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New(ish) Kids on the Block: Unveiling the Dynamic Presence of the Latest Generations

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Let's talk about the new(ish) kids on the block: Millennials. Now, we know Millennials are not new. In fact, they already currently makeup a majority of the workforce. By 2025, Millennials are expected to make up 75% of the global workforce, already being the largest segment in many workplaces. The world has been watching Millennials for a long time, so let's discuss the changing dynamics in the workplace as millennials become the dominant generation, emphasizing the need for organizations to understand and adapt to their unique characteristics. 

Engagement 

However, Millennials are the least engaged generation at work, with only 30% reporting engagement. They tend to change jobs more frequently, with 21% switching jobs within the last year, causing an estimated annual turnover cost of $30.5 billion in the U.S. With baby boomers heading towards retirement, there is a race to attract, engage, and retain millennials, the second-largest employee pool. Traditional recruitment and retention strategies are deemed irrelevant, requiring a new approach to meet the needs of millennials. Engagement levels among millennials are relatively low, with only 29% feeling engaged at work, and 71% either not engaged or actively disengaged. Millennials are a diverse group, and understanding the gap between older and younger millennials is crucial for effective engagement.

Values and Ethics

Millennials prioritize ethical behavior in corporations, but only 48% believe corporations behave ethically. A significant percentage questions business leaders' commitment to societal improvement. They value company culture and investigate potential employers through online platforms like Glassdoor and social media.

 

Forged in the recession, older millennials have learned to adapt to uncertainty and value job flexibility. They often engage in side hustles, showcasing entrepreneurial tendencies and problem-solving skills. Younger millennials closely examine company culture before joining, relying on platforms like Glassdoor and social media for insights. Organizations should note a shift in priorities, with millennials leaving jobs for improved mental health, combating burnout, and seeking purpose.

 

Technology

 

Millennials, born between 1981 and 1996, have already played a significant role in shaping technology trends, and their influence is likely to continue in the coming years.  Millennials are digital natives, having grown up with technology such as personal computers, the internet, and mobile devices. They are early adopters of new technologies and are likely to continue driving the adoption of emerging tech trends. Millennials, in general, are tech-savvy, competitive, adaptable, and entrepreneurial-minded. Millennials are more likely to use higher-end personal devices, influencing a positive view of IT strategies encouraging personal device use at work. They prefer spending the least time in the office and utilize digital solutions like real-time messaging and social media at work. Millennials may drive the acceptance and integration of artificial intelligence (AI) and automation in various aspects of life. Their influence extends across various sectors, from consumer technology to workplace practices, and their impact is expected to be prominent as they become an even larger demographic force in the years to come.

Loyalty and Workplace Culture

Trust in the workplace is crucial for Millennial loyalty, with those perceiving a high-trust culture being 22 times more likely to stay. Companies with great workplace cultures witness significant improvements in agility and innovation. To retain millennials, leaders should address biases against them, focus on fundamental aspects of employee engagement, and avoid gimmicks. Autonomy, respect, and a supportive workplace environment are crucial for job satisfaction, loyalty, and retention among millennials.

Career Mindset

Millennials plan for the long term in their careers, with 33% expecting to retire between 65 and 69. Work-life balance, job security, and flexible working options are significant priorities for Millennials when choosing a job. Millennials desire career growth and opportunities, valuing organizations with a clear purpose. A significant portion of millennials are open to different job opportunities, with only 50% planning to stay with the same company a year from now.

Work Life Integration

Work life balance is more than a theory for Millennials, but almost an ideology within itself. The importance of finding true balance between work and living is as important to Millennials as successful careers, and are in fact contributing factors in that success. Organizations are encouraged to reassess employee engagement strategies, recognizing the significant impact of the last few years on employees and their priorities. Providing room for growth, support, and outlets for talents can contribute to longer retention and increased productivity among millennials.

What about Gen X and Gen Z?

Sandwiched between the preceding and succeeding generations, Millennials have dominated conversation about the workforce in most recent years. But that's not to say that we’re not paying attention to the actions of Gens X and Z. Gex X is often described as independent, flexible, wellness driven, and technologically adept. Their impact can be summarized by looking at the changes in leadership trends we’ve been seeing by fostering those skills in entire teams, not just upper level. Gen X leadership focuses on the end product, valuing autonomy and flexibility. They are more likely to be flexible leaders, allowing remote work for high-performing team members. Gen X values work-life balance, informal workplace relationships, fair pay, and benefits. Satisfaction and fulfillment are crucial in career choices.

 

Gen Z is set to surpass Millennials as the most populous generation globally, comprising more than one-third of the world's population. Gen Z already has a number of notable contributions, such as the induction of Rizz to the dictionary and the downward trend of college enrollment as young people are seeking out alternative routes to their aspiring careers in adulthood. The generation has unique perspectives on careers, success, and the workforce, shaped by experiences such as growing up in the aftermath of the Great Recession. Contrary to expectations, Gen Z is not necessarily risk-averse or non-entrepreneurial. Their perspective on career aspirations, development, working styles, and core values is more nuanced. Employers should be prepared to offer greater personalization in career journeys to attract and retain Gen Z. This requires a mindset that matches the external environment's speed of evolution.


 

Sources:

https://www.gallup.com/workplace/238073/millennials-work-live.aspx?thank-you-report-form=1 

https://firstup.io/blog/key-statistics-millennials-in-the-workplace/#:~:text=Millennials%20already%20are%20the%20largest,be%20made%20up%20of%20Millennials  

https://www.engagementmultiplier.com/resources/engaging-millennial-employee/ 

https://www.indeed.com/career-advice/career-development/generation-x-professional-characteristics 

https://www2.deloitte.com/us/en/pages/consumer-business/articles/understanding-generation-z-in-the-workplace.html

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