Millennials and their habits have become a hot topic of conversation recently. Why? First of all, this year millennials will outnumber baby boomers and Gen Xers. And by 2025, they will make up roughly 75% of the global workforce.*
Many have the impression that the workplace is undergoing a fundamental change and adjustment in terms of values, working styles and learning because millennials are so different than you and me.
The IBM institute of value recently did a study that is the perfect example that perception is not always reality. By interviewing 1,784 employees from businesses across 12 countries and 6 industries, this multigenerational study broached the topic of Millennial Myths, Exaggerations and Uncomfortable Truths.
Let’s take a look at one aspect of the study; busting 5 myths about Millennials (this infographic nicely summarises the myths)
Myth 1: Millennials’ career goals and expectations are different from those of older generations.
IBM findings indicate Millennials have similar career aspirations to those of older generations. They want financial security and seniority just as much as Gen X and Baby Boomers, and all three generations want to work with a diverse group of people. Millennials also align with other generations over what it takes to engage employees at work.
Myth 2: Millennials want constant acclaim and think everyone on the team should get a trophy.
When asked to describe their perfect boss, Millennials say they want a manager who’s ethical, fair and transparent more than one who recognizes their accomplishments.
Myth 3: Millennials are digital addicts who want to do and share everything online, without regard for personal or professional boundaries.
No question about it, Millennials are adept at interacting online, but this doesn’t mean they want to do everything virtually. For example, Millennials prefer face-to-face contact when learning new skills at work. And Millennials are more likely to draw a firm line between their personal and professional social media networks than Gen X or Baby Boomers.
Myth 4: Millennials, unlike their older colleagues, can’t make a decision without first inviting everyone to weigh in.
Despite their reputation for crowdsourcing, Millennials are no more likely than many of their older colleagues to solicit advice at work. True, more than half of all Millennials say they make better business decisions when a variety of people provide input. But nearly two-thirds of Gen X employees say the same.
Myth 5: Millennials are more likely to jump ship if a job doesn’t fulfill their passions.
This is another fiction according to IBM. When Millennials change jobs, they do so for much the same reasons as Gen X and Baby Boomers. More than 40 percent of all respondents say they would change jobs for more money and a more innovative environment.
I agree that the first four are indeed myths are but I tend to feel that there is some truth to the 5th myth about job hopping. I’ve seen statistics that state that millenials expect to stay in a job for less than three years, that could mean 15 jobs over the course of their working lives! Another survey I read by RecruitiFi, stated that although 83 percent of millennials acknowledge that job hopping on their resume has the potential to be negatively perceived by prospective employers, 86 percent say that it would not prevent them from pursuing their next professional path.
Regardless of your opinion of the myths, it cannot be denied that Millennials are holding more power over business technology buying decisions. The questions is how will it affect your business?
*Source : 2014 Deloitte millennial survey