Understanding Millennials- A New Study

Understanding Millennials- A New Study Millennials  often get a bad rap for being tech-obsessed, having an entitlement mind-set and poor work ethic. And while some of this  might be true, there are other things you need to understand and appreciate about this generation of 18-34  year olds. You will work with Millennials who are projected to  make up 75 percent of the workforce by 2025. In fact, you are working with them right now. How well do you understand Millennials? The PreparedU Project’s Report on Millennial Minds Bentley University commissioned  a study in 2014 of over 1,000 Millennials to find out what they want out of their career and about  their own preparedness for professional  life. (This study was a follow-up to the first survey of business leaders, recruiters, and educators on their perception of Millennials preparedness.) Here is a summary of the findings from surveying Millennials: 51%  of millennials say they would  rather communicate with a  colleague in person 77% say flexible hours would  make the workplace more  productive for people their age 96% say great healthcare  benefits would be the most  important factor when choosing  between two otherwise equal  jobs 80% of millennials believe  they’ll work for four or fewer  companies in their career 79%  expect a pay raise every year 66% of millennials would like  to start their own business 50% of millennials say  the main reason people their age are  unprepared for their first job is a poor  work ethic What Does All This Mean? Greater flexibility in working hours, healthcare benefits, pay raises, job stability what does this all mean? Bentley professors and administrators decipher the findings in the report, but here are four  things  I think we should ponder and discuss. Millennials Speak Out It means they are not marching to the drum of business-as-usual. This generation seems to be saying they want more. Maybe it is idealistic, but maybe Millennials are savvier than previous generations. Maybe they are speaking out on the same things  every previous generation really wanted too, but just didnt think we could ask for. Who doesnt want a raise every year and good healthcare benefits? Feed Them Praise In-person communication is important to Millennials, despite their reliance on technology.  Ian Cross, director of Bentley’s Center for Marketing Technology,  says that millennials  like  praise, and they want clear direction as to what a manager may  be asking of them, especially early in their career. This could  explain the desire to speak to a  colleague in person. Independence and Entrepreneurship Millennials arent so interested in climbing the corporate ladder (which, by the way, has fallen). The study found 66% of millennials are interested in starting their  own business and 37% would like to work on their own. Only 13% said they’d like to be a CEO or company president.  Naive? Overly ambitious? Perhaps, but it should send a message. Millennials seem to want to be affiliated with something they create, not something other people create. This independent thinking could help spur more job growth down the road. The trick will be preparing them with the business acumen to build these new companies. Poor Work Ethic Is A Problem Even Millennials agree that what holds them back is poor work ethic. But what constitutes work ethic? Tricky question. Work ethic is a complex set of behaviours and beliefs. It can be defined in many different ways. How do companies measure work ethic anyway?  What can we do to help  Millennials  improve their work ethic? This needs further definition and exploration for sure. Infographic Bentley University provided this infographic to help understand the studys findings! The Bentley study concludes with: As the millennial generation continues to join the nation’s  working ranks and soon comes to dominate them, it is critical for leaders in  higher education and business to work together in creating an environment  where millennials can thrive and ultimately succeed. The future of our economy  depends on it. Share your thoughts, ideas and comments!