Of the generational cohorts, Millennials - those born between 1980 to 2000 --will make up 50% of the world's workforce by 2020. Where Baby Boomers -- those born between 1946 and 1964 -- drove so much of the decision-making, leaderships and consumer purchasing factors until now, it is clear there is another key influencer taking over this role, the Millennials or Generation Y.
Company HR departments, recruiting firms, ad agencies and just about any business looking to drive market share and hire rising star talent are bringing their attention to answering the questions: "What do Millennials want?" and "What will attract Millennials?"
It is with these questions in mind that I share the high-level summary of a recent project conducted by Bentley University called PreparedU. The infographic featured as the image in this blog reveals what Bentley's PreparedU project found out about Millennials.
1) There are some misconceptions about how they work and think. It has been generalized that they tend to hide behind technology with a preference for communicating via text or phone. The result? 51% of Millennials prefer to communicate face-to-face and in person. Email at 19% and text at 14% came in a distant second and third.
2) Another generalization that may be falsely anchored was that Millennials are not loyal to employers and would likely have a dozen or more jobs throughout their career. The Bentley survey showed that Millennials are more loyal than was assumed with 16% of respondents indicating that they saw themselves staying with one employer for their entire career and 80% of surveyed Millennials believing they would work for 4 or fewer companies throughout their career.
3) What may have been validated through the Bentley survey is the assumption that many Millennials have a poor work ethnic. Millennials agreed with 55% of respondents saying that they are unprepared for their first job and 66% of them said that the workplace should limit their use of social media to help address their ability to get work done and limit these online distractions.
4) How does the normal workday look for Millennials? According to the survey, the traditional concept of working 9 to 5 is over with 77% of respondents sharing they would be more productive if they were allowed flexible work hours.
So how does preparing for the influx of Millennials impact talent and shape benefit plans in the future?
1) Employers are looking to focus on introducing wellness programs that show their commitment to the mind, body and spirit of their employees. There is more of a focus on fitness reimbursement programs that aren't just for gym memberships, but for other cardio-related activities such as rowing clubs, Frisbee and baseball leagues. What is offered in vending machines and cafeterias is also being given closer examination. Living a healthy lifestyle includes the food choices made readily available to employees.
2) Companies are looking to introduce voluntary benefits with pet insurance and there is more interest in coverage for identity theft and other on-line related employee concerns. Employers are also incorporating coverage for naturopathic medicine and mental health counselling,
Providing benefits that the Millennials actually value and find of interest is a key question. As this generation continues to chance the face of the modern workplace, more pressure will be placed on finding answers that suit their preferences. Being prepared for Millennials means developing strategies to address these questions now before being forced to do so later.
To discuss workforce planning and considerations for your benefits and/or pension plan, please contact us. We stay on top of the trends with a practical awareness that comes from over two decades' industry experience. We're here to help so that you can focus on what you do best.
To learn more about this survey and to hear from Millennials on these topics, please watch the YouTube video from the PreparedU site called, "The Millennial Mind Goes to Work."
Dave Dickinson, B.Comm, CFP, CLU, CHFC
Experienced Benefits Specialist ready to optimize your group benefits and pension plans.