Millennials are one of the most talked about generations today and endure a multitude of stereotypes at the workplace: lazy, entitled and disloyal to name a few. As some of these stereotypes are unfair generalizations, some studies actually indicate that millennials are more likely than other generations to leave their jobs within a couple years.
Times are changing however as the Deloitte Millennial Survey 2017 reports a recent trend with millennials: they are becoming more loyal to their employers. The study reports the following:
These stats indicate a significant shift within the millennial generation in just one year. There are various reasons why this group is more loyal to employers than ever.
Millennials are getting older
Around 49 million millennials are between the ages of 27 and 37 and as they shift into different life cycles, so do their employment habits and need for stability. The need for job security and fixed income could have something to do with millennials reaching the average age of getting married and having children (more than half of millennials are at or above the average age of marriage.)
Placing more of an importance on social issues
The Deloitte study revealed that millennials are more likely to stay longer at an employer that engages with social issues. It has been proven that millennials are more likely than GenXers and Baby Boomers to say that they prefer a company that gives back to society, and 35% said they would be willing to stay at a job for at least five years if there were charitable opportunities provided within the company.
Increasing workplace flexibility
Flexibility within the workplace continues to be an aspect millennials find important in their jobs and has proved to enhance organizational performance, personal benefit and loyalty. The 2017 study found that there is a solid foundation of trust that enables organizations to increasingly offer and operate flexible working arrangements such as the timing employees choose to start and finish their work day, choosing within certain guidelines what they do as part of their job and flexible work environment (i.e. different types of contracts, or whether employees work at the office, from home or other locations.) The figure below shows the percentage of millennials who agree with the following flexible working conditions.
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