Category Archives: millennials

Millennials on the Move?

For years, employers have been led to believe that millennial workers are habitual job-hoppers with one eye always on the door.

That perception—if it was ever accurate in the first place—might be increasingly off the mark.

Consider the 2017 Millennial Survey conducted by Deloitte. In a poll of roughly 8,000 millennial-age workers from 30 countries, 38 percent of respondents said they would leave their jobs within two years if given the opportunity. That number stood at 44 percent when Deloitte carried out the same survey last year. Additionally, 31 percent anticipate staying in their present roles beyond five years, compared to the 27 percent who said as much in 2016.

Some of the circumstances driving Generation Y to seek more stability in the workplace, it turns out, have little to do with work. For example, the survey sees the effects of terror attacks in Europe, the United Kingdom’s withdrawal from the European Union and—no surprise—a brutally contentious political climate in the United States leading millennials to cling more closely to the security of their current jobs.

Such matters are the main source of anxiety among millennials in mature markets such as France, Germany and the U.S. Meanwhile, a majority of Gen Y workers (58 percent) in emerging markets like Argentina, Brazil and India see crime and corruption as an even bigger threat, with 50 percent saying the same about hunger/healthcare/inequality.

“Millennials, especially those in mature European economies, have serious concerns about the directions in which their countries are going,” according to an executive summary of the findings. “They are particularly concerned about uncertainty arising from conflict, as well as other issues that include crime, corruption and unemployment.”

Indeed, the specter of unemployment lingers from past surveys, according to Deloitte, as this year’s poll finds 25 percent of millennials fearing the prospect of being out of work.

“Having lived through the ‘economic meltdown’ that began in 2008, and with high levels of youth unemployment continuing to be a feature of many economies, it is natural that millennials will continue to be concerned about the job market,” according to Deloitte.

Taken together, these factors are conspiring to create a real sense of fear among millennials, many of whom fret for their futures. In mature markets, for instance, just 36 percent of millennials predict they will be financially better off than their parents. Only 31 percent feel they’ll ultimately be happier.

“This pessimism is a reflection of how millennials’ personal concerns have shifted,” says Punit Renjen, Deloitte’s global CEO, in a statement. “Four years ago, climate change and resource scarcity were among millennials’ top concerns. This year, crime, corruption, war and political tensions are weighing on the minds of young professionals, which impacts both their personal and professional outlooks.”

Still, while many millennial workers question their ability to affect significant societal change on their own, these same employees feel they can make a difference with their employer’s help. The good news is that the corporate world is helping them do just that, with more than half of the millennials polled saying they are able to contribute to charities and worthwhile causes in their workplaces.

Of course, the organization also wins when employees get involved in such efforts.

“The survey’s findings suggest those given such opportunities show a greater level of loyalty to their employers, which is consistent with the connection we saw last year between loyalty and a company’s sense of purpose,” according to Jim Moffatt, Deloitte global consulting CEO.

“But, we are also seeing that purpose has benefits beyond retention. Those who have a chance to contribute are less pessimistic about their countries’ general social [and] political situations, and have a more positive opinion of business behavior.”

 

What to Expect from Gen Zers

As 2016 winds down, I can only guess at the number of surveys I’ve seen that are connected in some fashion to the subject of millennials. Let’s just say, for argument’s sake, the figure has to be in the hundreds.

thinkstockphotos-605751628Well, could we soon be in store for something similar when it comes to Generation Z?

For now, I’ll just leave that question hanging. But we’ve already seen a fair share of Gen Z predictions and reports over past 12 months, with the latest coming from 8×8 Inc., a provider of SaaS-based enterprise communication tools.

That study, titled “Rogue One: How Generation Z is Going to Bring Balance to the (Work)Force,” surveyed 1,000 full- and part-time Gen Z, millennial and Gen X workers, and found that the work preferences of Gen Zers may, in many ways, align more closely with Gen Xers than millennials. More precisely, the findings suggest that Gen Zers are less tech-dependent than millennials and more similar to Gen X when it comes to adopting high-tech devices and apps in their personal lives. Millennials, the study revealed, are more likely to use wearables (39 percent), connected appliances (35 percent) and virtual reality (24 percent) than Gen Z or Gen X.

What’s more, Gen Zers (200 of the respondents were classified as such) value face-to-face communication more than any other generation, with an emphasis on effectiveness over convenience—a major shift from how millennials prefer to work.

As 8×8 Inc. CMO Enzo Signore explains …

“We found that while millennials have encouraged the workplace to become more technologically advanced and remote-work friendly, Gen Z will bring more balance to the workplace through face-to-face communication and tools that will help them communicate more effectively. We believe this will start to have an impact over the next 12 months.”

That conclusion certainly appears to run somewhat counter to the images of teenagers who can’t seem to take their eyes off of their smartphones.

Most of us, of course, are just beginning to ponder the question: What can we expect from this next wave of workers? So to deepen my own understanding (and hopefully yours as well), I figured who better to ask than Bruce Tulgan, founder of consultancy RainmakerThinking Inc. and an expert on generational diversity issues.

Tulgan says he prefers to define Generation Z as those born between 1990 and 2000 and in the “second wave” of the great millennial cohort. As he explains …

“Gen Zers were small children on 9/11/01. They graduated from high school and [maybe] went through college or university during the deepest and most protracted global recession since the Great Depression. They are entering the workforce in a ‘new normal’ of permanently constrained resources, increased requirements placed on workers and fewer promised rewards for nearly everyone.”

As a whole, he adds, millennials embody a continuation—and Gen Z, perhaps the culmination—of the larger historical forces driving the transformation in the workplace and the workforce since the early ’90s: globalization, constantly advancing technology, the painfully slow death of the myth of job security, the accelerating pace of everything and more.

In many ways, Tulgan says, Gen Zers represent a whole new breed of worker. “Advances in information technology have made them the first generation of true ‘digital natives,’ ” he explains. “They learned to think, learn and communicate in an environment defined by wireless Internet ubiquity, wholesale technology integration, infinite content and immediacy. They are totally plugged in—through social media, search engines and instant messaging—to each other as well as anyone and everyone, and an infinite array of answers to any question at any time.

This second-wave millennials, Gen Zers, will usher in the final stages of the great generational shift.

So what can we expect from this second wave when it comes to institutions?

Tuglan predicts that Gen Zers will never see established institutions as their anchors of success and security. Instead, he says, they will be most likely to turn to their most reliable anchors growing up: hand-held super-computers, proximately powerful grown-ups, and the ability to construct a unique identity—a personal brand—that they can wield in public (mostly on social media) and revel in privately.

The latest study’s findings about Gen Zers being more “balanced” than, say, millennials, “certainly [underscores] the case that interpersonal relationships and in-person communication play very important role[s] for [them],” says Tulgan.

Guess we’ll begin to find out soon enough if these predictions come to pass in today’s (and tomorrow’s) workplace.

Yet More to Know About Millennials

We’ve certainly seen our share of divergent reports about millennials in the workplace.

483717656-blue-collar-millennialWe’ve all seen and read the ones suggesting they’re a privileged generation with a less-than-stellar work ethic and an eagerness to jump ship on the smallest of provocations.

More recently, we’ve seen research that disputes those reports, such as one study from Project Time Off, mentioned in an HREOnline story on this demographic by Senior Editor Jack Robinson just last month. That study finds many millennials not only want to contribute and stay with their companies, but are putting in extra time — some even being referred to as work martyrs — to prove themselves as committed, loyal employees.

As Katie Denis, a senior director of the U.S. Travel Association, puts it in that story:

“People really do have this deeply ingrained assumption that it is an entitled generation, [but] if you look at the totality of their experience, you see something very different. Millennials do have a desire to grab a job, hold a job, prove themselves.”

Just late last month, an emailed release from the newly launched Levo Institute, a website run by and dedicated to millennials, introduced me to another often-overlooked faction of millennials: blue-collar millennials — more than 80 percent of whom say their employers are not providing them with the tools needed to appropriately scale their careers.

They want very much to work and stay with their companies; they just need help.

“As blue-collar workers make up 20 percent of the U.S. workforce,” the report states, “Levo’s study found that nearly 15 percent of its respondents are actively working as full-time blue-collar employees,” which is significant considering millennials will make up 75 percent of global talent over the next seven years. It goes on:

“Additionally, while nearly 60 percent of the millennial generation graduated from a four-year college, the perception is often that hiring a younger worker means lack of core professional skills, such as [energy and commitment], communicating effectively and working in teams.

“As the economy has continued to add [blue-collar] jobs in construction, manufacturing and transportation over the years, these findings are particularly important, especially as millennials [in these jobs] are not experiencing companies taking a vested interest in their development.”

In many cases, millennials are saying no to four-year college degrees altogether to avoid the miseries of having to pay off huge student loans for a significant chunk of their working lives, according to this story in the New York Post. They’re also pulling down some of the biggest salaries and best benefits while their fellow four-year graduates take up residence in their parents’ basements.

And there are plenty of four-year graduates turning to trades too. According to the Post, there were an estimated 1,000 who got in line in July in New York City for applications as apprentice plumbers.