A recent article in the Globe and Mail has identified five things that every employer must know about the next generation workforce. Millennials are the largest, most diverse, most educated and most connected generation of all time and that’s why companies have to pay attention to them in a big way.
Fact: By 2025, they will become 75 per cent of the global work force and more are stepping into management positions every day. Most employers aren’t prepared for the sheer number who are going to be entering their companies in the coming years because of the generational differences.
Here are some of the key findings and how they can help employers better engage with millennials.
1. They are happy with their managers.
More baby boomers (9.40 per cent) wish they could change their boss (out of all the possible changes to their work situation) than millennials (5.90 per cent) or Gen X (6.80 per cent). In Canada, fewer millennials would change their boss at 4.9 per cent. Based on previous research I’ve done, millennials have a positive view of their management. They see them as being wise and willing to mentor. They are looking for mentoring support and seek their boss’s advice on how to get ahead since they are just starting out in their careers. Companies need to provide these mentoring opportunities so they can better engage their millennials and retain them, instead of lose them to the competition.
2. They want to work for a small company.
Millennial workers are more likely to work at small firms (less than 100 employees) than both Gen X or baby boomers (55.6 per cent compared with 48.1 per cent and 49.6 per cent respectively). In Canada, slightly more millennials work for small firms (58.5 per cent). They are seeking a startup culture where they can dress casually, have workplace flexibility and be innovative. Smaller companies provide an environment where they can get involved with various business activities too. They are also turned off by the daunting interview process used by large companies. Employers should create a culture that supports millennials if they want to compete against millennial entrepreneurs and those who wish to work at smaller companies.
3. They have a delayed adulthood.
In the study, we found that baby boomers are more likely to have always lived on their own after staring their career (95.6 per cent) than Gen X (88.5 per cent) or millennials (70.8 per cent). In Canada, slightly more have lived on their own (71.9 per cent). Millennials across the world have felt the harsh realities of the economic collapse. Millions are still living with their parents and are either jobless or underemployed working as bartenders or waiters. Employers need to be sensitive to this during their recruitment process and also understand that millennials are very family oriented. Some have even brought their parents on job interviews.