By 2025, 3 out of every 4 workers globally will be Millennials. Who are the Millennials, what do they care about, and why do they matter?
Who are the Millennials?
Millennials -- also known as Generation Y -- are those born in the 20-year period beginning in the mid-1980s. They are around 25-30 years old and they think differently, they work differently, and most important – they have a new set of values compared to the generations that preceded them.
If you understand what motivates them, you can attract them, retain them and best of all - maximize their strengths to help your company succeed.
What Millennials Care About
Millennials value flexibility, connectedness, and transparency. According to research conducted by Time magazine, 89 percent of Millennials would prefer to choose when and where they work rather than being placed in a 9-to-5 position. Working remotely is so important to them that 45 percent of Millennials will choose workplace flexibility over pay (Forbes). They want to work where they want and when they want and believe it doesn’t matter - as long as they get the job done.
Millennials are tech-savvy and are known as the “connected generation” because of their mastery and constant use of social media. They depend on technology and believe that it’s ok to blur the lines between work time and personal time – they don’t seek work/life balance as such, but instead value work/life integration.
One interesting example of this paradigm shift around work/life integration is the casual attire that Millennials want to wear to the office. They don’t need the black and white boundary around work and home life and therefore don’t feel the need to wear a suit or formal dress to the office. It’s all a grey area that does not require such a distinct separation.
Finally, Millennials care about transparency – they want to understand the company vision and what role they play in getting there. They expect to be able to walk into the CEO’s office, ask a question, and get an honest answer. They want to be in the loop and believe in a collaborative approach. They place less value on hierarchy and more on being a part of the solution.
Why Do Millennials Matter?
Here is the big reason why Millennials matter so much: research tells us that in the last five years, 87 percent of Millennials workers took on management roles, compared to just 38 percent of Generation X and just 19 percent of Baby Boomers.
Millennials are our next generation of leaders and will determine the culture and trajectory of the workplace for the next 20 years. The more we understand about them now, and the better we can adapt our organizations to their work style, then the better we can harness their talent, productivity, and creativity to help the business succeed.
Want to attract and retain Millennials at your company? First you need to have a top notch HR system in place. Check out this new eBook about the 5 Signs It's Time to Review Your HR System.