In less than 10 years, millennials are expected to make up about 75 percent of the workforce. They are already the majority – millennials are currently the largest generation in the U.S. labor force. As a result, some organizations are wisely deciding that it might be in their best interest to get to know this group a little bit better. Understanding how millennials view themselves, their futures, and the current career landscape can help both workers and organizations find ways to accommodate and maximize the power of this dynamic generation of workers. If you are a millennial, it’s interesting to think about how your generation is currently being characterized and understood.
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Earlier this year, Deloitte, a multinational professional services firm based in New York City, released their 2016 Deloitte Millennial Survey after gathering input from over 7,500 millennials from 29 countries. All participants were born after 1982, have obtained a university or college degree, and are employed full-time. Let’s take a look at few of the key findings that emerged from this research.
1. Millennials want business to focus more on people than on profits.
Other studies have identified millennials’ values as being more focused on meaning and purpose than on the bottom line, and this research concurs. It found that millennials feel that, for long-term success, businesses ought to put employees, customers, and society first, not profits. They also mentioned other priorities they’d like to see gain increased attention – the environment, social responsibility, and customer care, to name a few. Fewer than 5 percent thought that “profit-focused” values would ensure long-term success.
2. Their values help guide their careers.
At every stage of their careers, no matter how far they climb up the corporate ladder, millennials are driven by strong values. Almost half of those surveyed said they had “chosen not to undertake a task at work because it went against their personal values or ethics.” When asked to rank how different factors influenced their workplace decision-making, “my personal values/morals” ranked first. Additionally, 56 percent of the millennials surveyed said they had “ruled out ever working for a particular organization because of its values or standard of conduct.” Millennials know what’s important to them, and they allow these value to have a significant influence on their career decisions.
3. They won’t be tied down.
Millennials are open to moving on from their organizations, and even expect to do it, often in the near future. Two-thirds said they’d like to leave their companies by 2020. What’s more, 44 percent of millennials say they would leave their current employer in the next two years, if given the opportunity. If your employer wants to keep you, they should pay specific attention to the factors millennials value most in order to retain top talent.
Millennials want to feel that their professional goals are being supported and that their ambitions will be nurtured. They want to work for a company that shares their values and their sense of social responsibility. They value work-life balance and flexibility. Through understanding these priorities, managers and employers can begin to direct more of their attention toward creating an environment that suits this generation. Through understanding their own values and expressing them, millennials will continue to work toward building the professional lives of their dreams.
For more information, be sure to check out The 2016 Deloitte Millennial Survey for yourself.
Tell Us What You Think
How do you think millennials differ from other generations in the workforce? We want to hear from you! Leave a comment or join the discussion on Twitter.
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