Navodh making them more efficient problem solvers and

Navodh
Perera

Professor
Michael Kimmel

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Mana
3318-006

12
December 2017

                                                         Millennial Job Satisfaction
            Millennials,
as defined by the U.S. Census Bureau, is the current generation between the
ages of 18 and 34. Comparatively the millennial age bracket makes up the
largest of any such group in the past 30 years. Millennials are perhaps the
most tech savvy age group in American history. A generation who possesses a
heavy financial pull in various marketplaces. They are essentially the
trendsetters and influencers of the other generations’ behaviors as a result.
Millennials bring to the table, a strong entrepreneurial mentality and are
often on the lookout for opportunities that can continue to help move them up
the social ladder. For millennials as long as there is better opportunity it doesn’t
matter if they get up and out of their current position. They have grown up in
an era where the number of resources they have is almost infinite making them
more efficient problem solvers and critical thinkers. They’re fiercely
independent and are, by and large, more educated than elder generations. In
fact, economic insecurity is a thread that binds these massive generations. The
young women of today are more likely to be working compared with the previous silent
generation women during their young adult years. They are also much more likely
to be racial or ethnic minorities than the members of the Silent generation. Millennials,
however are living at home longer, are slower to buy a car, and are much more
likely to have student debt. Most of them are struggling financially because of
the debt they have accumulated over the years. As the cost of education
increases, the volume of debt also increases. It is common to hear that young
adults, in workforce, are forever hopping jobs. That they are really impatient
and lack staying power. Therefore, understanding what satisfies them at work is
important. In this research paper I hope to answer questions like what do
millennials look for in a job? Like Sufficient compensation, Supportive work
conditions, A job that
fits their personality As well as, are millennials satisfied at
work? to help get a clear understanding of this massive generation.

  Millennials
entered the job market during the recession that began in December 2007 which
was a very difficult time in our economy. As per a research conducted by The
Council of Economic Advisers during the Obama administration it was noted that employment
opportunities plummeted from 2007 to 2009 during the time and many Millennials
found it difficult to keep their jobs. They were to make important career
moves, such as attending college during a time of great economic uncertainty or
switching career fields to find jobs that fit their needs.
The lack of opportunity played a key role as to why the millennials switch jobs
more often than any other generation thus far. However, this pattern did not
reduce despite the changes in the economy. As per a research done by Harvard
business school, they found out that 21% of Millennial workers had switched jobs
in just last year to do something else than previous years, this number
considered to be thrice as much higher than of any previous generations. It was
also noted that six in ten Millennials were open to diverse job opportunities,
this too is considered to be one of the highest figures compared to previous
generations. Majority of them made switch within other organizations and are
not within their current company: which goes to show that millennials aren’t
here to settle. For them it’s prudent that organizations hold the same values,
ethics and benefits that they are after. The study conducted by Gallup showed
that a significant number of the workers which makes up to 93% agreed that they
left their previous companies for better opportunities that fit their needs
rather than changing roles within the organizations. Contrary to popular belief
it wasn’t just the hip and fun office spaces that attracted the switch. As is
for any other generation Millennials look for employer benefits. as mentioned
previously, many millennials made the switch to be college educated. This
career change hence a key benefit being tuition reimbursement. According to a recent Capital Group survey found that one in three
millennials say a 529 or plan to back college tuition fee is a benefit they
want employers to offer. The crippling tuition debt is a concern that seems to
keep the millennials on edge. As per the survey it was noted that One in three
millennials say not having enough money to pay for their children’s education or
not having a proper retirement plan are alarming questions that keep them up at
night.

Millennials are a group that values
leadership as the most appreciated attribute an employee should consist.
Encouraging them to become better leaders and recognizing their talent and work
ethic. It was noted that over seven out of ten Millennials who would plan to
leave their current companies in the in next two years agreed that they’d only
do so because they’re not happy with the way their leadership skills are being
appreciated. The study
done study the Capital Group found that 67% of millennials say being loyal to
their employer is important to them, which is on similar with previous
generations. Along with loyalty to their employer, millennials don’t appreciate to be viewed
as a number and expect their employers to be loyal to them in return. “From the
survey findings, it can be deduced that if employers can match millennials’
hunger for benefits and personal development that align with their values,
employers may benefit from millennials’ loyalty,” said Heather Lord, Head of
Strategy & Innovation at Capital Group, an investment company.

A
common stereotype of millennials in the workplace is that they are not willing
to put in the time and hard work needed to succeed. On the contrary,
millennials in the workplace will in fact work hard when you get serious about
investing in their development of skills. Millennials want the opportunity to
learn from someone with expertise and specialization. Millennials want that hands
on experience to happen today, not tomorrow and not in a few years. As
mentioned above it’s no surprise that Millennials are consumers of the
workplace. They look for the careers that best fits with their needs and life
aspirations. Therefore, now more than ever, employers should be more aware and should
act upon the factors that make their organization more attractive to this
generation.  Contrary to popular belief, Baby Boomers are slightly more likely
than Millennials and Gen Xers to say that creativity and fun are “extremely
important” to them when applying for a job. companies encouraging creativity or
being a fun by placing cool and hip work environments isn’t a main concern
or attraction for millennials. However, Millennials do need to be convinced as to
why and how an organization will help them learn and improve to further their
careers. Thereby helping them to choose over their competition

Millennials
are also famous for taking social issues very seriously, as mentioned previously
this generation consists of the most divers labor force yet. They are more
socially aware. Hence when looking for an employer, generation Y tends to look
for organizations who supports their ideals. Be it the fight against gender
wage gap, LGPTQ issues, the millennials value and admire organizations taking
the initiative to help. It was also noted that millennials want to invest in
organizations that don’t focus on making the board of directors richer. They
prefer making calculated investments with the intention of positively impacting
the world. In a survey done by Wall street, found out that of 684 investors,
millennials were found to make more “social impact investments” than any other generation
in the US. It was interesting to find that 85% of millennials who responded to
the survey was involved in this type of investing. A study conducted by the World
Economic Forum concluded that of 5,000 millennials surveyed in 18 different
countries indicated that the overall top priority for any business should be
“to improve society”. Millennials are also more likely to invest in companies
with an objective that would benefit society. In fact, millennials, tend to invest
time and money in companies and organizations with a green focus, such as products
and services offered by hedge funds and venture capitalists. These types of organizations
are a favorite among millennials. Their understanding of what capitalism is
capable of, compared with their elders is considerable very different.

Every
generation has their own ideals and expectations of the world they are part of.
Millennials however have a complicated this status quo. Frustration with society
is often mistaken for laziness. This generation has seen their wages decrease
and work hours lengthen since the previous generation stood where they’re
standing now. But now thankfully, progressive employers are listening, and are
taking employee work benefits more seriously as a result. Millennials believe that
one of the most important employee benefit is healthcare. The UN has identified
access to healthcare as a fundamental human right. Therefore, successful
companies now have a clear mandate to ensure their employees to stay healthy.
Unlike previous generations millennials, are able to shop around for
healthcare. It’s well established that the healthier employees are, the more
productive they can be. Millennials also take advantage of flexible schedules.
They want to be able to reach an appropriate work-life balance.35% of
millennials value schedule flexibility over pay. Previous generations know the struggle
of the 9-5 “generic” schedule. It’s the same everyday where everybody drives to
work and home at the same time. Commuting to work in general will always be a
part of modern life. However, loosening scheduling expectations will
significantly relieve some of the pressure. Flexible hours enable millennials to
swiftly arrive and depart from America’s metropolitan areas. It also makes it
easier for them to make doctor’s appointments, visit friends and relatives. Millennials
also can take advantage of student loan repayment. with more than $1.3 trillion
in student loan debt, interestingly, one of the trending employee benefits of
2017 is student loan repayment. Companies all over the industrial map are
offering millennial a new and potentially life-changing advantage of paying
back their loans. Generous and forward-thinking benefits packages will also make
organizations more competitive. Thereby increasing productivity and more
millennials looking for satisfying jobs. Millennials also take advantage on
their career and personal development. They now have jobs where they can learn
and grow. Technology, enable millennials to build new skill sets and improve
themselves to become more specialized. Employers are now implementing company-wide
learning programs. They are also coming up with incentives for employees who
read the books to complete the courses necessary to understand different
aspects of their business.

Millennials have played a key role in society’s biggest
transformations from transmuting ways of communicating and the wide spread use
of new technology, changes in educational and career choices, parent skills and
changes in in homeownership. This generation has changed the fabric of society
as we know it. These technological and social developments have inspired much speculation
about how this generation will prosper later on in life and whether or not
these trends are temporary or permanent. The solutions to these questions will
rely heavily on the policy choices we make in areas such as education, career
development that would help foster job creation and growth in wages. We must
understand that Millennials are the most technologically connected, diverse,
and accepting generation. And as mentioned previously this generation gives
importance to creativity and innovation suggests a very promising future
economic growth. It’s refreshing and impressive enthusiasm for technological
advancements which has the potential to bring change to outdated economic
institutions such as banks as well as being able to utilize social media and
crowdfunding will help new business owners to enter the labor market with no
hassle. In addition, previous generation and Millennials themselves have made significant
investments in their collective skills, knowledge, economic value for their
employers, and their community. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Works Cited