The conversation about Millennials lately has centered on work expectations, the high cost of turnover and "How to Keep Gen Y Workers on The Job".
Gen Y's inclination to leave a job that doesn't meet expectations seems to be the impetus of much of the advice about managing Millennials at work (as opposed to, say, a desire to maximize their contribution, or create a genuinely Gen-Y friendly environment or handbook). That Millennials have different expectations is widely assumed, although not really proven. A recent academic exploration of Gen Y attitudes by academics at the London School of Business ("Gen Y: The Reflexive Generation") concludes Millennials may not be so much different in what they want than older workers, but they are more likely to give voice to their expectations and their frustrations. Why? Because they were raised to expect more from their career than just money or advancement. They are looking for meaning and self-improvement and to speak out when their needs are not being met.
"Many of the elements we uncovered, such as being in charge of one’s own work, career and life, are probably applicable to many people. This generation might be more vocal in expressing their needs, but we should not forget that the period of time in which they grew up shaped this mindset.One of the overriding impressions of the men and women of this generation is their frustration with performance management practices which are too slow, too bureaucratic and too hierarchical.
They place a great deal of emphasis on intellectual capital (the knowledge and insights they have), social capital (the depth, richness and extent of their networks) and emotional capital (the means by which they understand themselves and build self knowledge). For this generation the emphasis is on ‘work to learn’ rather than ‘work to live’.
I agree that the differences in expectations are shaped by their upbringing. But I would go further. Millennials also have the financial freedom to demand more of their jobs as a result of enjoying a parental safety net.
According to some reports, as many as 65% of recent college graduates are returning home. Unlike earlier generations, Millennials feel welcome to return home and moving home carries no stigma. For their part, parents are eager to (continue) to help their kids get a good start in life. According to a study by Vibrant.com, 37% of Boomer women have an adult child living with them and 44% are helping a child or grandchild financially.
Saving thousands of dollars a year in rent provides many with the option to take a unpaid internship, a volunteer position, or wait for a better job. Even those who have good jobs are deciding living at home is a reasonable option. A successful Chicago hairdresser I know recently moved back in with her parents in order to be able to afford health care. And another young employed worker plans to stay with his parents until he saves $30,000 to start his own business.
These are considered rational sacrifices, if they are sacrifices at all. After all, Millennials famously like their parents.
Fast forward 20 years and it's possible the tables could reverse! Boomer parents, who selflessly paid for advanced degrees and provided shelter in time of need, and who experienced significant savings depletion in 2008, may call on their adult children to return the favor. My guess is that Millennials will have no problem taking in Mom or Dad.
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This certainly aligns with the experience of my college friends. I'm shocked at how many of them STILL live at home (been graduated for 3,4,5 years now), even those who have solid jobs. When does it end? Liking your parents is one thing, but where have self reliance and pride gone?
ReplyDeleteThere will always be a 'better' job and or a more fulfilling internship...part of growing up is experiencing some of the less ideal ones as you find your way to what really makes you happy. Unfortunately, among the live-at-home Millennials I know, this rationale is used as a justification for laziness more often than not. If necessity is the mother of invention, what are parents doing by removing their children's necessity to support themselves?
There's a difference between healthy support of your children in a down economy and enabling them to float without purpose in the netherworld between college and adult life. If the Millennial friends I know are any representation of the norm, I worry Boomers are erring too far on the side of enabling.
As a Millennial myself, I find this terribly embarrassing.
Great post. I completely agree with the fact that most young graduates will rather hold on to find a befitting job than endure one they don't 'like'. I am a good example like many of my friends. I got a chemical engineering job after graduating, worked for a while and it didn't meet my expectations so i ventured into business and building start-ups.
ReplyDeleteThis generation is of the school of thought that you can achieve greatness and you can't settle, you must keep seeking until you find that which works for you, teaches you and pleases you.
I was JUST pondering this very topic when thinking about college graduates going out into the job market in 2009.
ReplyDeleteI delayed the inevitable job search by escaping to film school for graduate-level work, but would I have moved back home with my parents if there had been a recession like this one? Very likely!
We may never know how many are staying "home" because of the economy vs. because of the Millennial mindset, but either way, this all sounds so very European, doesn't it? Where college is not viewed as the proverbial cutting of the cord and the progeny may live with the parents until they move out for marriage or a killer job in another city?
Good post, Carol. I especially like this observation "Millennials may not be so much different in what they want than older workers, but they are more likely to give voice to their expectations and their frustrations." This makes sense to me, but you also correctly point out that the evidence is still really not there to support this.
ReplyDeleteI have hated performance management programs my entire career. For a number of reasons, they rarely work and everyone involved hates them. It will be interesting to see if these younger workers change these practices as their careers progress and they take on leadership roles.