Even Socrates piled on. As quoted by Brian O’Malley in a great Forbes post, the father of Western philosophy said: “Children now love luxury. They have bad manners, contempt for authority, disrespect their elders, and love talking instead of exercise.”
Sounds familiar, right? O’Malley goes on to ask some interesting questions, among them: “Are millennials really that different from previous generations, or are we just describing young adults? As Patrick Wright, business professor at the Darla Moore School of Business at the University of South Carolina said, ‘From my standpoint, it’s not a generational thing. It’s actually a stage of life issue.'”
Some like to say Millennials are the worst workers in the history of the world O’Malley confronts this common sentiment with data and insights that are welcome confirmation for those of us who are fans of this generation’s contributions in the workplace.
“Rather than typecasting millennials as unmotivated, lazy, or disloyal, it’s crucial to look at the larger macro trends in play. Companies used to invest significant amounts of time training new employees. It made sense, because the expectation was that these employees would stick around for decades. Investing in new blood was a long-term bet that paid off over time.”
Millennial job hopping is not necessarily a symptom of short attention spans. The pay off for loyalty to one company “began to change in the 1980s, when ‘you started to see healthy firms laying off workers, mainly for shareholder value,’ as well as “cuts in employee benefits—401(k)s instead of defined benefit pensions, and health care costs being pushed on to employees.”
Data frames this theory in a larger context:
- “Jobs switching is a broader trend. In a recent study, the U.S. Bureau of Labor Statistics found that Baby Boomers changed jobs just as frequently, holding on average of 11.7 different jobs between the ages of 18-48. Most of the bouncing around happened when they were young—from the ages 18 to 24.
- Millennials are more competitive than we give them credit. 59% said competition is “what gets them up in the morning,” compared with 50% of baby-boomers. Hardly the generation of slackers they’re cut out to be,69% of millennials see themselves in managerial roles in 10 years.
- Millennials are more likely to comply with authority than their parents’ generation. 41% of millennials agreewith the statement, “Employees should do what their manager tells them, even when they can’t see the reason for it,” while only 30% of Boomers and Gen Xers agree.
- Millennials are well prepared. Almost 70 percent of managers say that their young employees are equipped with skills that prior generations are not, around 82 percent are impressed with their tech savvy. Around 60 percent of managers say that the generation is full of quick learners.
- Millennials are the best-educated generation. The White House Council of Economic Advisorsstates that in 2013, 47% of 25 to 34 year-olds had attained some kind of degree after high school, while graduate school enrollment saw a 35% jump between 1995 and 2010.
Beyond compensation and opportunity, millennials are looking for a sense of purpose in the workplace. When they can’t find it, the new generation is taking matters into its own hands. A further study by Elance-oDesk—now Upwork—claims that79% of millennials would consider the opportunity to work for themselves. Meanwhile, Babson College’s 2014 Global Entrepreneurship report claims that in 2014, 18% of Americans between 25 and 34 were either running or starting new businesses.”
Interested in improving your retention of Millennials? Tribe can help.