Getting the most from Gen Y: Research delves into the Millennial mindset

by Tammy Binford

Consider the modern workforce: The up-and-coming Gen Y Millennials sit alongside Gen Xers, baby boomers, and even a few 70-and-older workers who’ve decided to delay retirement or skip it altogether.

Researchers tout an era when four distinct groups inhabit the workplace—those born in 1945 and before, the boomers born from 1946-1964, Generation X born from 1965-1978, and Generation Y born from 1979-1997. Granted the oldest generation makes up a tiny slice of the workforce and many employers won’t have all four age groups represented, but age diversity is a reality that savvy employers can use to their advantage—if they understand what makes people in various stages of life tick.

Millennials’ place in the workforce

Michael C. Fina, a provider of employee recognition programs, claims boomers make up the largest piece of the workplace pie—38 percent of the workforce. But they’re followed closely by Gen X at 32 percent. The youngest generation of working Americans already makes up 25 percent of the workforce. That leaves five percent for those working past a traditional retirement age.

With millennials making up a quarter of the workforce, they’re making their mark and leaving some in the older generations baffled. A report from MTV Research attempts to shed some light on the mindset of the youngest members of the workforce.

Dubbed “No Collar Workers,” the research looks at Millennials’ work habits “to better understand the Millennial working experience and to identify ways to leverage the innovation of this distinctive generation,” according to the report. “The findings reveal that Millennials call for meaning, mentorship and meritocracy in a workplace that channels what they bring to the table.”

What do Millennials want?

A report on the MTV Research study says the “vast majority wants jobs that work with their lifestyle and allow them to be themselves.” While it can be argued that members of any age group would want the same thing, the researchers say Millennials’ expectations for social connections at work set them apart. They want to integrate their work and personal lives even more than boomers.

The research says that 81 percent of Millennials think they should have the freedom to make their own hours at work, while 69 percent of boomers think the same way. Millennials also crave a social and fun workplace, with 89 percent of those surveyed expressing that desire. Sixty percent of the boomers surveyed wanted a social and fun workplace. Eighty-eight percent of Millennials said they wanted their coworkers to be their friends.

The research found differences in how male and female Millennials think about relationships in the workplace. Seventy percent of Millennial males think they should be allowed to date coworkers. That compares to 51 percent for Millennial females.

Millennials also want jobs that are meaningful and make a difference. “It’s not ‘career pickiness,’ but an expression of a need to connect deeply with the work,” according to the report. “The three critical aspects of their work are work/life balance, loving what they do and good benefits. While a good salary and vacation time are important, they are not key drivers.”

Ninety percent of the Millennials in the study say they deserve their dream job, and almost 60 percent think that job might exist. Eighty-nine percent think it’s important to be constantly learning on the job. Half prefer no job to a job they hate. One-third say recognition from the boss and coworkers or a promotion is more important to them than higher pay.

Self-importance or desire to contribute?

The researchers looked into a common criticism of Millennials—that they’re filled with self-importance and that they want to be shown appreciation constantly. The research says that trait may be misunderstood.

“While some critics label it ‘self-importance,’ Millennials in the workplace are actually exhibiting a deeper desire to generate new ideas and contribute,” according to the report on the study. The report also says three-fourths of millennials want a mentor and 80 percent want regular feedback from the boss.

The Millennials also think their employers should capitalize on their tech knowledge, with two-thirds saying they should mentor older coworkers on technology.

How do Millennials expect to get what they want?

The MTV research paints a picture of an age group eager to cast aside traditional ways to the top. Taking on the language of gaming, the report says “Millennials view life as a multi-level, multi-player game—and the workplace is no exception. No longer do young employees view the career ladder as a rigidly defined series of steps to the top. Millennials are taking control of their own destiny, looking for trapdoors and ways to switch roles within a company or start something on their own to ‘level up’ faster.”

Three-fourths of the Millennials say they will find a way to advance faster than others, a view shared by just half of those in the boomer age group. While being seen as a job-hopper was once a disadvantage, half of the Millennials studied believe switching jobs helps an employee reach the top. Just 37 percent of boomers feel the same way.

Takeaway for employers

The researchers say employers can use their findings to get the most out of their youngest workers. “Businesses that understand how transformative Millennials will be in the workplace can tap into their innovation to create new products, services and work environments,” the report says. “Corporations can consider these findings to create an environment where Millennials thrive and channel their power into a real competitive advantage.”

Tammy Binford writes and edits news alerts and newsletter articles on labor and employment law topics for BLR web and print publications. In addition, she writes for HR Hero Line and Diversity Insight, two of the ezines and blogs found on HRHero.com.