Millennials By the Numbers
Welcome to the 1st blog installment of our Millennial Series! Over the next three weeks, we will be looking closely at Millennials in the workplace. This generational spotlight is in anticipation of our sponsored Millennial Workshop in February for our business partners. This week, we’re going to look at some Millennial survey statistics and provide our interpretation on what the numbers can mean for your company.
Engagement and Loyalty
29% of millennials are engaged at work, 16% are actively disengaged, 55% are not engaged (Gallup)
Engaged millennials are 64% less likely to say they will switch jobs if the job market improves in the next 12 months (Gallup)
Top reasons why Millennials consider leaving their jobs: to make more money, to move forward in their careers, to pursue work that is more aligned with their passions, and to have more flexibility/better work-life balance (Boston College)
57% of Millennials believe corporate loyalty is dead (Elance/Odesk)
52% of Millennials think employee loyalty is overrated (Elance/Odesk)
Millennials who feel they're at a great workplace are 25 times more likely to plan a long-term future at that workplace (Great Place to Work)
62% of millennials who feel they can talk with their manager about non-work-related issues plan to be with their current organization one year from now (Gallup)
71% of millennials who strongly agree that they know what their organization stands for and what makes it different from its competitors say they plan to be with their company for at least one year (Gallup)
The major point to take away from the specific numbers above is that Millennials can be seen as boom-or-bust employees. If your Millennials buy in to the company mission and they believe they’re making a difference, you’re likely to experience a very high level of loyalty, longevity, and engagement. If you’re not engaging your Millennials and they feel that their work isn’t making a difference, they aren’t going to tolerate the monotony of their work just to make ends meet as previous generations have done. They will leave for greener pastures where they will feel valued.
Only about 20% of Millennials want to advance if it means spending less time with their families / personal lives (Boston College)
Millennials top three work-related fears: getting stuck with no development opportunities, not being able to realize their career goals, and not finding a job that matches their personality (Universum)
45% of Millennials would quit a job if they didn't see a career path they wanted at the company (Ultimate Software)
84% of millennials say that helping to make a positive difference in the world is more important than professional recognition (Bentley University)
87% of millennials say professional development or career growth opportunities are very important (Gallup)
71% of Millennials expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed (Deloitte)
For career goals, once again it comes back to making a difference. To put it more bluntly, Millennials don’t want their time nor their skills wasted. Millennials want to experience growth and added responsibilities. They want a clear path towards elevation. If you plainly state your expectations and provide a road map for development, you’ll get the most out of your Millennials.
Atmosphere and Environment
Millennials' top attributes of the perfect boss: Ethical and fair 35%, Transparent and readily shares information 35%, Dependable and consistent 32% (IBM)
Traits Millennials look for in employers: Treat employees fairly (73.1%), corporate social responsibility (46.6%), brand image (39.5%), prestige (30.5%) (NSHSS)
Work atmosphere traits Millennials seek in employers: work/life balance (69.2%), friendly coworkers (57.3%), friendly to people of all backgrounds (55.3%) (NSHSS)
69% of Millennials say the people whom they work with would enable their best work (Millennial Branding/Randstad)
67% more Millennials than Baby Boomers say that "having a great mentor" at work is important (Atenga)
64% of Millennials said their direct managers as a top influence to improve their overall health (Welltok)
Inter-personal relationships are key for Millennials. They want fair, mentor-like supervisors while working alongside friendly co-workers. If you get everyone pulling their weight as one team with strong leadership at the top, then you’ll have highly contributing Millennial.
Millennials and Benefits
75% of Millennials would prefer to work from home or other locations where they feel they could be most productive. However, only 43% currently are allowed to do this (Deloitte)
74% of Millennials expect flexible schedules in the workplace (Deep Focus)
81% of Millennials think they should be allowed to make their own hours at work versus 69% of Boomers (MTV)
86% of Millennials state they value having benefits personalized to meet their individual circumstances and age (MetLife)
96% of Millennials say great health-care benefits are important in choosing a job, more important than frequent raises (94%) and promotions (82%) (Bentley University)
The numbers suggest that Millennials place heavy importance on a flexible work/life balance. The more customization you can provide your Millennials in their schedule and benefits package, the more likely they’ll stay engaged and loyal. In a positive spin, Millennials are efficient in that they’re only interested in benefits that directly relate to them, preventing their company from sunk costs into programs/perks that won’t be used.
Data collected from:
Millennial Employee Engagement & Loyalty Statistics: The Ultimate Collection by Brandon Carter