Millennials are rapidly entering the workforce and making many changes. Millennials, people between the ages of 18 and 34, currently consist of more than a third of the U.S. labor pool. Much of these changes result from millennials living in an age where information is readily accessible and where technology is an integral part of their daily lives. With this new generation of employees follows a change in engagement policies as well.
What are some major changes or trends emerging in the workplace?
1. Defining Success
In previous generations, one would define success as owning a home, marriage, and family. However, fewer and fewer millennials are getting married and those that do tend to get married later in life. Instead, millennials are more willing to pursue their career. Millennials actually prefer to have a job that is fulfilling instead of one that guarantees stability.
2. Switching Jobs
The trend of job hopping is quite common among millennials. According to a Future Workplace survey, 91% of millennials plan to stay in a job for less than three years. This is a big contrast from the Baby Boomers, Generation X, and Generation Y. Employers are quickly noticing this trend and are making changes. For instance, PwC noticed that millennials would leave their jobs in growing numbers after a few years. Recently to attract them to stay longer, they announced they would start to give $1200 per year in student loan debt assistance for six years. PwC hopes this attractive component of their benefits package will better attract, retain, and engage employees.
3. Constant Feedback
The millennial employee regards the typical annual reviews as archaic and ineffective, preferring feedback that is more frequent. In workplaces like Google, it is common for employees to have weekly meetings with their manager. This method focuses less on the past and allows more room for individuals to reflect on their strengths and strive to improve. Overall, millennial employees want a mentor in their boss, not just a supervisor.
4. Development and Work/life Balance
This generation desires a workplace where the can grow, improve, and maximize their skills. Ideally, they want to invest their time in an innovative company that makes a difference and where they will be valued. Millennials also want flexible work hours, a factor that is often more important than financial reward.