Although many Baby Boomers have delayed retirement, Millennials are slowly but surely entering the workforce. By 2020, almost half of the working world will be made up of Gen Y employees. Clearly, with the Milliennial takeover, the workplace will look and operate much differently it used to. An infographic from Red Tree Leadership and Development shows what some of the changes will be with this new generation of workers.
The demographics of the average employee will be one major change from previous generations. Nearly 75 percent of us are single and not only are we more ethnically diverse than Baby Boomers, but we are better educated.
On a more negative note, though, we are likely to change jobs more frequently than older workers. In fact, the turnover rate is expected to be almost two times higher than it was with the generations before us and three out of five Millennials already plan to switch jobs within five years. This will obviously have a negative impact on organizations, as constantly replacing employees will be costly. For example, with companies that have 1,000 or more employees, the cost of replacing workers could reach over $300,000 per year.
Millennials also have different expectations when it comes to what they get out of their careers. Most of us need to really love what we are doing, so much so that half of Millennials would prefer to be unemployed than to have a job they hate.
Also, we crave feedback and recognition. Four out of five Gen Y workers want regular feedback from their boss and the same ratio of Millennials believe they deserve more recognition. Believe it or not, one-third would actually rather have more recognition from their boss and co-workers than a promotion or higher pay!
Check out the rest of the findings in Red Tree Leadership and Development‘s infographic below.
What other changes do you foresee when Millennials take over the workplace?
