A wide-ranging study commissioned by SAP sheds light on the challenges human resources executives face as they hire and groom the workforce of the future. A sub-report of the Workforce 2020 initiative conducted by Oxford Economics focuses on Millennials, the young workers whose birth years range from the early 1980s to the early 2000s.
The idea that Millennials prefer a good work/life balance over high-paying jobs seems to have been disproven by the study, which garnered responses from young employees and HR executives from across the world.
Sixty-eight percent of Millennials and 64 percent of non-Millennials alike rank competitive compensation as “important” or “highly important,” overshadowing other factors affecting job satisfaction such as vacation time and flexible work locations.
The study uncovered a number of “Millennial myths” in regard to expectations at the workplace. Here is a sample of them:
• Myth: Millennials, more than non-Millennials strive to achieve a work/life balance.
• Reality: 31% of non-Millennials say work/life balance is important to job satisfaction, compared to 29% of Millennials.
• Myth: Millennials are tech-savvy and seek out workplaces offering the latest digital technologies.
• Reality: Millennials and non-Millennials are about the same when evaluating the adequacy of their employer’s technology–both say that employers make the latest tech available and have friendly BYOD policies.
• Myth: Millennials put less priority on meeting income goals compared to non-Millennials.
• Reality: 41% of Millennials say higher pay would increase loyalty and engagement with their company, compared to 38% of non-Millennials.
One area where Millennials differ from non-Millennials is the desire to have more-frequent feedback from managers. Half of Millennials say they would appreciate monthly feedback from managers, compared to 39% of non-Millennials.