Millennials (adults between ages 19 and 35) have been analyzed and discussed at length for their impact on today’s modern workplace. But there’s a compelling reason for it… last year Millennials finally surpassed Generation X to become the largest generation in the workforce.
Additionally, when it comes to making employers pay attention, a factor even more compelling than just their group size is Millennial’s willingness to change jobs if their expectations are not met or a better opportunity comes along. Millennials are the most likely generation to switch jobs – six in 10 millennials are open to new job opportunities and 64% of U.S. Millennials expect to change jobs in the next 5 years. This churn is not without cost; Gallup estimates that millennial turnover costs the U.S. economy $30.5 billion annually.
So how can organizations meet Millennial job expectations and keep them engaged?
One way is meet their expectations for remote work technology. Most Millennials have grown up with what amounts to a “work wherever” mentality – researching for school projects on their home computer, typing college papers on a laptop in their local coffee shop, checking school email on their mobile phone, and performing group project work through chat groups. It stands to reason that employers who provide flexible work options will be much more successful at attracting, supporting, and retaining Millennial employees.
Below are some statistics that organizations who have not yet embraced remote work technology should consider:
1. Flexible work is considered a crucial job benefit by Millennials.
- 74% of Millennials want flexible work schedules (Intelligence Group)
- 50% of Millennials say flexible work hours and the freedom to work from any location would improve their work/life balance (RingCentral )
- 19% of both Gen Z and Millennials consider flexibility to be their most important workplace benefit. (Future Workplace)
2. Millennials believe that remote work improves their productivity.
- 75% of Millennials would prefer to work from home or other locations where they feel they could be most productive. (Deloitte)
- 59% of Millennials say flexibility will improve productivity. (Staples)
3. Millennials will choose companies that have remote work options.
- 63% of Millennials say they’re more likely to join a company that offers the option to telecommute. (CompTIA)
- 43% of millennials would switch jobs for greater flexibility. (Unify)
- 44% of employees view companies that don’t offer a telecommuting option as old-fashioned. (CompTIA)
With Millennials comprising more than one-in-three of American workers today (and having few qualms about moving to a new company to improve their job satisfaction), employers must start embracing the modern, remote work technology that Millennials expect. Doing so can help organizations win the talent race with Millennials.