Ages and Stages:
As the parent of two Millennial children and with much attention placed by the media on the performance of this generation, a short perspective is offered here. It is the opinion of this author that Millennials face the same barriers as others in the workforce. They also present unique challenges that make the topic of this whitepaper so critical to succession planning in electric utilities. We need to listen to and understand the values and motivators of our people in order to keep them.
CEOs need to be more aware of the stereotypes that are currently in vogue today regarding Millennials. There is a perception that this cohort of professionals are motivated by the same goals and values.
According to Constance Hunter, KPMG’s Chief Economist in its Alternative Investments practice, “Millennials don’t think of themselves as working for someone. They don’t feel tied to their employer, yet that doesn’t mean they can’t be a great asset, especially in terms of innovation. Engaging Millennials, whether by their ideas or ideals, is one way to keep them within a company instead of letting them leave or to become its competitor.”
The bottom line is personal employee engagement so that CEOs and their leadership teams can design incentives to retain their high-potential managers, regardless of whether they are Millennials.
After some additional thoughtful research on the topic …
In today's fast-paced and ever-evolving work environment, Millennial professionals are making their mark. Born between the years of 1981 and 1996, Millennials, also known as Generation Y, are now the largest generation in the U.S. labor force, according to the U.S. Bureau of Labor Statistics (BLS). As this generation continues to enter the workforce and climb the corporate ladder, it's crucial to understand their unique perspective and the generational differences that shape their approach to work. Which is why I wanted to take some time today to delve into the perspective of millennial professionals in today's day-in-age, exploring their values, expectations, and challenges, backed by relevant data from the U.S. Bureau of Labor Statistics, and insights from the CEO Perspectives podcast episode "Five Imperatives for Attracting Gen Z Workers". *Conference board podcast*
As a personal branding professional, I aim to provide valuable insights on how millennials navigate the modern workplace and how they can effectively build their personal brand to excel in their careers. Now let’s begin with a bit more understanding of the generational differences …
Understanding the generational differences among various cohorts is crucial to comprehend the perspective of millennial professionals in today's workforce. Let's look at some key characteristics that define the millennial generation:
- Digital Natives: Millennials grew up in a digital era, with access to the Internet and technology from a very early age. They are proficient in using social media, online communication tools, and other digital platforms, which tends to shape their approach to work and communication in the workplace.
- Purpose-driven: Millennials are known to seek meaning and purpose in their work. They are often motivated by work that aligns with their values and allows them to make a positive impact on the world.
- Work-life Harmony: Millennials prioritize work-life harmony (balance) and seek flexibility in their work arrangements. They value their personal time and prioritize self-care, hobbies, and a healthy work-life integration. (Here at Westgate we prefer the term “Work-life Harmony” over “balance” as it reflects more of the family, health and safety, and wealth side of things alongside trust – over learning the art of balancing life.)
- Diversity, Equity, and Inclusion: Millennials place a high value on diversity, equity, and inclusion (also known as DEI) in the workplace. They strive for an inclusive work environment that promotes equality and respects differences in race, gender, sexual orientation, and more.
- Career Progression: Millennials are ambitious and seek opportunities for growth and advancement in their careers. They are willing to change jobs or even industries if it aligns with their career goals.
- Feedback-oriented: Millennials value feedback and continuous learning. They appreciate regular feedback from their managers and peers as well as seek opportunities for skill development and professional growth.
- Collaboration and Teamwork: Millennials grew up in a collaborative and team-oriented environment, so they tend to naturally bring this mindset to the workplace. They value teamwork, collaboration, and open communication with their managers and colleagues.
- Entrepreneurial Mindset: Millennials are known to have a natural born entrepreneurial mindset, even if they do not necessarily start their own businesses. They value innovation, creativity, and out-of-the-box thinking in their approach to work.
These characteristics provide a broad overview of the Millennial perspective in today's day-in-age. However, it's important to remember that not all Millennials may possess these traits, as individuals' experiences and backgrounds can shape their perspectives and behaviors in unique ways. Companies that fail to provide millennials with the work environment they enjoy will not be able to retain top talent. The Harvard Business Review reports that when employers don’t meet this generation’s work needs, they quit.
“On the job-hopping question, we found that 21% of Millennial workers had left their job in the last year to do something else, a number that is more than three times higher than that of non-millennials who report doing the same thing.” - Source: Harvard Business Review’s “What Millennials Want From a New Job”
Millennials in the Modern Workplace: Insights from the U.S. Bureau of Labor Statistics:
Understanding the U.S. Bureau of Labor Statistics (BLS) provides us with much valuable data and insights into the current state of professionals in the modern workplace. So, let's examine some key statistics that shed light on the millennial workforce:
- Labor Force Participation: As of 2022, Millennials make up the largest generation in the labor force, accounting for 35% of the total labor force according to the BLS. This demonstrates the significant presence of Millennials in today's workforce and the impact they have on the economy.
Beyond the age of Millennials, here’s some additional statistics to compare those numbers to:
- Ages 30 to 44: 12.3%
- Ages 45 to 54: 9.8%
- Ages 55 to 64: 7.5%
- Ages 65 to 75 (and older): 12.2%
- Education Level: Compared to previous generations, Millennials are the most educated generation, with higher rates of college and postgraduate education. According to the BLS, as of 2020, 39.2% of millennials in the labor force held at least a bachelor's degree, compared to 33.8% of Generation X and 24.7% of Baby Boomers at the same age. This indicates that Millennials bring a high level of education and skill set to the modern workplace.
- Job Mobility: Millennials are known for their job-hopping tendencies, as they prioritize career progression and growth. According to the BLS, as of 2020, Millennials had an average of 8.2 jobs by the time they turned 30, compared to 6.0 jobs for Generation X and 5.6 jobs for Baby Boomers at the same age. This highlights the importance of providing opportunities for career advancement and growth to retain millennial talent in the workplace.
- Wage Disparities: Despite their high education levels, Millennials continue to face wage disparities. According to the BLS, as of 2020, the median weekly earnings of Millennial full-time workers were $938.00, compared to $1,103.00 for Generation X and $1,248.00 for Baby Boomers. This wage disparity can vastly impact Millennials' financial stability, debt management, and overall career progress. (Especially for those still paying off student loans with exceptionally high interest rates.)
- Entrepreneurship: Millennials are also more likely to be self-employed or engage in freelance work compared to previous generations. According to the BLS, as of 2020, 7.3% of Millennials were self-employed, compared to 6.7% of Generation X and 5.7% of Baby Boomers. This reflects the entrepreneurial mindset of Millennials and their inclination towards non-traditional work arrangements.
- Workplace Diversity: Millennials prioritize diversity and inclusion in the workplace. According to the BLS, as of 2020, 44.9% of Millennial workers identified as non-Hispanic White, compared to 56.7% of Baby Boomers. This indicates that Millennials are more diverse in terms of race and ethnicity, and they value workplaces that embrace diversity and promote inclusivity.
- Work-life Harmony: Work-life harmony is a significant consideration for Millennials. According to the BLS, as of 2020, 24.8% of employed Millennials had access to flexible work hours, compared to 22.8% of Generation X and 15.7% of Baby Boomers. This underscores Millennials' desire for flexibility in their work arrangements to achieve a healthy work-life integration.
"Millennials seek purpose-driven work, and they want to make a meaningful impact on society through their careers."
- Source: Gallup's How Millennials Want to Work and Live report
Insights from the CEO Perspectives Podcast Episode: "Millennials at Work"
In the CEO Perspectives podcast episode "Five Imperatives for Attracting Gen Z Workers", industry leaders shared their insights and perspectives on Millennials in the modern workplace. Some key takeaways from the podcast episode that align with the characteristics and trends identified above include:
- Importance of Purpose-driven Work: The episode highlighted that Millennials prioritize meaningful work that aligns with their values and allows them to make a positive impact on society. Employers need to better understand the importance of purpose-driven work for this age group and begin creating more opportunities for them to contribute to meaningful projects that align with their values.
- Need for Career Growth and Advancement: They emphasized that Millennials are ambitious and seek opportunities for career growth and advancement. Employers need to provide clear career paths, mentorship programs, and skill development opportunities to help Millennials progress in their careers and retain their talent in the workplace.
- Emphasis on DEI: They highlighted that Millennials value diversity, equity, and inclusion in the workplace and seek workplaces that promote a culture of inclusivity. Employers need to prioritize more DEI initiatives, such as diverse hiring practices, inclusive policies, and diversity training, to create a workplace environment that is welcoming and supportive for all Millennials and other diverse employees.
- Recognition and Feedback: The also highlighted that Millennials seek feedback and recognition for their work in order to create growth in their role at the company. Employers need to provide regular feedback, recognition, and opportunities for professional development to Millennials to help them thrive in the workplace and feel valued for their contributions.
- Authentic Leadership: The also discussed the importance of authentic leadership and the role this plays for Millennials in the workforce. Millennials value leaders who are transparent, authentic, communicative, and inclusive. Employers need to cultivate authentic leadership styles that align with the values and expectations of Millennials to build trust and engagement among Millennials and other employees.
Navigating the Modern Workplace:
As Millennial professionals navigate the modern workplace, they face unique challenges and opportunities. Understanding and addressing these generational differences can help Millennials thrive in their careers and make a meaningful impact in today's day-in-age. As well as assisting us at the CEO level, to better understand how we can assist the next generation from a growth aspect.
Below is a list we created of what we feel are the key considerations for Millennial professionals in today’s day-in-age:
Pursue Purpose-driven Work: Millennials value meaningful work that aligns with their values and allows them to make a positive impact on society. They tend to seek out opportunities that align with their passions and values, and proactively communicate their desire for purpose-driven work with their employer.
"Millennials are not just looking for a job; they are looking for a career that aligns with their values and provides opportunities for growth and development."
- Source: Harvard Business Review article "What Millennials Want from a New Job"
Focus on Continuous Learning and Skill Development: Millennials are highly educated and seek opportunities for career growth and advancement. They take ownership of their professional development by seeking out learning opportunities, such as training programs, certifications, and mentorship programs, to enhance their skills and career advancement.
Seek Out DEI in the Workplace: Millennials value diversity, equity, and inclusion (DEI) in the workplace. They tend to look for employers that prioritize these initiatives, such as diverse hiring practices, inclusive policies, diversity training, and an overall setting of culture and values when evaluating job opportunities.
Advocates for Flexibility: Millennials prioritize flexibility in their work arrangements. They want more opportunity for flexible work options, such as remote work, flexible hours, and work-life harmony, that better align with their needs and preferences to enhance productivity and well-being.
Seek Feedback and Recognition: Millennials seek feedback and recognition for their work in order to better perform in their careers. They tend to regularly request more frequent feedback from their manager(s) and seek opportunities for recognition, such as participating in high-impact projects or presenting their work to CEOs and senior leaders.
Prioritize Work-life Integration: Millennials prioritize work-life integration and seek a healthy balance between their work and personal lives. They tend to take steps to integrate work and personal responsibilities, such as setting boundaries, scheduling self-care activities, and using technology to manage tasks more efficiently as they hold high value to their well-being and levels of productivity.
Embrace Authentic Leadership: Millennials value authentic leadership that is transparent, inclusive, and empowering. They also tend to develop their own authentic leadership style that aligns with the values and expectations and seek out leaders who demonstrate authenticity and inclusivity. They value building relationships with mentors (and sponsors) who can provide guidance and support in their career journey.
"Millennials refuse to be a statistic - a worker who comes in, does their job and leaves, and they’re taking this philosophy with them as they become leaders." - Source: Forbes article "How Millennial Leaders Are Changing the Way We View Leadership"
In today's day-in-age, Millennial professionals bring a unique perspective to the modern workplace. They have grown up in a rapidly changing world, with access to information and technology that has shaped their values, preferences, and expectations. As they navigate their careers, it is essential for them (and us) to understand and embrace their generational differences and leverage them as strengths, not as weaknesses.
From a personal branding professional perspective in what we do here at Westgate Branding, we feel it is crucial for Millennial professionals to proactively manage their personal brand in the workplace. Building a strong personal brand can help them differentiate themselves, showcase their skills and contributions, and position themselves for career success.
By following the checklist of generational differences and considerations outlined in this blog post, we can assist not only Millennials, but all future generations to effectively manage their personal brand and thrive.
Furthermore, employers also play a critical role in creating a workplace environment that fosters growth and development. We as employers need to recognize and appreciate the unique perspective that Millennials bring to the workplace and implement policies and practices that align their values alongside our own.
This includes promoting purpose-driven work, providing opportunities for continuous learning and skill development, fostering a culture of DEI, offering flexibility, providing regular feedback and recognition, supporting work-life integration, and cultivating a more authentic leadership role.
In conclusion, Millennial professionals are an asset to today's workforce. Their unique perspective, skills, and values can contribute to the success of organizations in the modern workplace. By understanding and addressing the generational differences, leveraging their strengths, and proactively managing their personal brand, Millennials can navigate their careers with confidence and make a meaningful impact in today's day-in-age.
Employers also need to embrace and support their unique needs in order to attract, retain, and develop such great Millennial.
Together, we can create a workplace that achieves all that.