Millennials, often described as ‘generation Y’, or the people born between 1980 and 2000 are set to make up a third of the global workforce by 2020.
They seem to be reinforcing the conventional notion of the workplace with them being more familiar with the media, digital technologies and online forms of communication such as the social media platform- Instagram.
Research has shown when millennials are seeking employment they are prioritising money and job security, holidays, culture fit and flexible hours. In comparison to the misconception of employers having to make the workplace more “millennial-friendly” by adding game rooms and beanbags.
Young workers are re-inventing the conventional notion of employment, according to a survey by one of the “Big Four” accounting organizations and the largest professional services network in the world, Deloitte. Deloitte conducted on 10,455 millennials and 1,844 Gen Z across 36 countries.
With regards to the employment industry, millennials are becoming increasingly known for their focus on a work-life balance as well as self- improvement and working more efficiently. Mainly due to the fact that their generation is expected to work well into old age.
Businesses need to know what millennials look for in a job in order to employ them (as in the U.S, the millennial generation makes up almost half of their workforce).
The Millennials Generation are concerned for their future hence why they are placing a lot of emphasis on job security. However, they do expect to change roles and potentially companies throughout their careers.
Among millennials, 43% envision leaving their jobs within two years and only 28% seek to stay within their current employment beyond five years.
The currently employed ‘Gen Z’ respondents of the Deloitte survey, expressed even less loyalty, with 61% stating they would leave within two years. Among those millennials who would quit their jobs, 62% regard the gig economy (where workers get paid for the “gigs” they do, such as a food delivery or a car journey) as a viable alternative.