Who are the modern millennials? Are you ready to engage the new workforce as it continues to rapidly evolve?
According to the 2017 Deloitte Millennial Survey, “Apprehensive millennials: seeking stability and opportunities in an uncertain world,” millennials are increasing loyalty to companies and seeking certainty in their life.
“In fact, millennials in the U.S. are now more likely to say they will stay beyond five years than to leave within two. While these results signal better news for employers, the 38 percent of millennials globally who would leave the job within two years, if given the choice, is still high.”
What’s more, the millennials (those born between about 1980 and 2000) will soon surpass the baby-boom generation as the nation’s largest living generation. By 2020, millennials will also make up 50 percent of the workforce. What is the key to the retention of the new generation?
Finding what matters to modern millennials (from the 2017 Deloitte report):
1) Stability
- “As a specific issue, unemployment continues to worry millennials; with a quarter (25 percent) concerned, it ranks third of 18 items measured.”
- “Having lived through the ‘economic meltdown’ that began in 2008, and with high levels of youth unemployment continuing to be a feature of many economies, it is natural that millennials will continue to be concerned about the job market.”
2) Flexibility
- “Overall, 84 percent of millennials report some degree of flexible working in their organizations.”
- “Meanwhile, 39 percent of millennials say they work in organizations that offer a highly flexible working environment.”
- “Compare this to about 3 in 10 whose workplaces feature moderate (31 percent) or relatively low levels (27 percent) of flexibility.”
3) Management style
- “From the survey findings, it is clear—millennials appreciate straight-talking language and passion.”
- “These findings echo our 2016 survey in which we investigated the impact of different management styles. That survey suggested that organizations taking an inclusive approach, rather than an authoritarian/rules-based approach, are less likely to lose people.”
- “There are other findings in the survey to suggest millennials appreciate working in a collaborative environment rather than one that directly links accountability and responsibility to seniority (or pay).”
- “Although two-thirds (64 percent) would like their senior leadership to take on higher levels of accountability, the majority also believes that people should either take collective responsibility (16 percent) or – irrespective of their positions or salaries – as much personal responsibility as possible (47 percent).”
Giving feedback to millennials, in the format of a 360-degree assessment or DISC evaluation, can be helpful to finding a balance for success. These assessments can also help blend the differences in work styles, which vary from person to person.
Here’s what we know to be true: there are actually more and more studies being published stating that millennials aren’t as different at all from prior generations.
According to a recent study conducted by the IBM Institute for Business Value the differences among millennials, Generation X and baby boomer employees have been grossly exaggerated.
As the culture continues to change in the workplace – due to the increasing number of millennials entering the workforce – there are several common findings of what different generations bring to the table. The lessons from generations in the workplace include the following examples: older to younger generations bring loyalty, know-how and interpersonal skills. The younger generation brings to the older generations technology, creativity and risk-taking.
Here are some additional findings of the study, relatable to numerous millennials:
- “Millennials appear to want the best of both worlds— flexibility with full-time stability.”
- “40 percent see automation posing a threat to their jobs; 44 percent believe there will be less demand for skills.”
- “59 percent believe multinational businesses have made a positive impact on the challenges millennials cited as their greatest concerns, e.g., economic progress, conflict, inequality, corruption, etc.”
- Millennials desire to add value; sometimes, job descriptions stand in the way of contributing value.
Are you ready to challenge the new workforce while fostering these relationships? What are the ways you engage millennials?
