Millennials (generally born between 1981 and 1996) are now considered to be the largest component of the workforce. My two daughters are Millennials, and they do have a different outlook to life, with different priorities and perspectives. Like most Millennials, they value their careers, but want better work-life balance then the generation of the parents. They worry about entering the housing market with escalating house prices and supply issues. Others have characterised Millennials as entitled yet generous. Social researchers provide many defining descriptors for Millennials.
One commonly held belief is that Millennials are more highly motived by purpose, and that they prefer to engage with organisations promote and model a high degree of social responsibility. There is a plethora of articles in the business sector advising organisations that to attract and retain Millennials they will need to demonstrate their “purpose” and sense of mission, evidenced through things like workplace diversity, leader transparency and a social conscious.
Challenging this assumption is a recent research report by Deloitte Insights (read the summary here) that :has consistently shown that the greatest source of dissatisfaction for millennials is pay.” Over the last two global surveys key findings include the following as the main reasons millennials might leave their current employer within the next two years:
| 2020 | 2019 | |
| Dissatisfied with pay/financial rewards | 46% | 43% |
| I don’t like the workplace culture | 17% | 15% |
| My employer doesn’t do enough to positively impact society | 12% | 11% |
| I don’t share the same values as my employer | 11% | 12% |
It seems that it is not an either/or choice, but rather an and/both decision. Millennials want the pay and financial rewards from companies that are providing opportunities to make a positive difference. With the labour markets around the world facing shortages, Millennials are the ones with the power. Organisations who will succeed will be those that can offer flexibility and variety to employees in response to their changing circumstances.