Millennials are highly engaged in the workplace
Millennials are often considered hard to please. But in fact, they are among the most enthusiastic supporters of their employers. This is the finding of a recent study by the HR consulting firm Korn Ferry.
The research was conducted by Korn Ferry's Hay Group division and is based on employee surveys of 350 companies and 6.8 million workers. "According to estimates, Millennials will make up around 75% of the workforce by 2025 and accordingly represent a real force. They are a highly educated and tech-savvy generation," says Stefan Baldenweg, senior client partner at Korn Ferry Hay Group. Key findings from the study are:
Feedback and opportunities for advancement
- 71% of Millennials believe that their direct reports support their development. Among the total workforce, only around 63% held this opinion.
- Millennials are more likely to report that the feedback they receive from their supervisors helps them improve - 67% compared to 63% of the total workforce.
- The Millennial generation also believes that good performance is appropriately recognized. This was confirmed by 67%. Among the total workforce, the figure was 63%.
Faith and values
- 78% of those born between 1980 and 2000 are positive about their employers' prospects for success in the next two to three years, compared with 72% of the total workforce.
- Millennials care more than the overall workforce that their companies treat employees with respect. This was said by 82% of the Millennial generation compared to 79% of the total workforce.
- 80% of Millennials support that their employers value and promote diversity. 77% of the total workforce felt the same way.
"Members of the Millennial generation want more than lip service. They also want their employers to act socially and ethically. Millennials want proof that the company places great value on doing the right thing," says Stefan Baldenweg.
Millennials demand challenge and recognition
While Millennials demonstrated greater agreement in many areas, the Korn Ferry Hay Group analysis showed that individuals of this generation are eager to demonstrate their abilities and be rewarded for their efforts.
- Compared to the overall workforce, Millennials were less likely to report that their employers make good use of their skills and abilities - 71% compared to 74% of the overall workforce.
- Only 47% of Millennials believe they are paid fairly for their work. At 50%, half of the total workforce believed they were fairly compensated.
- Some may think restless Millennials are leading the job-hopping trend, and to some extent that's true. Korn Ferry's research shows that the Millennial generation is less likely to intend to stay with their current employer for more than five years - 48% of them versus 60% of the total workforce.
"But the greater mobility among Millennials could also be a factor of their young age. Statistics show that Millennials with college degrees stay with their employers longer than people from Generation X did in 2000, when they were the same age as today's Millennials," explains Stefan Baldenweg. "Given the low unemployment rate, it's important to offer all employees challenges and more advanced roles to ensure they are ready to contribute to the company's future success."
