Information about our generation:
- Freelancing and self-employment are on the rise. According to Forbes, 60% of Millennials are leaving their companies in less than three years. With 87% of companies reporting a cost of between $15,000 and $25,000 to replace each lost Millennial employee, industries need to start paying to structural change.
- A recent Millennial Branding report found 45% of Millennials will choose workplace flexibility over pay. Dori Albert, crowdsourcing practice manager at Lionbridge Technologies Inc., stated that Millennials helped create a ‘new nature of work’ with increasing reliance on the gig economy and freelancing.
- Millennials are seeking to work with a greater purpose. Millennials have been pegged as a generation committed to change. 72% of students, as opposed to 53% of workers, consider having ‘a job where I can make an impact’ to be very important or essential to their happiness. Social Entrepreneurship has exploded in the last ten years, going from an undefined phrase to a program offered at more than 30 business schools.
- Outside of making meaningful change in their community, Millennials are seeking meaningful connections at work – 71% want their coworkers to be their ‘second family’
- INTRINSIC: Interesting work, learning opportunities, being challenged
- EXTRINSIC: pay, promotions, status
- ALTRUISTIC: helping others, contributing to society
- LEISURE: vacation time, work-life balance
- SOCIAL: interacting with others, making friends
Article (via Payscale):“Gen-Yers (18- to 29-year-olds) are almost twice as likely to major in entrepreneurship compared to all bachelor’s degree holders in the U.S., according to a new survey, “The State of the Gen Y Worker,” from Boston-based Gen-Y consulting firm Millennial Branding, in coordination with compensation data firm PayScale. Plus, it’s now the third most popular major among current college students. Read more: http://www.entrepreneur.com/article/224271#ixzz2eIUCEAEB“
Article Via Forbes.com.