New research by the Hay Group division of Korn Ferry shows that members of the generation often maligned as being difficult to please are actually among their employers’ most enthusiastic supporters.
The analysis of employee engagement surveys from 350 companies and 6.8 million workers shows that 73 percent of Millennials would recommend their organizations to others as good places to work, compared to 70 percent of the overall workforce.
“By 2025, estimates are that Millennials will make up 75 percent of the workforce, and as such they are a true force,” said Mark Royal, senior principal, Korn Ferry Hay Group. “They are a highly educated and a technically savvy generation, and employers should take care in helping develop them into the next generation of leaders.”
Feedback and Advancement Opportunities
The research showed that Millennials are more positive about advancement opportunities - 54 percent favorable, compared to 46 percent of the overall workforce. They are also more likely to feel that their immediate managers support their development – 71 percent favorable, compared to 63 percent of the overall workforce.
In addition, Millennials are more likely to report that the feedback they receive during the year helps them improve - 67 percent favorable, compared to 63 percent of the overall workforce. This generation also feels that good performance is adequately recognized - 67 percent favorable, compared to 63 percent of the overall workforce.
Faith and Values
The analysis also shows that Millennials have faith in their organizations. They are more favorable about the extent to which their companies are responding effectively to changes in the business environment - 71 percent favorable, compared to 65 percent of the overall workforce - and their companies’ prospects for success over the next 2-3 years - 78 percent favorable, compared to 72 percent of the overall workforce.
In terms of values, they are more favorable about their companies treating people with respect - 82 percent favorable, compared to 79 percent of the overall workforce- and valuing and promoting diversity - 80 percent favorable, compared to 77 percent of the overall workforce. Though they may be seen to evaluate companies against higher standards, they are on par with overall averages in terms of their companies’ social responsibility (80 percent favorable) and ethics in operations (83 percent favorable).
“Millennials want their employers to give more than lip service to being socially conscious and ethical -- they want proof that the company puts a strong emphasis on doing the right thing,” said Royal. “However, they are pragmatic and also want to work for companies that are leaders in their field. Companies that do well financially and are good corporate citizens are employers of choice.”
The Need for Challenge and Recognition
While Millennials showed greater favorability in many areas, the analysis showed people of this generation are anxious to test their capabilities and be rewarded for their efforts. They are somewhat less likely to indicate that their current jobs make good use of their skills and abilities - 71 percent favorable, compared to 74 percent of the overall workforce - and that they are paid fairly for the work they do - 47 percent favorable, compared to 50 percent of the overall workforce.
Some may think that restless Millennials are leading the job-hopping trend, and to a certain extent that is true. The research shows that this group is less likely to express intentions to remain with their current employers for more than five years - 48 percent favorable, compared to 60 percent of the overall workforce.
However, other research indicates that greater mobility among Millennials might simply be a factor of their young age. Statistics from the U.S. Bureau of Labor show that college-educated Millennials actually have longer tenure with their employers than Gen X’ers did in 2000 when they were the same age as today’s Millennials.
“With today’s low unemployment rates, it’s important to offer challenges and stretch assignments to all employees to ensure they are prepared to contribute to the company’s future success,” said Royal.