Millennials in the Workplace

The workplace of the future is here… or is it?

In America, 10,000 millennials turn 21 every day. 2020, the year that’s knocking at our doorstep will be dominated by the millennials.

Weirder out?

The future of the workplace is at the brink with millennials dominating 35% of the workplace. Those born between the 80s and the 2000s will comprise approximately half of the American workforce in 2020. All in all, 75% of the global workforce will be outnumbered by millennials in 2025.

“Accenture and Ernst & Young reported having over two-third of their employee base filled only with millennials.” How ready are you to let go of baby boomers?

Well, happy new year, baby boomers!

You can’t lose your job, you’ve got two teenagers heading to college in the near future. You’ve held this job for far too long, but you also need a job like the one you’re currently holding. As a baby boomer, what’s your next step?

Bitter as it may sound, individuals with solid jobs often get too engrossed living a comfortable work-life balance that they fail to keep themselves updated with the latest trends and job market scenario.

There are too many baby boomers settled into jobs that their companies just can’t wait for them to leave. Perhaps 2020 may be the year that the company gives you the boot.

An astonishing prediction by ProPublica and the Urban Institute says almost more than half of older U.S. workers are sacked of their longtime jobs even before they choose to retire.

At present, there are near about 40 million Americans aged 50 and older who are employed, says the U.S. Census Bureau.

At an analysis of the Health and Retirement Study data, over 22 million will suffer layoff, involuntary job separation or forced retirement.

This can cause significant financial consequences if you’re a baby boomer.

When workers from the baby boomer generation lose their job, it rather takes longer to find another job than the younger generation (millennial) who is seeking the same job role.

“As you can see millennials are already becoming an unquestionably societal force. Prediction says that three out of every four workers will be occupied by millennials globally by 2025.”

Millennial leaders of today can become tomorrow’s great CEO.

Millennials! Who they are?

73 million Millennials in America

Pew Research Center defines millennials to be those that were born between 1981 and 1996. Also, according to Gallup, it is estimated that there are approximately 73 million millennials in America.

Did you know the millennial generation were the ones who grew up with technology, innovative platforms, and mobile apps? So, if you’re thinking why millennials are taking over the workforce while companies are investing in technologies and devices — it is solely because they are the first-generation digital natives.

Within the next two decades, 50% of the U.S. workforce will comprise of millennials.

And 73% by 2030, says the U.S. Bureau of Labor Statistics.

What Gallup thinks of the millennial engagement in the current workforce?

Firstborn of the digital natives, millennials have been touted as a technology-savvy generation. Technology gadgets such as mobile phones, laptops along with tablets have revolutionized the way these generations digitally interact.

Whereas, a major number of Americans surf the web from their desktop or laptop — 85% of these millennials access their internet through their mobile phones.

Gallup says,

These generations are the least engaged in the workforce.

They’re often known for switching jobs more often than the other generation.

Turnover costs caused by millennials is nearly USD 30.5 billion annually.

What Deloitte think about millennial values?

What do most workers expect from an organization? They expect and believe businesses must consider the company’s profits along with the interest of stakeholders.

In a survey of 10,500 people, only 48% believed that corporations behave ethically.

47% think that business leaders are committed only to help society improve, which went down from >62 % a year earlier than 2017.

The majority of the millennials globally agree to the statement saying businesses have no ambition at all, except beyond the need of making money.

Also, 60% of employees believe that their senior management teams are diverse stating their working environment to be motivating, stimulating versus against the 43% who do not perceive leadership to be diverse.

Insane reasons why you should be working with the millennials today

According to Gartner, the millennial generation is said to use higher-end technologies, thus, it comes with no surprise that they’re the generation who will be able to understand IT strategies encouraging the usage of personal devices at work — “Millennial Digital Workers Really Do Differ from Their Elders” report.

It is said that 62% of the millennials would prefer changing jobs infrequently.

What’s even more interesting is that roughly two-third consider the chance of learning a new skill a major hurdle.

70% of the millennial generation will make various trade-offs in securing a better workplace.

Within two years, millennials in the workforce will comprise approximately half of the world’s workplace becoming a formidable lasting force.