By the year 2025, millennials will make up 75% of the workforce. Millennials are already rewriting career rules and this generation’s impact will only become bigger in the coming years. And that’s a good thing! We are moving away from the old status quo and into a new way of working. Here are 5 major ways in which millennials are already changing the workplace.
#1 Millennials Prefer A Mentor Over A Manager
If there’s one thing millennials want, it’s GOOD leadership. Simply executing your manager’s wishes is a thing of the past. Generation Y wants a manager to provide valuable knowledge that helps them develop and get ready for their future career. Daily feedback and guidance is therefore a much more logical approach to the performance process than an annual review.
#2 Millennials Choose Benefits Over Money
When you think that millennials leave their jobs because they believe they are underpaid, you’re wrong. It’s NOT just about the money. The total rewards package is becoming increasingly important. Millennials want flexibility and autonomy and value benefits that allow for such a lifestyle. Education and skill development are other important topics. Perks that help to reach future career goals are a major plus. In contrary to popular belief, millennials also value security and stability. With an unpredictable economy and ditto job market, millenials not only value job security but also good insurance and pension packages.
#3 Millennials Value Purpose & Impact Over Money
The ultimate career goal for generation Y is to ‘do what you love’. Finding and following your passion isn’t just a trend phrase, it’s a deep rooted desire. Millennials strive for doing meaningful work instead of climbing the career ladder. Working for a growing startup or non-profit organization that matches one’s beliefs are therefore becoming more popular.
A study by Bentley University concluded that 95% of millennials consider a company’s ethics as an important factor when making career decisions.
Bob Nelson, expert on employee motivation and author of Recognizing and Engaging Employees For Dummies, also studied this topic. When millennials believe a company has no positive social impact, or even a negative impact, they are far more likely to leave, according to Nelson.
#4 Millennials Ditch The 9-to-5 Mentality
Bye bye in-office attendance, hello flexible working! A growing number of companies provide employees the opportunity to work at home. Working remotely has many benefits like avoiding the commute and therefore increasing productivity and reducing stress. Tech savy millennials are already used to communicating online so video conferencing and using cloud based services are just a natural extention of this lifestyle.
Working anywhere and anytime does have its downfalls as well. The lines between work life and private life are becoming more and more blurred. Working in the evening or even during the weekend is by some considered acceptable. That’s one of the many reasons stress-related problems and even burnout are becoming more and more prevalent.
Read more on this topic in How To Recognize Burnout: 5 Early Warning Signs.
#5 Millennials Make Job-Hopping The ‘New Normal’
Working for one employer until you retire is becoming a thing of the past. Millennials value job satisfaction and aren’t afraid to change jobs or even employers to achieve their career goals. Having 9 to 12 different jobs during a lifetime will become the norm and employers need to start taking this into account.
But isn’t jobhopping a bad thing? No, not anymore! The negative stigma surrounding this is quickly dissolving. Jobhoppers often experience a higher learning curve, are high performing employees and have a higher compensation.