Millennials: The Future of the Workplace

FIG Strategy & Consulting
Jul 21, 2021
2 min read

There’s a new kid in the workplace….Millennials. An estimated 75% of the workplace will be millennials by 2025. The generation that grew up on VHS tapes, rollerblading, MySpace, Nintendo 64, and the mobile revolution now holds tremendous influence over the workforce.

The pandemic caused a surge in early retirements, advancing millennials' careers faster than expected. Millennials are starting to run the workforce, how will this change the future of work?

MILLENNIALS ARE HIGH TECH

85% of millennials access the internet from their phones - more than any other generation. They grew up during the rise of tech and have incorporated it into their everyday lives. Millennials love technology, especially in the workplace due to the fact that it saves time.

Growing up in a world of constant communication, millennials are used to fast-paced responses. They expect fast responses. Millennials who have consistent communication with their managers are actually twice as likely to be more engaged at work.

MILLENNIALS ARE EITHER COMMITTED OR THEY’RE OUT

Millennials are by far more ambitious and goal-oriented than past generations. This also means that they have higher expectations from their employers and they aren’t afraid to question them.

Meaningful work is especially important for millennials, with 67% expecting their company to have a clear purpose in their work. And if they aren’t satisfied, they aren't afraid to leave.

MILLENNIALS ARE INDEPENDENT...BUT WANT TO BE RECOGNIZED

Millennials value trust. When they feel their company has a high trust culture, they’re 22x more likely to stay there. Millennials simply want to get their work done and want their employers to trust that they will get it done. No babysitting.

They also value feedback. Millennials want to know what they are doing right and what they are doing wrong. It all comes down to communication, provide feedback frequently and honestly.

WHAT DOES THIS MEAN FOR THE FUTURE WORKPLACE?

Millennials need to feel valued in the workplace. They also want to do interesting work and be paid a decent wage. And they also want to have a life outside of work. It’s pretty simple.

It doesn’t sound like a bad future for the workplace to us.