Millennials, born between the mid-1980s and late-1990s, are very from the generations that came before them – Gen X and the Baby Boomers. Millennials have been a part of the workforce for over a decade. As of now, they make around 35% of our workforce. But by 2025, that number will jump up to 75%!
Nearly nine out of ten, or 86 percent, of millennials (those between the ages of 22 and 37) would consider taking a pay cut to work at a company whose mission and values align with their own.
We have 5 generations working in the workforce in the United States. When you have up to 5 generations, it can lead to remarkable levels of collaboration and focus, each bringing the insights and expertise to their individual experiences. So, what are the changes that have accompanied the entry of millennials in the job market? How have they changed the game in the corporate world? Let’s break it down:
Flexibility
Millennials like to work smart instead or work hard. They value companies that appreciate this desire for balance and prefer working in places that provide flexibility in terms of where and when they work. This way, they get to have more time for personal pursuits – something they hold in high regard. Work-life balance is one of the most significant drivers of employee retention among millennials.
This isn’t to say they’re slackers – millennials are comfortable working late nights and long days if it means they get the job done. Millennials want fun and a less formal atmosphere gives them the ability to work from anywhere and still get the job done. So companies that offer a flexible schedule will see higher retention and more productivity from its employees.
This focus towards flexibility is the reason why more and more companies now offer flexible working options such as remote working, compressed hours and flexitime.
Transparency In The Workplace
Millennials are all about transparency – in everything from the workplace to politics. Therefore, they demand transparency from the executive departments and the management of the company they work for. They also believe in interconnectivity throughout the company everyone is always kept informed, and no one is blindsided by sudden changes. Your employees are the backbone of your company. Without your employee’s things wouldn’t run as smoothly so ensure everyone is on the same page with engagement, expectations, and productivity. And although the workforce is changing constantly, one thing that is abundantly clear is your workers want to know what is going on, no matter the age.
Hunger To Learn
Opportunities for continuous learning are very important to Millennials. keeping your professional development in mind is critical This falls in line with today’s job market and rapid technological developments that keep the workforce on their toes. Millennials want to work in companies where they’ll be able to expand their skill sets, and where they feel encouraged to advance and develop their careers.
Experience Over Degrees
Despite being the most educated generation currently living – millennials have a different perspective on the importance of college degrees. This is due to the crushing college debt that the generation carries, but also the increased focus on skills rather than degrees today. Therefore, millennials in HR are much more likely to hire people based on experience and skills rather than on the basis of a college degree.
Focus On Experiences
For the Millennial generation, experience matters a lot. Not only do they highly value experiences, but they’re also willing to spend money and time on them; from cultural experiences and social events to concerts and traveling. It’s hence no surprise then that Millennials are constantly on the lookout for a job that provides more ‘meaning’ and value.
As this new era of technology blossoms, millennials are constantly making changes to the way the corporate world functions – and they will set the tone for many future generations to come. TechMae believes in fostering a workplace environment that is conducive to the millennial workforce and allows them to grow their skillset. If you’re a millennial looking for some valuable career advice from other women – join TechMae today and start connecting!