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In ten years, around three quarters of the workforce will be made up of Millennials. With that in mind, it is paramount that HR professionals look past the bad reputation the generation has acquired when it comes to work ethics. A recent report helps do just that, by busting the myth that all Millennials are financially privileged job-hoppers.
The report addresses stereotypes and the investment opportunity the Millennial generation presents for employers. “91% of Millennials are not financially privileged, and the vast majority of this group do not plan to leave their jobs within a year”, the study’s publisher Center for Talent Innovation (CTI) states in a press release.
The study, published as a book entitled Misunderstood Millennial Talent: The Other Ninety-One Percent, explores the needs and wants of the financially unprivileged millennials. These are the people whose families can, or will, not support them indefinitely were they to quit or lose their jobs.
According to the study’s authors, the current misconception that all Millennial employees are a flight risk is leading their employers not to invest in them:
- 73% say that learning new professional skills is an aspect of intellectual growth that’s important to them in their careers. Yet 45% say they do not have this aspect of intellectual growth in their careers.
- 67% say that inspiration and motivation are important aspects of the rewarding relationships they want in their careers, but 70% say they do not find that inspiration and motivation in their current workplace relationships.
- 64% acknowledge the importance of relationships that allow colleagues to learn from those with expertise they lack. But 53% say they do not have those relationships.
“Millennials are poised to comprise 75% of the workforce by the year 2025 and nearly half are already in managerial positions, yet employers continue to under-invest in this critical talent cohort”, says Joan Snyder Huhl, co-author and fellow at CTI.
While employers are hesitant to invest in their youngest employees, they are in fact the ones that would appreciate it the most. In a recent report 59% of Millennials said that opportunities to learn and grow were the most important factor in a job. Compartatively, only 44% of Gen Xers and 41% of baby boomers felt the same.
Furthermore, 87% of Millennials rated professional or career growth and development opportunities as important in a job, compared to only 69% of non-Millennial employees.
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