“Numbering over 66 million, the current group of 20- to 34-year-olds—although they make up a smaller proportion of the total population than the Boomers—is the largest ever in the United States. Because Boomers are now moving into retirement and Gen Xers are fewer in number, Millennials have recently inched past the other generations to corner the largest share of the labor market (they make up 32.0 percent of the labor force, compared to 31.2 percent for Gen Xers and 30.6 percent for Boomers).”
This demographic profile of the Millennial workforce is an excerpt from one of two recent reports from Deloitte on the Millennial generation and the way that it intersects with the workplace. The quote above is an excerpt from an October 2015 analysis: A new understanding of Millennials: Generational differences reexamined. At the end of this post, we include an infographic summary of the report.
Last week, Deloitte issued a second report, the Deloitte Millennial Survey 2016, the fifth year in a series of such surveys. The survey encompassed a global sampling of nearly 7,700 Millennials to learn more about their values and ambitions, drivers of job satisfaction, and their increasing representation in senior management teams.
You can download the full 27-page report and various infographics for an in-depth analysis, but here are some survey highlights:
- Millennials have one foot out the door – 44% say they would like to leave their current employers in the next two years.
- This desire to move on is rooted in a perceived lack of leadership-skill development, feelings of being overlooked, a desire for work/life balance and increased flexibility.
- Millennials have strong values and they seek employers with similar values. They want business to focus more on people, products, and purpose—and less on profits.
Research authors say that it’s not too late to earn Millennials’ loyalty
- Encourage mentorship
- Have purpose beyond profit
- Provide developmental opportunities
- Create the “perfect” job, environment
- Millennials want to feel in control of their careers