Millennials in the Work Place
Millennials are loosely defined as individuals born in the early 1980s to early 2000s
Why should you CARE about millennials in the work place?
• By 2014 millennials will account for 36% of the American workforce.
• In 2025, that number balloons to 75% of the global workplace.1
Why is Important to UNDERSTAND Millennials in the Work Place?
• Average cost to replace a millennial = $20,000 per employee.
• Millennial turnover reported up to 2× that of older generations.
• 60% of millennials are leaving their companies in 3 years.1
So how do you reduce this expense and get the most out of your fastest growing workforce generation?
Millennials are used to multitasking and juggling many things. They want to be trusted that they will get their work done. They want “me-time” during work but also don’t mind “work” outside of work.
• 45% of Millennials will choose workplace flexibility over pay.1
• 37% of Millennials would take a pay cut if it meant flexibility in work location or hours.2
Provide for Creativity and a Greater Purpose
Millennials want to be excited about their work and feel like they are making a difference. If they aren’t allowed to be creative, be challenged or are stuck doing mindless work, they will grow bored.
• 83% are looking for a job where creativity is valued.
• 50% would rather not have a job than a job they hate.3
Culture & Collaboration are Key
Millennials want an open, collaborative work environment that resembles an Apple store instead of office cubicles. Teamwork and diversity is highly valued and crucial for their creativity.
• 71% of millennials want their co-workers to be a second family.3
Millennials want to have a leader, not a boss. They want to follow their direction because of that person’s knowledge, not because of their title. They believe the work environment should be flat. Hierarchy and Bureaucracy seem counterproductive. They value environments where companies are agile and can enact programs quickly.
• 76% of Millennials think their boss could learn a lot from them.3
Millennials want open lines of communication and feedback about their work and the company—Complete Transparency. They want to know and agree with the company vision and they want their voice to be heard.
• 90% will work harder when they know where their work is going.2