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Diversity, Equity and Inclusion
Millennials in the workplace are now the norm, and understanding their motivations and habits is crucial for success.
According to the data collected by the Pew Research Center, in 2016, millennials became the largest and most influential group in the labor market.
One in three workers was a millennial, 35% of the labor force. By 2025, it’s expected that millennials will make up 75% of the workforce.
They no longer influence trends but set them.
However, not all of them are in the same boat. Even though they might have some broad, general characteristics as a group, not all millennials have the same attitude towards work.
In fact, if we segment them further, we get the following subgroups:
Moreover, employers need to consider that millennials share their workspace with other generational groups with their own specific interests and motivations.
The first study that gave millenials their nickname “The Job-Hopping Generation” was done in 2016 by Gallup.
It was determined that this age group doesn’t show any particular loyalty to companies, brands, or organizations and that this professional lifestyle is costing the U.S. economy $30.5 billion annually.
However, is the situation the same in 2022? Especially during the Covid-19 pandemic and the “Great Resignation” across all industries?
It turns out that millennials are job-hopping at a slower rate than their previous generational counterparts at the same age. And their job-hopping ways might have been just a marker of youth and not a generational characteristic.
According to Fit Small Business’s study from 2016, millennials were less willing to work hard at their jobs than other generations. Thankfully, it turns out that this is also a common myth.
Because they grew up with the internet and are prone to using technology to their advantage, millennials have many useful skills. They are dedicated to proving their worth in the workplace.
In fact, millennials are skilled at getting the same job done in less time because of their out-of-the-box thinking.
Only 17.6% of millennials would leave their job because of a mean boss, compared to 19.3% of people ages 35+. Thus, as a generation, they’re not too sensitive to criticism or unable to handle tougher work environments.
According to a whitepaper by Namely, 80% of millennials prefer to receive more frequent feedback in real-time that can be delivered on their phones.
They’re willing to put in long hours and hard work, but they want the recognition, praise, and compensation that comes with it. They’re eager to learn, develop, and flexible to change when provided with clear and specific feedback.
The relationship between millennials and startups is a complicated one, and as we said above, this age group tends to be more diverse in their wants and needs.
As you can see from the data displayed on the Rasmussen College infographic, 60% of millennials would choose entrepreneurship instead of a corporate career.
Hence, it doesn’t come as a surprise that one in three would recommend joining a startup instead of finishing college, even though millennials are the most educated generation in history.
The reason for this fondness of startups is not always (or only) motivated by financial gain:
However, there is another side to millennials and the workplace: employee benefits. 34% of millennials and 40% of everyone else choose health care as the most important. Second, on the list is vacation time.
Millennials in the workplace are charting a new course, one that’s focused on more flexibility, transparency, and entrepreneurship.
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