Millennials will comprise seventy-five percent of the global workforce by 2025 and they know they are the most desired hire in the job market today. Companies need to pay attention to what this demographic wants, if they hope to compete for their attention and retention. Pinpoint Market Research and Anderson Jones PR interviewed 1,650 twenty-somethings aged 18-29 to uncover what they really want from employers.
INTERNSHIPS: They don’t value unpaid internships because they don’t believe it will lead to employment.
- 68 percent of Millennials aged 21-25 have taken an unpaid internship
- Only 5 percent were hired after completing an internship, despite good reviews
- As a result, 42 percent say they do not seek out unpaid internships
TENURE: They “puddle-jump” jobs to increase their income opportunities.
- 39 percent, aged 20-29, have already held four-to-seven full-time jobs
- 83 percent plan to stay at a single job for just two years, unless promoted
“The best way to move up is to move on,” – Daymon, 27.
WORK/LIFE BALANCE: They will take cuts in pay in order to maintain a work/life balance.
- 88 percent, aged 20-29, say they seek a consistent work/life balance
- 57 percent say they will leave a job if they aren’t getting it
- 72 percent choose companies with work-from-home options
- 47 percent choose fewer hours over more pay
- 60 percent choose “love of job” over money earned
“If they want us to stay, they can’t work us to death…I don’t care if I make less, I want to literally love what I do every day,” – Micha, 27
TANGIBLE BENEFITS: They care more about company stability than game rooms and “fun cultures.”
- 88 percent say company stability is a top priority when considering employers
- 83 percent want tuition reimbursement for education sought while employed
- 83 percent want a clear path to promotion and they will leave if they don’t get it
- 81 percent want companies to invest in their professional development
- 78 percent want learning opportunities in leadership
- 34 percent want management training
- 73 percent want to attend conferences, networking events and seminars
THEIR VALUE: They know they have desired skills and they expect to be compensated for them.
- 47 percent of Millennials are bilingual and 23 percent are multi-lingual
- 61 percent view their social media usage as a desired skill for hiring companies
- 93 percent believe their language skills should earn them more than other candidates
“I think being fluent definitely puts me in a better position to get the job I really want because, I can, like, work with more customers and buyers than someone who only speaks English,” – Kelsey, 28
EMPLOYMENT STATUS: They plan to have multiple income streams beyond full-time employment.
- 64 percent aged 21-25 plan to own a business or freelance, in addition to full-time employment
- 19 percent say they already operate their own business or are otherwise self-employed
- 60 percent plan to utilize additional income streams such as monetizing their online behaviors, re-selling items online or operating side businesses
Their most desired self-owned business categories are mobile, app and web development (26%); restaurant, bakeries and catering companies (23%); photography studio (17%); franchise operation (7%); real estate (7%); freelance writing (6%); and video production (3%).
“This demographic is intensely aware of their value to employers based on their age, experience and skill-sets,” said Jennifer Jones-Mitchell, chief insights officer for Pinpoint Market Research and head of global marketing for Anderson Jones PR. “They know what they want from their jobs and they aren’t afraid to hold out until they get it. HR leaders need to consider structuring office environments around work-life balance and professional development if they want to attract the top-tier talent.”
The full Millennial Mindset Study covers Millennials’ brand preferences, technology preferences, what they want from employers and colleges and their overall views on corporate citizenship. To view the full report, visit Pinpoint Market Research.
Pinpoint Market Research and Anderson Jones PR anonymously surveyed 1,650 U.S. consumers. Age: 20-29. Gender: 54% female; 46% male. Annual income: 5% <$10,000; 19% $10,000-$29,999; 16% $25,000-$49,999; 26% %40,000-$74,999; 32% $75,000-$99,999; 8% $100,000-$124,999; 1% $125,000-$149,999; 1% $150,000-$174,000. Education Level: 8.33% High School or GED; 8.33% some college, but no degree; 29.17% 2-year college degree; 40.28% 4-year college degree; 13.89% Graduate-level degree. Region: 5.21% New England; 9.38% Middle Atlantic; 12.50% East North Central; 9.38% West North Central; 10.42% South Atlantic; 5.21% East South Central; 7.29 West South Central; 9.38% Mountain; 31.25% Pacific.