In the first quarter of 2015, the history books were rewritten with the Millennial generation (adults between the ages of 18-34) taking over the largest segment of the American workforce and are projected to form 50% of the global workforce by 2020.
This crop of workers come equipped with multiple degrees, a diverse pedigree – and perhaps a slight sense of entitlement. However, they get a bad rap as the “hand out” generation because the groundwork has already been laid out for them to ease into.
This is a new wave of people that are bringing a different approach to the workplace, and instead of being condescending – maybe it’s time to start embracing their perspective.
Why this matters
Take in a few of these metrics from a study conducted by the Intelligence Group to shed some light on how they are reshaping the workplace.
- 64% of them say it’s a priority for them to make the world a better place.
- 72% would like to be their own boss – but if they do have to work for a boss, 79% of them would want that boss to serve more as a coach or mentor.
- 88% prefer a collaborative work-culture rather than a competitive one.
- And 74% want flexible work schedules.
The new generation of employees want the autonomy and flexibility to work anywhere without the feeling of being anchored to one chair day in and day out. With a larger surge in remote workers – this doesn’t seem like a far-fetched request.
Millennials are shattering the traditional 9-5
Firstly, this generation cannot accept being a cog in the machine, going through the motions of a 40-hour workweek just to get by. They don’t even want a work-life balance. They’re restructuring the contemporary workplace model with a blend between their work and life. The two have to be intertwined with their vision in life to create a unique concoction that is specifically tailored to them.
Think that Millennial turnover doesn’t warrant a second’s worth of attention? Think again. 87% of companies are reporting a cost of between $15,000 and $25,000 to replace each lost Millennial employee. It’s time to rethink their role in your organization – and to also mitigate any more damaging losses.
Smart organizations adjust to the unique Millennial style
It doesn’t take a Rhodes scholar to analyze the upward trajectory of these forecasted trends and realize it would be in the best interest of their organization to move forward and begin adjusting to the Millennial style – and learn what motivates them.
No organization can afford not to recruit the best talent – and that especially includes the best talent from the Millennials.
–Jamie Gutfreund, chief strategy officer for the Intelligence Group.
It boils down to how well companies are embracing this eventual changing of the guard and the influx of younger workers being injected into their companies – and comprehending what exactly they want.
We just need to find ways to wrangle them into our organizations in a manner that they find compelling and consistent with their distinct values.
–Shara Senderoff, Fast Company’s 100 Most Creative People in Business.
Top 3 most surprising aspects about Millennials in the workforce
- They are fearless
Millennials have all the confidence and courage to take action against what they believe in. This type of bold passion is resonating throughout offices everywhere.
- Money is an afterthought
Millennials are beginning to embody the mantra that “earning money at the cost of your well-being is not worth it,” – they would rather put purpose ahead of monetary compensation. They aren’t motivated by money, but rather, they ‘aim to make the world more compassionate, innovative, and sustainable.’
- They embrace failure
Making mistakes only means that you’re trying new things. Failure is the opportunity to begin again more intelligently.
Believe it or not, the average age of a Product Manager falls under the Millennial age bracket – highlighting the importance towards this hybrid role and the overall demographic itself. Learn the intricacies of this role by downloading our free eBook: 9 Industry Secrets for Hiring Product Managers.