this mean for organizations seeking to attract and retain top talent – and to cultivate the leaders of tomorrow? PWC – which estimates that within the next three years 80 percent of its employees will be Millennials – recently commissioned a global study to answer this question.
They found that creating a sense of community (a “work family”), allowing for more flexible, non-traditional career paths and putting greater emphasis on support and appreciation were keys to meeting the needs of this generation.
What’s fascinating – and exciting – is that these types of initiatives make the workplace better for employees of all ages and demographics. Given we now have four generations in the workforce, that’s a pretty powerful concept. When we allow people to bring their minds and their hearts to work they can become truly engaged. And high employee engagement fuels business results.
It truly is the dawn of a new generation. And the opportunities are amazing.
