11 Jul Millennials: The benefits to your companyReading Time: 3 minutes
Millennials are known, according to the definition coined by the American think tank Pew Research Centre, as people born between the years 1981 and 1996. They are the generation that entered adulthood at the turn of the millennium. In 2018, these youngsters between 22 and 36 years old, made up 24% of the world’s population and 18.7% of the population in Spain.
These young people entered the labour market at a time of rapid change characterised by globalisation, the digital revolution and the economic crisis. These factors have therefore given this generation certain preferences, attitudes and expectations towards life that are distinct from those of previous generations.
4 Benefits of working with millennials
1. Millennials, highly qualified and well-trained
Due to enter the workforce at a time of great recession, many millennials opted to gain further qualifications and training. As a result, much of this generation has university degrees, masters and postgraduates.
Economist Roser Ferrer published an article Millennials, who are they? “the proportion of young adults with further education is higher than ever in Europe: 40% of young people aged between 25 and 34 years old have completed university studies”. In 1999, this percentage stood at only 24%. This trend is even more pronounced in millennial women, 44% of whom obtained higher education, compared to 33.6% of men.
Furthermore, millennials in Spain have proved to be especially concerned about training and professional growth, reflected in the millennials study: Millennials: a professional career for me, carried out by ManpowerGroup. According to this report, 85% of millennials would change their jobs, while maintaining the same salary, if they were given more opportunities for training and professional growth. 18% showed special interest in becoming a recognised expert in their field.
2. 2. A generation with leadership skills and commitment
Entering the labour market during a global economic crisis has left its mark on this generation. Having faced great difficulties in finding employment, this has fostered enthusiasm for entrepreneurship and self-management.
According to professor Ricardo Alania, director of the academic field the Human Factor and director of the Business and Leadership Division of UPC Postgraduate, “the leaders of the millennium are idealists, while at the same time being down to earth.” They do not prioritise salary or a stable job for life. In fact, this generation want to work for a purpose, not for a company.
According to the millennials interviewed by the ManpowerGroup, making a positive contribution is the second priority after entrepreneurship. A priority which results in greater commitment to the project if the worker identifies with the company’s mission.
3. The millennial generation, “digital natives”
For this generation, the Internet and social networks are an integral part of their lives. According to research carried out by Facebook, through comScore, 90% of Latin American millennials go on Facebook at least once a day. 42% do it first thing in the morning when they wake up and for 54% it is the last thing they do before going to bed.
These young adults cannot comprehend a world
without the Internet. Their daily use of mobile
devices and apps means that they are experts at working in digital environments
and optimising time and resources. These are essential skills in all companies that
are going through an internal digital revolution and who need expert talent to
drive it forward.
4. Millennials bring innovation and creativity to companies
For Spanish millennials, two of the determining factors when working in a company are diversity and labour flexibility. These are key factors for companies when adapting to new trends.
Companies who have millennials in their teams are more committed to flexible and diverse work environments, where young professionals feel more satisfied.
When they do not feel fulfilled in their work, millennials are more and more attracted by the Gig economy (also known as the freelance economy which involves outsourcing specific work).In fact, half of Spanish millennials have considered leaving their current position to start a freelance project.
Although this perception can give rise to less identification with the company’s interests or higher staff turnover, aspects of employment such as flexible working hours and the offer of teleworking are linked to increased loyalty from employees, as we have previously mentioned in our blog on productivity.
In short, their adult experiences have defined them as professionals. And “although the economic climate in their youth has not been entirely favourable, this highly-trained, highly-adaptable, technology savvy generation is very well-equipped to face the future successfully”, concluded Roser Ferrer in her article.
Capture millennial talent and tackle the digital transformation of your company with the best professionals at your fingertips. Count on us to make it happen.