A report called Workforce 2020: The Looming Talent Crisis says that employers are "unprepared for increasing diversity, changing employee demographics, and evolving definitions of work" related the rise of millennials in the workplace.
In fact, according to a quiz provided with the report release, the findings about the millennial workforce may surprise you:
1. MILLENNIALS CARE MORE ABOUT COMPETITIVE PAY THAN WORKER LOYALTY
Millennials say, "Show me the money!" 68% say competitive compensation is an important benefit, compared with 64% of non-Millennials. And money can buy love: 41% of Millennials say higher compensation would increase their loyalty and engagement with the company, compared with 38% of non-Millennials.
2. MOST EXECUTIVES DON'T BELIEVE THEIR COMPANY OFFERS COMPETITIVE SALARIES.
Just 39% of executives say their company offers competitive compensation. That could be a problem for attracting Millennials, who view competitive pay as important.
3. MOST ORGANIZATIONS DO NOT BELIEVE THAT THEY HAVE THE RIGHT LEADERSHIP TO MANAGE AN INCREASINGLY GLOBAL & DIVERSE WORKFORCE.
Just 35% of executives say they have sufficient talent in leadership positions to drive global growth. Employees are just slightly more confident: 44% believe their company's leadership is capable of driving success. Gaps in leadership capabilities could spell trouble for future growth.
4. PERFORMANCE AND RESULTS RANK LOW IN EMPLOYEE ATTRIBUTE EXECUTIVES CONSIDER MOST IMPORTANT
At 20%, performance and results don't even make it into the top-3 list of what executives value in employees: level of education and/or institutional training (33%), loyalty and long-term commitment (32%), and the ability to learn and be trained quickly (31%).
Employees have a different view: They think performance and results are second on the list of what their leaders value: ability to learn and be trained quickly (34%), perform well in their jobs (31%), and show loyalty and long-term commitment (31%).
5. BUSINESSES FAIL TO MAKE SPECIAL ACCOMMODATIONS FOR MILLENNIALS ENTERING THE WORKFORCE.
Although 51% of executives say Millennials are having a major impact on their workforce strategy, just 30% say they are catering to the specific wants and needs of the under-35 crowd. Culture clash ahead?
6. CONTRARY TO POPULAR BELIEF, MILLENNIALS CARE LESS BOUT FINDING MEANING IN THEIR WORK THAN OTHER DEMOGRAPHIC GROUPS
A higher percentage of non-Millennials (18%) care more about personal job satisfaction than Millennials (14%). And despite the general belief that Millennials are more civic-minded than Gen-Xers, making a positive difference in the world through their work is no more important to Millennials' job satisfaction than it is for previous generations.
7. NO SURPRISE HERE - MOST EMPLOYEES ARE UNHAPPY AT WORK
Sad but true: Just 39% of survey respondents are satisfied with their job overall. It's clear that many companies are not meeting their employees' expectations for compensation, skills development, and leadership.
8. COMPANIES ARE NOT GROOMING FUTURE LEADERS FROM WITHIN
Nearly two-thirds (63%) of executives do not plan for succession and continuity in key roles. Employees are picking up on the vibe: Just 19% believe management values leadership ability among employees.
9. EMPLOYEES' WORRY MORE ABOUT THEIR JOB CHANGING THAN ECONOMIC UNCERTAINTY
4 in 10 employees worry about their position changing or becoming obsolete, compared with just 19% who say economic uncertainty is a concern. Unfortunately, employees may not be getting the training they need to keep their skills up to date. Just 41% say their company offers opportunities to expand their skill sets. It may be time for employers to step up their training and development programs.
Quoted from the Workforce 2020: Are Your Ready for the Future? Quiz - SAP