Oerlikon, Zurich. After a brown-bag lunch session, Mia, my young Millennial tech specialist and coachee, says to me “Gabriela, I’m quitting”. “Why” I ask her? After all, she joined this large tech company only 18 months ago. She goes on to explain she didn’t intend to start job-hopping, though she felt stuck in a dead-end job and considering leaving. She tells me that even though the next job offered a better salary, this was not the reason for her decision to change. Instead, she is looking to develop her career on a faster track, learn from competent managers, find a better fit, and an inclusive, flexible culture. If you are not a Millennial and you are reading this, bear with me.
Two out of three people of the global workforce in 2025 will be Millennials (born between 1980 and the early 2000s). Yes, 75% of your employees and teams will soon be mostly members of the millennial generation. As a corporate coach and catalyst for cutting-edge companies, I see how some of the smartest leaders start getting it. And others are simply losing talent in herds.
Industry 4.0 (I4) and its corporate culture found in most large organizations will soon be directly shaped and influenced by this generation’s habits and expectations. Problem is: Leaders of today and other generations are still getting acquainted with what Millennials really want. A few years ago, they figured Millennials like free food, colorful offices and games and that is why many offices today resemble Disneyland. Yet, that’s not stopping Millennials from leaving your company.
Reality shows that Millennials are likely to switch jobs multiple times during their career and that companies are struggling due to the employee turnover nightmare, high hiring costs, competition for talent in key industries, and face challenges when executing long-term strategies.
I suggest leaders the following: Let’s stop blaming the Millennial turnover on issues of entitlement, laziness, low attention span, or impatience, and instead let’s look at what this workforce really wants and needs. Do you know it? Let’s focus on what you — as companies and leaders — have to offer them to work better together.
Why they are really leaving your company
While office perks are cool, recent data shows that other aspects of work can matter more to them. The fact is they are leaving you or companies like yours, so let’s review the top reasons identified by Forbes, World Economic Forum, Deloitte and Gallup research:
- Companies are out of touch with Millennial’s priorities. What companies see as priority often widely differs from what Millennials focus on as priorities when choosing a company.
- Almost 60% of Millennials feel their companies view profits or revenue as more important than how people are treated and the same number reports to have left their jobs or considered leaving, when they did not like their direct supervisors or perceived them as not competent enough.
- More than half leave because their companies do not currently have enough growth opportunities for them to stay longer term. More than half say they needed to leave their current companies to take their careers to the next level. This generation is the most educated generation of all time (PEW Research Center).
There’s light at the end of the tunnel
Let me bring some light to why/how you can keep Millennials from walking away from your organization. To do so, let’s debunk some myths once and for all about this Generation, so you know more about how to respond and steer your company’s efforts.
In my recent book “How to be a Smart Woman in STEM” #science technology #Engineering #Mathematics I researched and described the impact of this Generational Shift. Link to Amazon.
There are questions that can unlock valuable answers for you and your leadership teams and that can prevent you losing touch with the millennial generation:
Myths about Millennials
Myth 1. “Millennials are lazy and entitled.”
Reality & Research and Ideas you may consider
- Laziness is not a exclusive of Millennials. A solid recent Ernst & Young’s Global Generation Research showed that 47% of millennials in management positions have begun working more hours in the last five years, compared with only 38% of Generation X and 28% of Baby Boomers.
- More than half of millennials are willing to work long hours and weekends to achieve career success, especially if it is linked to purpose and meaningful work. Let’s also notice one third of millennials reported working every day during their vacation. This is not advisable though worth noticing.
Question to ask: What/how is your company measuring performance / engagement, and, more importantly, how are you / leaders in the organization modeling this behavior every day?
Myths about Millennials
Myth 2. “All Millennials only want to work from home”
Reality & Research and Ideas you may consider
- That isn’t true. 4 out of 10 millennials report preferring to work in corporate environment and 2 out of 10 in co-working spaces (more recent collaborative spaces).
- Technology connectivity and the option to work anywhere is what matters to them.
- A Millennial Branding report found 45% of Millennials will choose workplace flexibility over pay.
- Collaboration, diverse and inclusive workplaces, as well as, places where groups of people regularly work together to solve problems and find solutions and strategies is a priority. One of those examples may be an open office layout /co-working area where colleagues interact easily and frequently, instead of the traditional cubicle concept.
Question to ask: From 1 – 10 (top) how truly diverse and inclusive is your organization?
Myths about Millennials
Myth 3. Millennials can’t communicate if it’s not via text
Reality & Research and Ideas you may consider
- Sure, they are well connected using technology, but this idea doesn’t match reality. In this Industry 4.0, Millennials see “soft skills” as increasingly necessary. Their top essential skills for long-term success, according to the Millennial Survey by Deloitte, are: Interpersonal skills, confidence, motivation, ethics, and integrity – in that order.
Question to ask: How does your company / leaders rank in these top 5 skills? If it is not a high mark, what can you / leaders do to upgrade these skills and re-learn new ways to model Leadership 4.0 in Industry 4.0
Myths about Millennials
Myth 4. “Millennials are the most “entrepreneurial” generation ever”
Reality & Research and Ideas you may consider
- Recent research shows that entrepreneurship among young people is at a 25-year low. The Internet however may help making it more visible.
- what is notably higher than ever before, is the desire to start a so-called “side hustle”. A parallel business idea to their corporate jobs. Almost 40% of millennials freelance in some area.
Question to ask: Is your company aware of all the potential Millennials are using on their side-hustles? Is there a way your company can provide spaces for this creativity / innovation to flourish in a more organic way?
Millennials may be digital natives, though at the end of the day, they want the same things that every employee wants: Choices, potential for growth, safety, meaningful work relationships, good leadership, flexibility, learning opportunities and respect. Companies like yours could be the one that creates better places to work for everyone. Your business will do well and do good as Millennials become the strongest workforce in no so distant future.
Coach Gabriela Mueller Mendoza
Diversity, Inclusion and Global Leadership 4.0 Specialist
Her Book: “How to be a Smart Woman in STEM” #science technology #Engineering #Mathematics available on paperback & kindle version on Amazon.
#leadership #I4 #4IR #Millennials #Myths #Industry4.0 #coachgabrielamueller
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