Here's some food for thought: Millennials are middle-aged. That's right, the first wave of millennials — people born between 1981 and 1996 — are turning 39 in 2020, according to Pew Research External Site.
Attend our FREE webinar External Site on Wednesday, March 4, to learn how the state of millennial health can impact the productivity of your workplace and associated health care costs.
Like it or not, their generation is a far stretch from what they are commonly made out to be in media and popular culture. But there is a shift taking place, in part because the generation is coming of age and can speak for themselves. Millennials already make up nearly half External Site of the U.S. workforce and by 2025, they'll account for 75 percent of the global workforce External Site.
However, according to a recent Gallup study External Site 71 percent of millennials are either not engaged or actively disengaged at work. Yet, they desire to learn and grow. On one survey, 65 percent of millennials rated personal development as the most influential factor in a job External Site.
That's why it's important to toss out any misconceptions you may have about this generation. Instead, put a plan in place to engage the millennials in your workforce. To help you get there, we debunked a few common myths about millennials, so you can be better equipped to connect with and lead them.
Want more stuff like this?
From operational to inspirational content, it will be provided at your fingertips.
Congratulations, you've successfully subscribed to News from Blue! Managing your employee benefits just got easier.
There was an error completing your request. Please try again later.
MYTH #1: Millennials are entitled narcissists who are addicted to social media
REALITY: Millennials have been fundamentally rewired by the digital age
Growing up in the digital revolution, with information at their fingertips and the rise of social media, gaming and mobile phones, millennials have been shaped by technology. It has influenced their friendships, families, how they spend their time, and how they interact with brands and institutions. In fact, many millennials trust social media over their own doctor. While these perspectives can disrupt traditional workplace values, they can also challenge your business to embrace and leverage technology, boost your brand, and ultimately improve your bottom line.
1 in 3 millennials consider social media freedom, device flexibility and work mobility a higher priority than salary in accepting a job offer External Site.
MYTH #2: Millennials thrive on participation trophies and #winning
REALITY: Millennials have been raised to be good team players
Many millennials grew up in environments that encouraged collaboration, like on sports teams, in extracurricular activities, or in school. Rather than competing with peers, they may have been rewarded for contributions or being a part of something. While this may be seen as weak to older generations, it actually makes this generation the ultimate team players. They are used to sharing credit and feel less compelled to compete with coworkers. Millennials need opportunities to work with peers, as well as on cross-functional teams. Give them reason to socialize and participate in team activities outside of work, as well.
MYTH #3: Millennials prefer a "gig economy" and won't commit to full-time work
REALITY: Millennials value job flexibility and work-life balance
It's true that millennials are drawn to independent work. Whether it's in the form of freelancing, contracting, consulting or temporary work, it's estimated that 47 percent of millennials freelance External Site in some capacity, rather than take permanent jobs. But, it's not because they are restless or noncommittal.
Millennials grew up with a wide variety of living arrangements. They may have been latchkey kids or had a single, working parent. Perhaps they had dual-income parents with rise and grind mentalities. Whatever the case, their lives bear no resemblance to the traditional family structure of the 50's and 60's. What's more, they may have watched family members lose their jobs or their homes after working for companies that were hit hard by the recession.
Overall, this has taught them the value of work-life balance over financial rewards or the hope of that year-end bonus. They want to get the job done, then they want to put it behind them and enjoy their time off. In other words, they don't want to be consumed with work.
Flexible work schedules can help millennials feel balanced. Whether it's a four-day work week, more personal time, the option of working remotely or wearing casual attire, it may be time to refresh your benefits package.
According to NPR.com External Site, Microsoft Japan enjoyed a perk of working four days a week — while still receiving their normal five-day paycheck. With the shorter work week, Microsoft also slashed their meetings in half from 60 to 30 minutes and all sessions were capped to five attendees. The result? A 40 percent increase in productivity.
MYTH #4: Millennials don't respect authority
REALITY: Millennials aren’t afraid to challenge the status quo
While generations of the past regarded authority with respect, millennials aren't as impressed. Perhaps 24/7 news outlets and social media have exposed them to more scandal and controversy than older generations. They have also been encouraged by parents to challenge authority and assert themselves External Site. Overall, millennials value direction and leadership more than authority.
Rather than simply taking orders, they want to know why the task is important and how it contributes to the overall end result. They want their opinions to be valued and they may question widely-accepted truths. That's why it's important to provide frequent, supportive and open communication External Site, with ample opportunities to contribute ideas, share insights and suggest improvements. If you are open to change, and if your employees are willing to take responsibility for making change happen, this could be a value proposition for your business.
When surveyed, 80 percent of millennials say they prefer to receive feedback in real time External Site, along with frequent check-ins, rather than a formal review process.
MYTH #5: Millennials view their workplace with angst
REALITY: Millennials want their work to be worthwhile
The average job tenure External Site for a millennial is 1.7 years. This may seem low, but it's actually higher than the same age group of Generation Xers. Millennials don't leave their jobs because they enjoy instability. Rather, they need to feel their work matters and that it is worthwhile. It's what motivates and engages them. If they find more fulfilling work, they'll move on.
For millennials in particular, organizational culture is about far more than salary and benefits packages. They want a more holistic approach, with programs that help them get out of debt, deal with emotional issues, or even become more involved in their communities. To get an overall better understanding of your employees, review the six elements of well-being. Also, implement programs to engage your employees and provide them with opportunities for development. They'll be happier, perform better and be less absent from work.
A 2019 survey External Site shows that more than 40 percent of millennials expect to leave their jobs within two years and fewer than 30 percent want to be in the same job for more than five years.
Take a deeper look: Exclusive millennial content page
Millennials are not all the same. In fact, they want a lot of the same things as previous generations. But, because millennials are the most culturally and ethnically diverse age group in the workforce, taking the same old approach could cost you. For more tools, resources and insights on how to manage millennials, visit our exclusive content page.
Stay in-the-know about millennials in your workplace
At Wellmark Blue Cross and Blue Shield, we know your business and have insights on your employees that you may not have in-house.
Our team will provide insights, trends, tools and resources, tips and tricks, and health-specific information needed to keep you in-the-know about your millennial employee population. As millennials continue to enter the workforce, it's important to know how you can keep them happy, healthy and engaged.
Questions? Contact your authorized Wellmark account representative or email us at email@example.com Send Email.