Millennials will become over a third of the world’s workforce by 2020 and the idea that they have different work habits than other generations has been widely spread. But are they really redesigning the way we work?
Millennials are a generation who, according to Pew Research Center, encompasses people born between 1981 and 1996. They currently make up for a quarter of the world’s population and since the early 90s have become the largest generation in the world. Most forecasts believe that millennials will account for 35% of global workforce by 2020. With this in mind, it’s important to understand what millennials take into consideration when looking for a job. And what keeps them happy at work.
Millennials value learning and development
According to the 2018 Millennials Work Report, learning and development is the second most important benefit – the first being healthcare – that millennials take into consideration when choosing where to work. Further opportunities to learn and develop new skills are highly valued, probably because skills and qualification are perceived as the most important factor for millennials to advance their careers.
Millennials value flexibility
When it comes to retention, having a flexible work schedule is one of the key factors that keeps millennials happy at work – the others being inclusion and diversity. In fact, about a third of all men and a quarter of all women surveyed by the 2018 Millennials Work Report say that they would rather work remotely. But flexibility is also about location. Another study indicates a relation between the loyalty of employees – how long they intend to stay in the work place – and a higher level of flexibility in deciding when and where to work.
Millennials value a positive workplace culture
Despite the fact that money is pointed by some studies as the number one priority for millennials when looking for a job, coworkers and the work culture are still among the top 4 most important factors at work. “Great people” is the fourth top priority valued by millennials, outranked by “holidays/time of”, “security”, and “money”. A different study placed great emphasis on a “positive workplace culture” as the most important factor for millennials when choosing to work for an organization.
Millennials value security
Several studies have reported on the importance of security for millennial workers. However, “millennials have redefined job security as career security”. For them, it’s the development of continuous skills that guarantees a place in the work force. Therefore, they seek “lifelong learning”. Nonetheless, this does not necessarily mean that they are job hoppers. In fact, the 2018 Millennials Work Report found that 38% of the respondents expect to have between one and two jobs in their lifetime while 43% anticipate they will have from three to five jobs.
Millenials seem to place a great emphasis on learning, seeking jobs which allow them to grow professionally. Altough salary is still important, the move from one work place to another does not seem to be influenced by this factor alone. A flexible work schedule and location (the possibility to work from home from time to time), the relationship with other coworkers, and the existence of learning opportunities are at the center of millennial’s decision of where to work.