Millennials are now the largest generation at work – and they’re fast becoming the most influential population in the world. In fact, 3 out of every 4 workers globally will be Millennials by 2025. These digital natives are adaptable and tech-savvy. They’re poised to unleash innovation, and they offer the unique skills that modern businesses need to remain competitive.
In other words, the Millennial Generation (a.k.a. Gen Y) has the power to redefine the modern workplace and reinvent what it means to be successful. Here’s how they’re doing it:
Millennials move up, or they’ll move out.
Can you guess the average tenure of a millennial employee? It’s two years. In comparison, the average tenure for Gen X employees is five years, and seven years for baby boomers.
Millennials want to grow, even it if means growing out of a company. They change jobs more often than any generation in history – and that’s not necessarily a bad thing. Flexibility is one of Generation Y’s calling cards, and an attribute that makes it possible to change job titles, organizations, or even careers on the fly.
58% of millennials expect to leave their jobs in 3 years or less. #millennials #Context
What’s the key takeaway here? Millennials are not willing to stick around if they do not believe they can grow.
Millennials want to squash the nine-to-five.
Millennials have reimagined the 40-hour work week. They want to work when they want, where they want. In fact, a recent study by Millennial Branding revealed that 89% of Millennials would prefer to choose when and where they work rather than being placed in a 9-to-5 position.
Increasingly, Generation Y-ers are convincing companies to offer more flexibility; this includes variable hours as well as telecommuting and non-traditional workspace.
“An estimated 3 million Americans work from home, and that number is expected to increase 63% over the next 5 years.”
The New York Times reports, “To compete for the best millennial talent, companies are having to change in fundamental ways. Goldman Sachs, for example, recently announced its intention to improve the work environment of its junior bankers by having them work less. Of course, that flies in the face of Wall Street tradition, in which new recruits often work late into the night and for entire weekends.”
“45% of millennials will choose workplace flexibility over pay,” according to a recent Millennial Branding report.
Millennials want a mentor, not a manager.
Millennials bring a new perception of what office life should be like. They’re changing how relationships between employers and employees should be structured.
“Research suggests that the #1 reason millennials leave their job is because of their boss.”
If millennial employees feel supported and valued by leadership, they’re more likely to develop a strong relationship with their company and the people in it. Plus, by investing in corporate learning, employers can address essential millennial retention areas like talent acquisition, job readiness, and corporate culture.
Millennials are the most educated generation—ever.
When it comes to the collective identity of millennials, everyone’s got an opinion. Some say they’re engaged, others say they’re entitled. But when it’s all said and done, the numbers say they’ll be the most educated generation in American history.
“Over 63% of Millennials have a bachelor’s degree.”
Why is this so important? It’s because educational attainment is highly correlated with economic success. On virtually every measure of economic well-being and career attainment – from personal earnings to job satisfaction – college grads outperform their peers with less education.
Millennials also have unique professional value that extends far beyond their education level. They’re hyperconnected, entrepreneurial, and collaborative. They dominate digital platforms – like the Internet, mobile technology, and social media – to construct personalized networks. They shake up the status quo. And they give employers a reason to step up their game and do what’s necessary to keep them from jumping ship.
“It costs an average of $24,000 to replace each Millennial employee.”