Did you know that millennials are currently the largest generation in the American workforce? On top of this, they spend about $600 billion every year in the U.S alone – an astounding figure, the implications of which can’t be ignored. Considering millennials’ impact on the workplace, and on the economy it’s important we understand what drives them.When searching for a new job, these are the top 5 factors that today’s twenty-something-year-olds consider:
1. Millennials Enjoy Flexibility
With modern workplace technologies, and progressive corporate cultures, it’s become possible for employees to work from anywhere they please. While the traditional 9-5 work day hasn’t been replaced, it’s definitely changed as a result of technology, access to freelance workers, and companies recognizing the importance of work-life balance. Udemy’s report on millennials in the workplace revealed that 44% of respondents prefer a flexible work arrangement. Furthermore, 30% of respondents would like to work remotely full-time. This flexibility empowers millennials to choose how they work best, while still providing high-performance results to their employers.
2. They Value Companies That Improve People’s Lives and the World
Millennials like to work for companies that make positive impacts on society. Deloitte conducted a study that showed this generation wants leaders to truly commit to making real changes in the world. However, their findings show that out of about 8,000 millennials surveyed, 75% of them believed that businesses care much more about their own agenda than trying to have a positive impact on society.
Millennials understand that companies require profits in order to survive and thrive. However, they also feel that there’s room within this mission to develop innovative products and services, or alternative methods for improving people’s lives. When millennials find themselves at companies that show commitment in these areas, they feel more fulfilled in their roles.
3. They Want Stability
Contrary to popular belief, this generation is deeply interested in securing stable jobs. Although they’re often thought to jump from place to place, Udemy’s report revealed that 43% of millennials would actually prefer to have only three to five jobs throughout their entire careers. Under the right conditions, they’re more than happy to stay with a company long-term, but it’s not a one-way street. They’d like to see the same loyalty and commitment from their employers too.
4. They Like Ongoing Feedback From Managers
Millennials are highly motivated by the opportunity to strengthen their skills and learn new ones. When there’s a chance to personally and professionally advance in a role, they’re eager to jump on board. This is one of the reasons why they highly value regular feedback from managers. When managers deliver clear and constructive feedback to employees within this generation, it gives them direction and allows them to feel proud of their output.
5. They Value Coaches and Mentors
This generation enjoys having genuine, professional relationships with their managers. While it might have worked in the past, the management style of being socially distant and aggressively monitoring their every move doesn’t work well with millennials. Gallup published a report stating that millennials value managers who are willing to coach them. They want to be seen as people, and not just employees. They understand that this type of relationship allows managers to understand them better and help build their strengths.
Millennials aren’t looking to overhaul the working world—they just want to participate in companies that appreciate their professional skills and the world around them. They’re a generation that thrives on achieving company initiatives. Most of all, they want to excel at work, while helping make positive change in society in any way they can. These are valuable traits for any company to employ, and make millennials worth understanding.