International consulting firm Deloitte published a study in 2016 that confirms and dispels many myths of Generation Y (born 1981-1996). While New Zealand’s Millenials might be different than their global counterparts, there are many similarities. With over 1 million adult Millennials in New Zealand they are a more ethnically diverse generation (69% identifying themselves to be European) than Generation Xers compared Generation Xers (71.9%) and Baby Boomers 79.06%). They are also more educated than those generations (33% hold a Bachelor’s Degree).
Millenials are believed to be job hoppers and the study confirmed this fact as one in four promises to quit their jobs if the right opportunity came along. The figure increased to 44% by 2018 and 77% by the end of 2020. While these figures might imply weakened loyalty between employer and employee, it can be considered to be an opportunity for progressive employers offer career advancement paths.
With the Global Financial Crisis in the not so distant past and increased competition from an influx of migrants, they are realistic about their chances to reach the top positions in their organisations. They maintain positive views of businesses’ role in society and at the same time they have changed their views on corporate motives and sharing many of the same values.
In order to get the best out of them and keep them motivated employers must recognize that millennials’ respond more to a pat on the back and seek acknowledgement by a senior manager for a job well done then to more money. Money doesn’t always buy happiness.
Employers must learn to fully embrace Millenials differences as they will be tomorrow’s leaders much sooner than later.
Engaging Millennials Job Seekers
