Today, millennials have surpassed Gen X as the largest concentration in the workforce — averaging about 40% in most industries — and will continue to rise within the next ten years. In this episode of Lifesize Live!, Senior Vice President of Global Business Development at Lifesize Anil Somaney discusses how to get better engagement across this digitally native population.
Millennials, sometimes known as Gen Next or Gen Y, have grown up alongside the internet and social media and are recognized as the first generation to really emphasize the importance of achieving a work-life balance, straying away from the traditional eight-hour work day. And while the nickname millennial tends to get a pretty bad rap, this generation is evolving and changing pace a lot faster than you’d think. Here are a few myths that we busted about the new millennial generation:
Myth: Millennials are the “job hopper” generation — they don’t want to stay tied down to a job for more than two years.
Fact: As the years go by they get increasingly loyal to their current employers, and 31% plan to stay more than 5 years at their current jobs.
Myth: Millennials are just a whole bunch of young, single hipsters, too immersed in their social media and “aesthetic” to actually understand what it’s like to be in the workforce.
Fact: Nearly 49 million millennials are now between the ages of 27 and 37. A lot of them are entering early stages of parenthood and are starting families. This means they are looking for stability, consistency and a place to truly start settling down.
Myth: Millennials don’t work nearly as hard as the baby boomer generation.
Fact: It’s not about punching in at 8 a.m. and clocking out at 5 p.m. anymore. They want their work to be worth it and to have meaning and purpose in the workplace. They want to learn, grow and enhance their skill set, and they want their careers to fit their lifestyles, not disconnect from it.
There’s been a dramatic shift in the connotation of what a millennial is — they are no longer the youngest generation, they’re moving up the corporate ladder (millennials hold 20% of all leadership roles) and they’re setting new standards along the way.
From flexible work hours, office perks and a collaborative work environment, the office is transforming when it comes to what makes a workplace great. So being able to provide a fun corporate culture, opportunity for growth within the organization and a sense of belonging and openness is now the next big thing. And while this generation continues to populate the workforce, maybe all the changes they bring aren’t so bad after all.
Want to hear more from the subject matter experts at Lifesize? Tune in to Lifesize Live! every Tuesday and Thursday morning at 11 a.m. CT for more tips, tricks and stories about what makes this industry so great.