Millennials: The Future Workforce
Millennials now make up the largest age group in workplaces and are a critical component of the economy. Currently, the workforce consists of Baby Boomers, Generation X and Millennials. The term Millennials is interchangeable with the term Generation Y, which is defined as people born between 1980 and 1999. The Millennial generation is expected to make up about 75% of the total global workforce by 2035.
Anatomy of Indian Millennials (aka Gen Y)
(Source: "Are Millennials financially wiser than their parents" The Economic Times, August 6, 2018)
Organizations now operate in a highly-competitive environment for recruitment and retention of skilled workers and therefore maintaining a stable and talented workforce is becoming more and more difficult. Within this context, it is important for organizations to understand how Millennials differ from other age cohorts and what motivates them.
I conducted a primary research to get better insights. Questionnaires were sent out to the Millennials, Recruitment /Hiring agencies, HR department heads and Consultants. A few Interviews provided were also conducted. The data and responses so collected provide a better understanding of the characteristics and expectations of the Millennials at workplace.
Comparison between Gen X and Gen Y
|Particulars||Gen Y||Gen X|
|Loves to spend. Buy things on credit. Travel is the new passion. Prefers to rent.||Focused on Saving. Avoid Loans. Travel spend was negligible|
|Focus on short-term gaols like travel, gadgets, cars. House and retirement not on radar||Buying a house, retirement and children's education and wedding|
|Higher disposable income. High Spend on travel, gadgets, apparels, eating out||Household expenses. Minimal discretionary spend|
|Loves job-hopping. Part of gig economy. Flexibility in work hours and location||Stability was critical. 9 am to 5 pm jobs. Stuck to a job for a long term|
|Tech Savvy. Almost all financial transactions are online||Not very tech-savvy. Graduating to online transactions|
Common work style of Millennials:
Feedback from Millennials
Feedback from HR Agencies on Challenges faced during placement of Millennials
Feedback from HR Departments
Millennials affect the work culture and environment
While some organisations have begun to adapt their recruitment, retention, and transition efforts, the survey indicates that there is still a great amount of opportunity for organizations to improve in this regard. The survey brought out that while the trigger for some of the new policies could be due to the younger workforce but the implementation is uniform across all employees. It has been noted that traditional organizations recognise the importance of the young workforce and are taking steps to create an environment that is seen as conducive to the Millennials. If companies do not adapt, they risk falling out of touch with their employees. Organizations that are rigid in their approach could find themselves at a disadvantage as compared to their competitors.
Author: Isha Bhatnagar