What do Millennials want from a Career?

It is a fact that millennials made up approximately 35% of the total global workforce in 2020 and by 2025 this generation will represent 75% of all workers. Whilst all millennials are different in outlook and personality, there are several shared traits that they can be broadly grouped together by. The values and aspirations of millennials are tangibly different from previous generations, partly due to the hyper-connected and technologically advanced era in which they grew up. Whilst many of us who are considered to be “generation X’ers” can remember buying our first mobile phone and surfing the internet for the first time in our teens or twenties, this tech was present from birth for millennials. A world of global connectivity and access to enormous amounts of information has been available to millennials from their inception, and it is fair to say that this is one key factor that has shaped their values. In this article some key shared traits of millennials will be explored, along with information on how these affect their view of the working world and careers in general. In short, employers must recognize the value of millennials in the workplace and must consider offering diverse ways of working in order to retain the best and brightest of the millennial generation.

They value the environment and social responsibility

Millennials have ben exposed to global information since their birth and tend to be highly adept with both the internet and IT in general. For the older generations it is not always instinctive to use the internet to find out information and news. Previous generations would tend to watch the news on TV or read a good newspaper to stay informed. With proficiency in quickly finding information online and using it as a default source of information comes a truly global perspective on current affairs. As a result, millennials hold the environment and the ethos of social responsibility in high regard. These values relate directly to the world of work as millennials typically favour corporations that show social and environmental responsibility in their general corporate ethos and business practice. An enormous 81% of millennials expect that corporations should act socially and environmentally responsibly. A company that does not hold these strong and demonstratable values is therefore going to be unlikely to attract and retain millennials.

Lifelong Learning is important

Lifelong learning is an important value in millennials and 90% of millennials see this as an integral part of their career. This generation is thirsty for knowledge, new skills and personal development in a way that previous generations simply were not. What this means for employers is that a suitable package of training and development opportunities should be present both in the workplace and visible on job advertisement for new employees. Historically job adverts have focused on renumeration and smaller fringe benefits such as cycle to work schemes and employee discounts. Today a corporation that seeks to attract and retain millennials should offer ongoing training, development and education opportunities with clear paths to promotion. Some forward-thinking companies have already begun to offer enhanced onboarding programmes that include training and development that goes beyond simple mandatory training to comply with regulations and help the new starter become acclimatised with current working practices. For example, leading business analytics and software company SAS offers new starters access to career mentoring including a career development centre in addition to emerging leadership courses. Not every organisation can offer these packages in-house, so many opt to utilise the services of training and coaching firms. Theta coaching offers bespoke courses for aspiring leaders along with a coaching programme that is designed to enhance core critical thinking, networking and time-management skills of new starters. These courses are designed to bring out the best from new starters, making them effective in the workplace early on and giving those who wish to progress to leadership roles the skills and confidence they need to succeed. In addition, it is worth noting that cultivating in-house leadership has the potential to decrease employee churn, reduce recruitment costs and provides a visible path to progression for many employees.

Flexible working practices

Millennials do not see 9-5 office-based working as the ideal way to conduct business. Given their expertise with technology, remote working and virtual meetings are concepts that this generation both enjoy and expect as a part of working life. In fact, 85% of millennials like the idea of fully remote working and 86% believe that they work more effectively from home. Clearly this poses some challenges for more traditional employers who only offer on-site working. Put simply, to not offer flexible working practices is likely to deter a sizeable proportion of millennials from working for an organization. The onset of the Covid-19 pandemic made remote working a necessity for many employees and to view this method of working as transitory is a mistake for any employer. Ideally businesses should offer the flexibility of hybrid working patterns with scope for additional remote working at short notice.

Promote healthy work-life balance

Leading on from flexible working practices is the sentiment held by millennials that a career should also allow for a healthy work-life balance. Millennials tend to make for highly engaged and ambitious employees, but also put high value on their time away from work. As a result, corporations that expect employees to read and respond to emails after working hours or those that regularly blur the line between working and home life are not held in high favour. This is certainly not because of any inherent laziness on the part of the millennial generation, it is simply that most of them adhere to the adage “work hard and play hard.” Employers should therefore ensure that their business culture clearly delineates the working world and home life. In addition, benefits such as a guaranteed day off on employees’ birthdays and the scope for taking time out to pursue socially beneficial activities such as voluntary work should be part of any leading employers’ working culture.

To sum up

Millennials now form a significant part of the workforce and will represent the vast majority of employees in the near future. Their value systems are different to previous generations, and they thrive in a flexible working environment that promotes true lifelong learning and development along with a healthy work-life balance. Millennials tend to be socially and environmentally aware and expect their employer to demonstrate the same. By offering favourable working conditions and scope for continuous progression employers can effectively retain this generation and bring out the best in them whilst minimizing employee churn and keeping down recruitment costs.

Moving forward

Theta Coaching Services is currently in the process of undertaking primary research on the opinions and values of groups of millennials as they plan for their first employment. Stay tuned for further announcements on our social media channels!