3 Myths About the Millennial Workforce
While perceptions of the millennial workforce vary, there’s no question this generation has a tremendous impact on the workplace. Millennials are expected to compose up to 75% of the workforce by 2030 and their influence extends beyond sheer size. Older millennials are now in their 30s and taking on vital leadership roles at their companies, which means the talent competition for these types of roles is at an all-time high.
Understanding what truly motivates millennial employees is key to recruiting and retaining top talent today, but there are many misconceptions about this younger, hyperconnected and tech savvy group. By debunking the myths of this increasingly important segment of the workforce, your company can capitalize on their preferences to gain an advantage over competitors, improve employee productivity and more.
Myth: Millennials are job hoppers.
Contrary to popular belief, millennials aren’t job-hopping any more than Gen X did when they were a similar age. Roughly 79% of millennials ages 22 to 37 in 2018 reported working for their current employer for at least 13 months compared to 77% of Gen Xers the same age in 2002. About half of both groups said they’d been with their employer for at least five years.
Millennials may stay in their positions longer than perceived, but they still shop around. Even with 86% of millennial professionals currently happy at work, 49% are either actively looking or are open to a new position, which is good news for companies looking to recruit younger talent.
Ultimately, millennials are “consumers of the workplace,” shopping for the jobs that best align with their current needs and personal goals, according to the Harvard Business Review. In today’s competitive job market, employers need to know the most compelling factors that affect their decision to stay or consider competitors.
Myth: More perks result in higher engagement.
Disengagement is a challenge for all employees, but millennials lead the pack – 71% are either not engaged or actively disengaged at work. While perks like Friday happy hours and scooters around the office seem incentivizing, what the millennial workforce really wants is flexibility.
About two-thirds of millennials in certain business sectors have flexible working arrangements, including time, location and role. The greater the flexibility, the higher they rate its positive effects.
As more millennials settle down and raise families, employee benefits that give parents flexibility, convenience and peace of mind – like access to child care – are valued more than ever before. In fact, millennials lead all other generations in the desire for increased flexibility for child care and paid parental leave. Consequently, these benefits have a higher positive impact on engagement and productivity for millennials.
With Primrose on Premise®, we know flexibility is important, which is why it’s a cornerstone of our employer-sponsored child care offering. We are nimble in our approach so we can create the on-site early education and care solution that’s right for each employer, their employees and their families.
Myth: Millennials are only motivated by pay.
Competitive financial rewards may play an important role in retaining employees, but they’re not the only factor that affects an employee’s decision to stay or go. For millennials, quality of life – including trusting their employer, achieving work-life balance and aligning with company culture – are major considerations.
Time is precious to the millennial workforce. The majority are unwilling to sacrifice work-life balance for the promise of significant career benefits later on. When asked which is more important when evaluating a job offer – financial benefits or improved quality of life – 58% chose the latter. Companies that demonstrate support and trustworthiness also stand out to millennials; they’re more than 22 times more likely to want to work there for a long time.
To recruit and retain top millennial talent, businesses should consider providing benefits that help improve employees’ well-being and their quality of life. One way companies can gain a competitive edge with this segment of the workforce is by offering family-friendly benefits that allow working parents to balance their careers and their personal responsibilities.
If you’re interested in learning more about how employer-sponsored child care can help differentiate your company, especially among millennial employees, please contact our Primrose on Premise team.