It is predicted that Millennials will change the world more than any other generation, as stated in a recent Gallup report. There are roughly 73 million millennials—born between the years of 1980 to 2000. By 2020, millennials will represent 40-50% of the entire workforce.
This generation is defined by a lack of attachment to institutions and traditions which is one reason they change jobs more quickly. One-fifth (21%) of Millennials changed jobs in the past year, costing the U.S. $3.06 billion. It is estimated that 38% of millennials are actively looking for work and 43% are open to offers. They are uncomfortable with rigid corporate structures and feel held back by rigid/outdated working styles.
To accommodate the change in values of the Millennial generation, organizations need to consider changing their culture. The SIX key changes to consider include:
LEADERSHIP CHANGES:
| PAST | FUTURE |
| My Paycheck | My Purpose |
| My Satisfaction | My Development |
| My Boss | My Coach |
| My Annual Review | My Ongoing Conversation |
| My Weaknesses | My Strengths |
| My Job | My Life |
- Millennials don’t just work for a paycheck, they want their work to have a purpose; a paycheck is no longer the primary driver.
- A key pursuit of millennials is personal development versus the pursuit of job satisfaction. They don’t need ping-pong tables or free food as a way to drive their satisfaction; they are more likely to see these tactics as condescending.
- A coach is preferred by millennials; bosses are viewed as being in command and control. A coach is someone who understands and will help build their strengths.
- An on-going conversation versus receipt of an annual review is the type of communication that millennials appreciate.
- Millennials don’t want to fix weaknesses, instead, they want to develop their strengths. A focus on strengths leads to a millennial being able to contribute more to their role and to the organization.
- It’s not just a job to a millennial…it is their life. Millennials value a role that allows them to use their strengths and want to be acknowledged for the contribution that they make as an individual.
Why is it so important to understand the change that millennials expect in the workplace? They are the future of our workforce and if they are not engaged, companies suffer which creates a chain reaction in the entire U.S. economy. It will be increasingly important for organizations to learn how to best tap into the strengths of the millennial generation.
Change can be challenging and demanding. At WageWatch our compensation consultants can assist with your organization’s compensation needs and help ensure your wages and salaries are supporting your company’s business strategy and objectives. In addition to our PeerMark Salary Survey for over 100 local lodging markets in the U.S. and Canada, we offer a National Benchmark Salary Survey. With over 9,000 hotels and 200 casinos in our database, WageWatch’s hotel and gaming salary surveys are the most comprehensive surveys available to Human Resource professionals. For more information on our services, including consulting, salary surveys, benefit surveys, and custom compensation reports, please call WageWatch at 888-330-9243 or contact us online.