Millennials (those born between the early 1980s and the early 1990s) make up a huge part of our workforce but they seem to lack loyalty to the companies and the leaders they work for. Multinational companies are noticing larger turnover rates of millennials as employee retention rates fall.
Two large-scale surveys have been conducted in order to understand the mindset of the millennial generation, each with over 10,000 millennial participants.
The key findings of these two surveys indicate that:
Millennials are as committed to their work as their more senior colleagues.
Millennials value interesting work and a good work–life balance. They do not believe that excessive work demands are worth sacrifices in their personal lives.
Millennials want flexibility in their working hours and are willing to give up pay increases and promotions for a flexible working schedule. They believe that success should be measured by productivity and not by the number of hours they are seen in an office.
Millennials want to feel supported and appreciated by their company and their superiors.
Millennials want more opportunities to develop their skills. These include technological skills, teamwork and interpersonal skills.
Millennials believe that businesses and business leaders should contribute to the improvement of society and they are more likely to be loyal to a company with strong ethics.