MILLENNIALS LARGEST GENERATION AT THE WORKPLACE
Millennials is defined as the generation born between 1980 and 1995. Millennials grew up in the internet cloud era with information accessible fast, easy and at whatever time or place they wanted. Many were raised by helicopter parents at wealthier households who provided encouragement on a constant basis.
They bring these experiences as expectations to the workplace causing challenges to the prior generations of baby boomers and generation x. While prior generations will see the first years of their careers as paying the duties most millennials believe that sacrificing personal life is not worth the effort even at the beginning of their careers.
For example at accounting firms' prior generations would make arrangements to work most weekends during the busy season. The staff would not leave their desk until their direct supervisor stop working. They would complete all the Busy Season workload with no need for temporary contractors or recruiting of additional full time personnel. With the millennial generation this is no longer the case.
As the millennial generation grew and turnover increased companies such as PricewaterhouseCoopers (PwC) and Deloitte invested large sums of money and time making extensive studies concluding for the need to implement flexibility policies. Since then many changes have been implemented on multinational companies and accounting firms operating in the United States.
MILLENIALS FLEXIBILITY EXPECTATIONS
“Flexibility in where they work and how much they work is also a key driver in Millennial satisfaction. This view differs in importance from that of the non-Millennial generation, which places greater importance on pay and development opportunities.” - PwC next gen study on millennials.
A few of the changes implemented to increase millennials employee engagement and decrease related recruiting, retention and turnover costs are:
· Flexibility to work from home.
· Constant feedback and recognition.
· Relax office dress code.
As multinational companies with the resources to pay top salaries are implementing flexibility policies, companies operating in Puerto Rico who are not willing to implement policies to accommodate millennials will have a hard time to compete for top young talent.
Well known local institutions and some accounting firms have already felt the pain of not been able to retain millennials even with their benefits and branding. Some already started a change in their policies to be more flexible to retain top talent. As local young talent has the option of emigrating to work at companies providing flexibility and they became the largest generation at work. The need for change is imminent.
Busy Season Staffing Solutions can assist your company in the recruiting of professionals both for regular employee needs as to temporary staffing.
Contact us at 787-918-1890, [email protected] or using the employer request staffing assistance section.
They bring these experiences as expectations to the workplace causing challenges to the prior generations of baby boomers and generation x. While prior generations will see the first years of their careers as paying the duties most millennials believe that sacrificing personal life is not worth the effort even at the beginning of their careers.
For example at accounting firms' prior generations would make arrangements to work most weekends during the busy season. The staff would not leave their desk until their direct supervisor stop working. They would complete all the Busy Season workload with no need for temporary contractors or recruiting of additional full time personnel. With the millennial generation this is no longer the case.
As the millennial generation grew and turnover increased companies such as PricewaterhouseCoopers (PwC) and Deloitte invested large sums of money and time making extensive studies concluding for the need to implement flexibility policies. Since then many changes have been implemented on multinational companies and accounting firms operating in the United States.
MILLENIALS FLEXIBILITY EXPECTATIONS
“Flexibility in where they work and how much they work is also a key driver in Millennial satisfaction. This view differs in importance from that of the non-Millennial generation, which places greater importance on pay and development opportunities.” - PwC next gen study on millennials.
A few of the changes implemented to increase millennials employee engagement and decrease related recruiting, retention and turnover costs are:
· Flexibility to work from home.
· Constant feedback and recognition.
· Relax office dress code.
As multinational companies with the resources to pay top salaries are implementing flexibility policies, companies operating in Puerto Rico who are not willing to implement policies to accommodate millennials will have a hard time to compete for top young talent.
Well known local institutions and some accounting firms have already felt the pain of not been able to retain millennials even with their benefits and branding. Some already started a change in their policies to be more flexible to retain top talent. As local young talent has the option of emigrating to work at companies providing flexibility and they became the largest generation at work. The need for change is imminent.
Busy Season Staffing Solutions can assist your company in the recruiting of professionals both for regular employee needs as to temporary staffing.
Contact us at 787-918-1890, [email protected] or using the employer request staffing assistance section.
For resources such as PwC nextgen study and Deloitte millennial survey refer to the following links:
PwC Next Gen Study
Deloitte Millennial Survey
Disclaimer: The information presented above is for information purposes only and do not represent legal advice. Before making any decision you should consult your own legal advisor.
PwC Next Gen Study
Deloitte Millennial Survey
Disclaimer: The information presented above is for information purposes only and do not represent legal advice. Before making any decision you should consult your own legal advisor.