Companies must learn how to manage millennials at work, as they will dominate the workforce by 2030.
Millennials will make up approximately 70% of the workforce by 2030.
For that reason it’s absolutely imperative that employers begin to understand millennials (those currently in their 20s and early 30s) and how to manage them at work.
Millennials, also known as Generation Y, are faring quite differently in today’s multi-generational workforce compared to Gen Xers and Baby Boomers.
For example, they are more likely to be living with their parents and unable to achieve financial independence through the work they do as the so-called gig economy flourishes.
It’s essential that companies understand these issues, because when millennials get hired, they might be less experienced than their predecessors and become frustrated more easily than previous generations.
Furthermore, various studies show that millennials have considerably higher expectations and levels of optimism regarding the workplace which may not be realistic for most employers to meet, producing a mismatch between expectation and reality.
For this reason, it is also important for companies to understand the unique interests and cultural values of millennials in order to attract their talents.
Millennials @ work: What’s there to know?
- Millennials are having a much harder time achieving financial independence than previous generations.
- Millennials are ambitious and eager for their careers to take off. When describing their ideal jobs, millennials are more likely to value opportunities for career advancement and the chance to learn new skills than their Gen X or Baby Boomer counterparts.
- Millennials want to own their own businesses. Millennials have been shown to have an entrepreneurial spirit, and they are more likely than other generations to study majors related to entrepreneurialism. As such, they are more likely to want to create their own companies and be their own bosses.
