Research from Universum details what this generation seeks from future jobs and which employers they most want to work for – Insights hiring companies can use to attract and retain young millennials.
After a decade of derision as the over-indulged generation, Millennials are finally being taken seriously.
They now make up a massive portion of the workforce – for example, in the US Millennials make up a full third of all workers, or 54 million people; compared to 53 million Gen Xers and 45 million Baby Boomers. And many of the negative stereotypes about this generation have fallen away – or at least given way to a more nuanced perspective. More than ever, employers are scrambling to attract, recruit and retain Generation Y by paying attention to their unique career goals and ways of working.
Today we are also at an interesting tipping point. Over the last eight years, Millennials’ careers have been battered because this generation graduated from university in the midst of economic downturn… and many are still struggling to overcome its dampening effect. Research shows those who graduate in an economic downturn can feel the effects on salary for a decade or more, just as those who enter the workforce during periods of growth experience a significant tailwind in their early careers. Yet those Millennials graduating today – the younger wave of Gen Y – are poised to join the workforce at a time when conditions are better than they’ve been in a decade. The Wall Street Journal explains:
Most Millennials so far have had it rough… The oldest Millennials, who started graduating in the early or mid-2000s, were able to enter the labor market under relatively good conditions. But when recession hit in late 2007, the job market was yanked out from under them during the critical first decade in which careers are built. After 2007, graduates faced a double-whammy. Unemployment was high when they entered the labor market, and remained high for years… But today’s cohort of 22- and 23-year olds with bachelor’s degrees entered college after the recession was officially over… If the CBO or Fed are close to correct, the first ten years for today’s graduating Millennials would be the best for the entire generation so far.
Our research takes a probing look at this younger generation of Millennials on the verge of graduating university. They are an interesting group because they’ve seen firsthand the effect of
recession – their parents and older siblings have been caught in its crosshairs since 2007 – yet in many markets they are poised to start fresh in growing economies and competitive job markets.
And because Millennials make up such a massive portion of the overall workforce, their ideas about work-life balance, mobility, and many other work-related habits and goals will affect entire organizations. Understanding Millennials means understanding the future of your organization.
This year, Universum surveyed the professional expectations of more than one million career-seekers from 55 countries, and will publish dozens of reports on the top issues affecting global talent and the companies that hire talent. We aim to help employers understand the attitudes and career goals of young professionals, and how these insights affect strategic business decisions. For this capstone report, we surveyed more than 240,000 business, engineering and IT students, asking what they look for in an employer and what specific companies they find most attractive. Results are weighted by GDP so that larger economies, which supply a greater share of both jobs and job candidates, have greater influence.