Across the country and indeed around the world, millennials are working their way up the corporate ladder and upending workplace norms, to the astonishment and perhaps irritation of the media. But these younger workers are making a lot of changes for the better, and companies would be well-advised to meet their requirements. As Akumina reports in its 2019 Millennial Manager Survey, millennial employee turnover costs the U.S. economy $30.5 billion every year.
If that amount sounds implausibly high, consider this: 43 percent of millennials expect to leave their job within two years, according to Deloitte's 2018 Millennial Survey. And oftentimes, employee burnout is to blame. The world is turning against so-called "toil glamour" and recognizing the overwork problem beneath Insta-popular buzzwords like hustle, grind, and grit. Millennials are hustled out and ground down, so much so that many even feel "errand paralysis" when contemplating mundane tasks.
So it's no wonder so many employees, and millennial workers in particular, are seeking more flexible alternatives to their current jobs. In Deloitte's 2017 Millennial Survey, only 39 percent of respondents characterized their work environments as highly flexible, and 27 percent actually reported low levels of flexibility. Meanwhile, the same respondents associated boosts in productivity, organizational performance, employee engagement, and personal well-being and happiness to workforce flexibility. The 2018 survey found that flex ranks in the top three factors for millennials' job selection process. Other research in recent years determined that 45 percent of millennials believe flexibility is more important than salary, and 76 percent would take a pay cut of at least 3 percent to work for a company that offers flexible office hours, 37 percent would take a 6 to 12 percent pay cut, and 19 percent would take a pay cut of 12 percent or more.
It's time to start paying attention—especially because, as Akumina reports, the millennial generation already represents the largest segment in the labor force: "Within the next two years, 50 percent of the U.S. workforce is expected to be made up of millennials, and by 2030, the generation will account for 75 percent."
Luckily for employers, the flexibility journey is not a challenging one. Learn more about using people analytics data to get the journey started here.