The millennial revolution and what it means for your business
By 2020, millennials will make up 35% of the global workforce & Gen Z will make up 24%. Together, that's more than half the entire workforce population. It’s essential that businesses adapt their workplace policies to hold onto these powerful employees who are disrupting business as we know it.
Here are some quick facts you may not know about this demographic
● Millennials hold strong convictions. They are not shy to voice their concerns about business’ motivations and ethics. They'll push harder for diversity and inclusion.
● A high salary does not equal loyalty anymore. Millenials want to belong to a company that align themselves with social missions. This is the most diverse generation we’ve ever seen and they intent on making an impact.
● 43% of millennials plan to leave their current jobs within two years and only 28% have plans to stay beyond five years.
● 50% of job seekers say they wouldn’t work for a company with a bad reputation- even with a pay increase.
● 70% of millennials want flexible working options.
Michele Parmelee, global talent leader at Deloitte, comments:
When we examined responses from those who plan to leave within two years and those who plan to stay at least five years, we saw that pay may be the number-one item that attracts a millennial but diversity, inclusion, and flexibility are the key to keeping them. They don’t believe business shares their values, they don’t think business is doing enough to prepare them for the future, and they don’t feel business is sufficiently committed to improving society.
Other reasons millennials quit their jobs? Excessive overtime hours and a CEO that does not allow them to work flexibly.
What can companies do to retain this talent?
FundApps are an incredible example of a company that understands the needs of its employees. Over 80% of their team work flexibly, either through adjusting hours, working from home, or another country. This means that employees are able to balance family & their personal life without compromising their careers. Adapting policies like this has led to their pay gap halving between January and June 2018.
Zendesk is another progressive company. They provide 16 weeks paid parental leave to BOTH carers. Zendesk put their employees first and allow them time to recharge and be with their newborns for the first 4 months.
This is in addition to their strong commitment to serving the community. Zendesk have unlimited volunteer days and are strong believers that employee volunteering leads to happier customers.
The Millennial legacy
Millennials gravitate towards startups. They want to change the world by being an important employee whose voice is truly heard. If they’re not working for startups, they’re founding them. Millennials hold about 20% of all leadership roles. This generation of leaders will emphasize flexibility and feedback. Their employees will demand a sense of worth in the workplace and these leaders will give it to them.