As millennials pour into the workforce, human resource professionals and organizations are looking at their current systems and strategies to assess if they are appealing to millennial workers. In many cases they aren’t — and that could soon become a serious problem. This week’s 5 for Friday brings you the latest research and reporting on millennials in the workplace.
- A Mass Exodus of Millennials? Human Resource Executive Online: “It may seem that, just as you’re getting used to working with the millennials in your organization, they’re already leaving. And they’re moving on in large numbers, according to a recent survey. A poll of 233 human resource professionals from various industries, conducted by Millennial Branding and Beyond.com, found 30 percent of respondents saying their organizations had lost 15 percent or more of their millennial employees in the past year.”
- The Rise of the Millennial Workforce. Wired: “It shouldn’t come as a surprise as it’s been on the horizon for years, but are businesses truly prepared for the rise of millennials in the workplace? The U.S. Bureau of Labor Statistics predicts that by 2015 millennials will overtake the majority representation of the workforce and by 2030 this hyper-connected, tech savvy generation will make up 75% of the workforce.”
- The Millennials Have No Patience for Your Corporate Travel Policies. Bloomberg Businessweek: “Kids today! Won’t use the corporate travel policy, want to choose their own rental car company, no respect for “compliance” or “mandates” — and that is a real problem,” says Alicia Tillman, vice president of marketing and business services for American Express Global Business Travel.
- What Millennials Really Want Out of Work. Government Executive: “When you look at the data, the three generations are remarkably similar. On average, all three generations rated intrinsic values the highest, extrinsic and altruistic values in the middle, and leisure and social rewards at the bottom. If you’re trying to predict what people fundamentally want at work, knowing their generation is largely useless.”
- Why Millennials Don’t Like Being Paid By the Hour. QSRweb.com: “Hourly compensation has been a staple of the free enterprise system since Rosie fastened her first rivet. And like they always say, ‘If it ain’t broke, don’t fix it!’ Unfortunately, wage-per-hour employee compensation is broke.It has been for at least a decade. Ask any millennial who gets paid by the hour. No matter what the hourly wage is, if you pay them based solely on the numbers of hours they work, all you’ll ever get is their time.”