Are you a millennial struggling in the job market?
Maybe an employer wondering how your millennial workforce thinks?
This generation is considered the most studied generation among all, and now they are expected to dominate the global workforce.
Find out what data has to say about millennials in the workplace.
Top Millennials in the Workplace Stats – Editor’s Pick
- It is estimated that 75% of the global workforce will comprise millennials by 2025. [4]
- Around 39% of millennials have a bachelor’s degree or higher. [1]
- 72% of millennial women are officially part of the workforce. [1]
- 52% of millennial respondents have or will take on student loan debt. [2]
- Only 29% of millennials are reported to be emotionally and behaviorally connected to their organisation. [5]
- Less than half (48%) millennials believe that corporations behave ethically, marking a decline from 65% in 2017. [7]
- 54% of millennials believe their standard of living will not be better than their parents. [2]
- Nearly 33% of millennials believe that their local community is still in a recession. [2]
How Financially Stable are Millennials?
It is no secret that The Great Recession shaped this generation and affected its sense of financial security.
Even though millennials generally feel good about their incomes, they still don’t consider themselves “thriving” in any aspect of well-being.
They are increasingly concerned about their retirement plans, lack of investments and most importantly student debt.
- Almost 66% of millennials have at least one source of long-term debt, and their wages have fallen over the past five years. [2]
- According to an EY report, 78% of millennials are worried about having good-paying job opportunities. [2]
- 74% of millennials believe that they cannot pay their healthcare bills if they get sick. [2]
- 79% of millennials are uncertain about having enough money for a comfortable retirement. [2]
- From 2004 to 2014 student borrowers increased by 89%, and the average balance per borrower grew by 77%. [2]
- Student debt has limited career options for almost 43% millennials. [2]
- Only 6% of millennials feel that their earnings can cover more than basic needs. [2]
- This figure is lower for millennial women, and only 3% of them feel they have money for luxuries. [2]
- 63% of millennials admit that they cannot easily cover an unexpected $500 expense. [2]
- 44% of millennials said that they would dedicate $5000 in lottery winnings to paying off bills and loans. [2]
- 42% of millennials with entrepreneurial aspirations say that they don’t have the financial means to start a business. [2]
Are Millennials Job Hopping?
Millennials have a reputation for job hopping.
For employers, this means that their millennial workforce doesn’t envision its future with them.
Low engagement and lack of financial security are potential causes for millennial turnover.
- 21% of millennials admit to changing jobs within the past year, which is 3 times the number of non-millennials. [5]
- According to a Gallup survey, the US economy loses $30.5 billion annually due to millennial turnover. [5]
- Only 50% of millennials indicated that they plan to be working at their company one year from now. [5]
- 60% of millennials stated that they are open to a different job opportunity, which is 15% higher than non-millennial workers. [5]
- Among millennials, 36% planned to look for a different job if the job market improves in the next 12 months as opposed to 21% non-millennials. [5]
- 44% of millennials agree that their engagement may rise if their manager holds regular meetings with them. [7]
- Looking at longer tenures, 22% of millennials stayed with their employer for at least five years similar to the Gen X workers (21.8%) of the same category. [3]
- Around 43% of millennials see themselves leaving their jobs within 2 years, and only 28% plan to stay beyond five years. [7]
What are Millennial Values in the Workplace?
Millennials entered the workplace when the Great Recession of 2007 was taking roots.
Their work culture seems to be guided by the cynicism of the recession.
Millennials show a lack of faith in almost every institution, and believe that corporations are only profit-oriented.
- Almost 75% of millennials believe that a “work from home” policy is important. [7]
- 64% of millennials show willingness to move to a different city for a better job or access to better opportunities. [2]
- A study discovered that 74% of millennials prefer to collaborate in small groups. [7]
- 63% of millennials are willing to add an hour to their commute for a better job. [2]
- 88% of millennials recognize that hard work is an important factor to get ahead in life. [2]
- 66% of millennials believe that having a great education is important for success. [2]
- Millennials express low levels of confidence in nearly every American institution. [2]
- 78% of millennials consider entrepreneurship inspiring and successful, and 62% have considered starting their own business. [2]
- Even though 71% of millennials agree that taking risks is important to success, 44% prefer to advance their careers through the corporate route. [2]
- Millennials appreciate diversity, 69% believe that diverse senior management teams lead to motivating working environments. [7]
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FAQs
Which generation dominates the workforce?
According to Pew Research Center, millennial workers surpassed Gen Xers in the job market in 2016. Currently, millennials comprise nearly 50% of the US workforce, and they are estimated to reach 75% of the global workforce by 2025. [4]
What style of leadership do millennials prefer?
Millennials often appreciate a leadership style that involves collaboration, transparency, and mentorship. They prefer to work in small groups and appreciate flexibility. Diversity in the senior management is also an important factor for millennials.
What makes millennials happy in the workplace?
Millennials often find happiness and fulfillment in the workplace when career growth, work-life balance, and recognition is prioritized. Creating a workplace that caters to these needs and values can contribute significantly to the happiness and engagement of millennial employees.
Which generation quits the most?
Millennials are known for being more inclined to switch jobs compared to other generations, often seeking new experiences, career advancement, or better work-life balance. However, as Generation Z entered the workforce, their preferences for job stability and meaningful work were noted.
Conclusion
The impact of The Great Recession is evident in how this generation perceives financial security.
Millennials express growing worries around retirement, healthcare, savings, and the burden of student debt.
Their work ethic appears to be shaped by the skepticism bred during that economic downturn.
Millennials generally exhibit skepticism toward most institutions, holding the belief that corporations prioritize profit above all else.
Millennials also show a preference for entrepreneurship, but claim that their financial means limit their aspirations.
Sources
- Pew Research Center. Millennial life: How young adulthood today compares with prior generations
- EY and EIG. The Millennial Economy
- Pew Research Center. Millennials aren’t job-hopping any faster than Generation X did
- Inc. The (Millennial) Workplace of the Future Is Almost Here — These 3 Things Are About to Change Big Time
- Gallup. Millennials: The Job-Hopping Generation
- Pew Research Center. Millennials are the largest generation in the U.S. labor force
- First Up. Key statistics about Millennials in the workplace
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Huma is a seasoned career expert with a diverse international background. She dedicates herself to empowering individuals in securing their dream jobs. Her proficiency in resume and cover letter writing techniques ensures she delivers the most current and effective advice to her readers.