50% of the global workforce will be in the hands of millennials by 2020

Millennial generation, those individuals born in the eighties and nineties, is transforming the current work landscape. Its importance for companies is twofold. On the one hand, they are more numerous than the previous generation of the baby boom; On the other hand, their professional aspirations, their attitudes about work and their knowledge of the new technologies will eventually define the workplace culture of the 21st century. 

In the United States, 25% of workers already belong to millennial generation, while in India that percentage has already doubled. In fact, it is expected that by the year 2020, 50% of the global workforce will be in the hands of millenials. But in addition to be more numerous, they will also be more valuable, while this generation will work to support a significantly larger generation as life expectancy increases.

In doing so, it is clear that millenials are a powerful generation of workers whom firms wish to attract and retain, especially for those who have the most appropriate knowledge and skills.

But over the years, and as a result of the economic recession, many of the millenials’ attitudes, hopes and expectations have changed, which is one of the biggest challenges facing many organizations, as business and HR teams need to review their current strategies accordingly. This is the basic conclusion reached in a new report prepared by the firm PwC under the title “Millennials at work. Reshaping the workplace.”

This statistical study, conducted through online interviews with 4,364 graduates from 75 countries whose age does not exceed 31 years, also shows other interesting conclusions that are already affecting the relationship millenials-business-labor:

• The recession has meant a decline in the degree of loyalty that millennials feel toward their employers. Thus, while in 2008 only 10% expected to have six or more employers, now that percentage rises to 25%.

• The millenials’ expectation of commitment time has also been reduced from their current employer: 38% say they are looking for another job, 43% say they are open to offers, and only 18% expect to stay with their current employer long-term.

• The balance between work and personal life (and, therefore, flexibility) continues to be more important than salary.

• Almost a third say that the balance between work and personal life is worse than expected before joining the company and that opportunities are not the same for everyone.

• 41% of millenials prefer communication via electronic than face-to-face and even by telephone; and three quarters believe that access to technology makes them more effective at work, so many millenials are retained by rigid or outdated work styles.

• Brand values are an essential factor in choosing an employer, however, while in 2008 86% would be willing to leave a company whose values no longer met their expectations, after the crisis, only 56% Would be willing to do so.