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The millennial workplace
Research from Manpower titled ‘Millennial Careers: 2020 Vision’ estimated that by 2020 a third of the global workforce will be millennials. The research also looked at the following:
The number one priority for those of that generation when looking for a job is money (92%) followed by security (87%), holidays/time off (86%), great people (80%) and flexible working (79%). Job security may come as a surprise to many, given that the modern generation are thought to be job hoppers who are not happy to work in the same job for years on end. The research found that although millennials do want to progress their careers quickly and move jobs, many would be happy to do it within the same organisation.
The vast majority (93%) of Millennials state that they want lifelong learning and are prepared to invest their own time and money in training. This illustrates a clear recognition of the importance of skill development and the need to keep learning to ensure employability. Four out of five say the possibility of learning new skills is a major factor when considering a new job. And a significant number (22%) intend to take an extended break from work in order to gain new skills and qualifications.
Recognition is important to millennials: 50% would consider leaving their current role if there was a lack of appreciation.
Retirement age is rising and the working day is lengthening, however. 84% of those participating in the Manpower survey expect to take significant breaks during their working lifetimes for example to bring up children or look after elderly parents. One in four anticipate taking a significant break for personal fulfilment – travel, relaxation, pursue a life dream or hobby.
What is the significance of this research?
As millennials continue to make up more of the global workforce it is important for employers to be aware of what their top priorities are especially in terms of succession planning and ensuring that the business is successful and continues to develop for many generations.
By understanding the priorities across generations and what individuals look for in the workplace employers can ensure that their workforce is engaged and that their business is futureproof.
How to become an attractive millennial workplace?
Given the importance placed on job security and recognition, businesses should demonstrate the opportunities for career enhancement and should provide employees with opportunities to work on different projects or in different teams to ensure they are able to build a portfolio of skills and experiences.
Flexible working is another priority. Businesses should consider how to promote flexible working which could be through dress down days, working from home, working part time or allowing unpaid leave.
Many millennials anticipate taking a career break and businesses should consider whether a career break or sabbatical policy would be practicable and beneficial to them.
How can we help?
We can assist your business in attracting and retaining hard working and talented staff by ensuring that relevant contracts and policies reflect the needs of both your business and workforce.
For more information, please contact a member of the Employment team.
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