The 2015 Millennial Majority Workforce
Elance-oDesk, the world’s largest online workplace, and Millennial Branding, a Gen Y consulting firm, announced the results of a great study already a few months ago – in October 2014: “The 2015 Millennial Majority Workforce.” Findings reveal that millennials are the generation considered best at key skills businesses require to remain agile and innovative. Millennials’ advantages over prior generations include the ability to adapt, come up with fresh ideas and keep up to date on emerging technology.
The survey was fielded in the United States among 1,039 millennials (21 – 32 years old, with a bachelor’s, Master’s degree or postgraduate degree) and 200 hiring managers (33+ years old and responsible for recruitment or HR strategy within their business). Check full results here.
In 2015, millennials became the largest generation in the U.S. workforce, and 28% of millennial respondents said that they are already in management positions. A full two-thirds say they expect to be in management by 2024.
Nearly seven out of ten (68%) hiring managers say millennials have skills prior generations do not, and more than eight out of ten (82%) hiring managers feel that millennials are technologically adept. In addition, 60% of hiring managers agree that millennials are quick learners.
The majority (53%) of hiring managers report difficulty finding and retaining millennial talent, more than three times the number who say it is “easy.” The study also found that 58% of millennials expect to stay in their jobs fewer than three years. This contrasts with previous generations, with Gen X (born between 1965 – 1981) leaving a company in 5 years on average and Baby Boomers (born between 1945 – 1964) leaving in 7 years on average.
In the “millennial majority workforce,” hard skills reign
The most recent Job Openings and Labor Turnover report reported 4.8 million job openings in August — the highest level of U.S. job openings since January 20014. This indicates record-high labor demand.
In order to fill their job openings, hiring managers are prioritizing hard skills over personality. 55% say they focus more on hard skills when hiring, versus only 21% who say they focus more on attitude or personality. 45% of hiring managers expect to become even more skills-focused in ten years (versus only 11% who expect to become more personality-focused). This is a shift, given research as recent as 2013 found that soft skills were most important, followed by hard skills.
As focus on skills increases, companies are adopting new hiring methods. 41% of hiring managers plan to hire more freelancers in the next five years. Top benefits of hiring freelancers that the hiring managers cited include: ability to start work immediately, access to specific skills and scaling as needs change.
“It’s absurd that while we see a record level of job openings, millennials are struggling to find jobs and companies struggle to hire them,” said Dan Schawbel, founder of Millennial Branding. “Clearly, something is broken. Technology has forever changed where, when and how we work. Millennials are already more adaptable and focused on flexibility than generations before them. Businesses need to move more in this direction as well.”
About the author
Postgraduate student at Trinity College Dublin ✦ BBA in Global Project and Change Management ✦ Lived in Germany, The Netherlands, Finland and Spain ✦ This Article was originaly published here.