According to new research, released by meQuilibrium, Millennials are rapidly becoming the dominant cohort in the workplace, and this is causing significant shifts in workplace culture. It is predicted that Millennials will make up 75% of the workforce by 2025—prompting HR professionals to rethink the way they communicate benefits, offer learning experiences, and engage the workforce.
The report, The Power of Resilience: Millennials and the New Value Exchange, sampled of over 18,000 current users of the meQuilibrium platform, drawn from a variety of industries, and shows that Millennials are representing a growing segment of the workforce. The research also shows that Millennials are the most stressed out generation in the workforce—especially when it comes to juggling their families, health, and finances with their careers.
The Power of Resilience report also highlights four trends the research found, which include:
- Millennials are redefining the work relationship—they are more flexible, have a higher interest in skill development, and put an emphasis on learning and growing.
- Millennials have an increased value on the experience at the workplace—they see connecting with others as part of this value. Millennials are also interested in making a difference and prefer to work for companies that share these values.
- Millennials are shifting the trust landscape—they look their supervisor as a mentor and not just as a boss, and they have a strong sense of empathy. Millennials are also increasing reliance on themselves and their peers through social media and feel that trust is something you earn.
- Millennials expect to be a part of an ecosystem of interactions—they want and expect a mutual relationship with their employer, which means companies must master “reciprocal programming” in order to connect with Millennial employees.
The Power of Resilience report also claims that in order to attract and retain Millennials, you must transform your benefits packages. Instead of seeing benefits as an expense, you need to be thinking about it from a strategic standpoint and make it an advantage to working for your company.
The graphic below represents additional findings from this research, to learn more about this report, click here.