Understand Millennials to Create a Humanized organization
Millennials believe more in life than in work-life balance, according to Fidelity Investments’ Evaluate a Job Offer Study1. When made to choose between financial benefits or improving the quality of work life, about 58% of the respondents chose the latter.
This generation demands a say in their contracts, their work arrangements, as well as their benefits. Compared to other generations, they live for flexibility and mobility.
On average, they want a $7,600 pay cut.
A survey conducted by PwC revealed that 66% of millennials feel the need to gain international experience to progress in their careers. About 72% made sacrifices to get into a company, and almost 60% will seek employees that embody their own principles about corporate responsibility. Not to mention, one-third of them don’t expect to work regular office hours.
Obviously, they are quite a handful.
The emergence of this entirely new workforce will present fresh challenges to the HR team. As early as today, you must start looking into employing digital tools and strategies that can maximize their potential.
Why should your company invest in the millennial generation?
Millennials are going to make up the bulk of the workforce in a few years’ time. They are going to represent 40% of the total workforce by 2020. And in the next 10 years, they will represent 75% of the workforce, according to a Governance Studies at Brookings report.
Invest well in these tech-savvy natural-born multi-taskers as they are primed for success.
1https://www.fidelity.com/about-fidelity/individual-investing/better-quality-of-work-life-is-worth-pay-cut-for-millennials
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