It's official. Millennials have taken over the workforce. According to Pew Research Center analysis, millennials are now the largest generation in the workforce. It was inevitable that this would happen, it was just a question of when and that time has come. To help you brush up on the latest millennial news, this week's Talent and HR News Weekly Roundup is putting the spotlight on millennials.
"Organizations worldwide have pinpointed a lack of capability when it comes to providing leadership programs for the millennial generation, according to Deloitte’s 2015 Global Human Capital Trends report. The ability to develop leadership programs for millennials is cited as an area of weakness by 60% of HR and business leaders worldwide across all industries, according to a study of 3,300 business and HR leaders from 106 countries. The millennial generation has become an area of focus for organizations, said Tim Clayton-Ball, human capital partner at Deloitte."
2) For Millennials, it's good to be young, rich, and female from CNN Money
"Rich, young women are kicking butt. Wealthy Millennial women are more likely to make at least as much -- if not more -- than their husbands. They're also more likely to take the big decisions on household finances and investments, according to a new report from U.S. Trust that surveyed high and ultra-high net worth individuals, defined as those with at least $3 million in investable assets. The report found that 30% of these wealthy Millennial women were the primary income earners, and another 21% contributed the same amount as their partners. That's compared to just 11% of Gen X women who made more than their husbands, 15% of Baby Boomer women and 4% who are 70 years old or older. The percentage of equal earners remained relatively similar across all four generations."
3) Millennials want more flexibility in workplace schedule, survey says from LA Times
"Some days Jay Greenlinger bounces from his children's plays and baseball games to work and back again. The 34-year-old has four young children and serves as the director of technology at the Pleasant Valley School District in Camarillo. Greenlinger's flexible schedule, aided by his largely electronic workload, is an example of what millennials now crave in the workplace. "It shouldn't be an either-or proposition," he said. "I think the millennials' ideas of how and where work gets done is very different than previous generations." According to a recent survey by accounting firm Ernst & Young, millennials highly value flexible work arrangements, as well as paid parental leave."
4) 7 facts every business should know about millennials from Business Insider
"Contrary to popular belief, today’s 20 and 30-somethings are more loyal to their employers than previous generations. “I hope I die before I get old.” The Who’s timeless lyric from “My Generation” still captures the underlying tensions that exist between generations. No matter the generational label or decade, young people have always felt misunderstood, and today is no different. You might have heard that millennials are narcissistic, coddled, and disengaged. Yes, they take a lot of selfies, love their phones, and believe that social media is integral to their lives and relationships. But according to various surveys, they’re also more informed, civically-engaged, and open-minded than conventional wisdom might lead you to believe."
5) One CEO has figured out a way to get millennials excited about coming to work from Business Insider
"It's not every CEO who instates an all-company story time, but Geoff Gross, CEO of Medical Guardian, a Philadelphia-based company that provides alert devices to help seniors live independently, says storytelling has become a staple of the company culture. Once a week, one or two people from each department get up in front of the whole team to "tell something special about what they did that week." It's more entertaining than a generic public shout out (good job, employee of the month!) — and, according to Gross, it's also incredibly effective."
6) Millennials have a clear favorite when asked which tech company is their 'ideal employer' from Business Insider
"Millennials overwhelmingly want to work in tech more than any other sector. That's according to a new report published Friday by Bank of America Merrill Lynch. The report, written by Sarbjit Nahal, Beijia Ma, and Felix Tran, looked at trends specific to millennials. Nearly 20% of millennials say Google is their ideal employer. Apple was named by 13% of millennials, and 9% listed Facebook as their ideal place to work."
Lexi Gordon is a Lead Consultant for exaqueo, a workforce consultancy that helps organizations build their cultures, employer brands and talent strategies. Contact exaqueo to learn more about how we can help you build a workforce that’s aligned with your company culture and develop an employer brand that will allow your business to scale the right way.