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Millennials (those born between the early 1980s and the early 1990s) make up a huge part of our workforce but they seem to lack loyalty to the companies and the leaders they work for. Multinational companies are noticing larger turnover rates of millennials as employee retention rates fall. This report looks at the findings of two large-scale surveys on the mindset of the millennial generation and explores how organizations can strive to address these needs, increase employee engagement and encourage retention.

QUESTION

1. This report is based on the findings of how many surveys?

• A. fifty thousand

• B. forty thousand

• C. two

• D. six

Millennials (those born between the early 1980s and the early 1990s) make up a huge part of our workforce but they seem to lack loyalty to the companies and the leaders they work for. Multinational companies are noticing larger turnover rates of millennials as employee retention rates fall. This report looks at the findings of two large-scale surveys on the mindset of the millennial generation and explores how organizations can strive to address these needs, increase employee engagement and encourage retention.

In a global survey conducted by PricewaterhouseCoopers (PwC), more than 40,000 millennials (born between 1983 and 1993) and non-millennial responses were collected on the topics of workplace culture, communication and working styles, pay structure, career development, work-life balance, etc. In a separate global survey conducted by Deloitte, more than 10,000 millennials participated in a study about their perceptions of the threats and opportunities in the complex world of work

QUESTION

2. This report was done for organizations that want to …

• A. prove that millennials are more difficult than non-millennials

• B. increase the job satisfaction of the millennials who are working for them.

• C. have higher turnover rates

• D. get rid of millennial employees

Key findings

• Millennials are as committed to their work as their more senior colleagues.

• Millennials value interesting work and a good work–life balance. They do not believe that excessive work demands are worth sacrifices in their personal lives.

• Millennials want flexibility in their working hours and are willing to give up pay increases and promotions for a flexible working schedule. They believe that success should be measured by productivity and not by the number of hours they are seen in an office.

• Millennials want to feel supported and appreciated by their company and their superiors.

• Millennials want more opportunities to develop their skills. These include technological skills, teamwork, and interpersonal skills.

Millennials believe that businesses and business leaders should contribute to the improvement of society and they are more likely to be loyal to a company with strong ethics

QUESTION

3. According to the report, which of the following would millennials be happy to do?

• A. give up family time on weekends to finish a work project

• B. sacrifice pay so that they can work shorter hours

• C. be left to find their own developmental opportunities

• D. be committed to their companies’ profit-making motives

KEY FINDINGS

• Millennials are as committed to their work as their more senior colleagues.

• Millennials value interesting work and a good work–life balance. They do not believe that excessive work demands are worth sacrifices in their personal lives.

• Millennials want flexibility in their working hours and are willing to give up pay increases and promotions for a flexible working schedule. They believe that success should be measured by productivity and not by the number of hours they are seen in an office.

• Millennials want to feel supported and appreciated by their company and their superiors.

• Millennials want more opportunities to develop their skills. These include technological skills, teamwork, and interpersonal skills.

• Millennials believe that businesses and business leaders should contribute to the improvement of society and they are more likely to be loyal to a company with strong ethics.

RECOMMENDATIONS

Organizations and managers wanting to retain millennials should consider:

• monitoring their workload and satisfaction levels with their work-life balance

• creating a flexible work culture where employees have more control over their working hours and their work location

• providing meaningful work and interesting opportunities

• offering help and support in continuing professional development

• changing the organization’s goals from being mainly about profit-making to motives that address social concerns and solve wider societal problems.

QUESTION

4. According to the report, which of the following would promote millennials’ loyalty to their company?

• A. the company’s commitment to the greater good of society

• B. a more regular working schedule

• C. more opportunities for promotion

• D. better pay structures

KEY FINDINGS

• Millennials are as committed to their work as their more senior colleagues.

• Millennials value interesting work and a good work–life balance. They do not believe that excessive work demands are worth sacrifices in their personal lives.

• Millennials want flexibility in their working hours and are willing to give up pay increases and promotions for a flexible working schedule. They believe that success should be measured by productivity and not by the number of hours they are seen in an office.

• Millennials want to feel supported and appreciated by their company and their superiors.

• Millennials want more opportunities to develop their skills. These include technological skills, teamwork, and interpersonal skills.

• Millennials believe that businesses and business leaders should contribute to the improvement of society and they are more likely to be loyal to a company with strong ethics.

RECOMMENDATIONS

Organizations and managers wanting to retain millennials should consider:

• monitoring their workload and satisfaction levels with their work-life balance

• creating a flexible work culture where employees have more control over their working hours and their work location

• providing meaningful work and interesting opportunities

• offering help and support in continuing professional development

• changing the organization’s goals from being mainly about profit-making to motives that address social concerns and solve wider societal problems.

QUESTION

5. According to the report, millennials believe that it is important to …

• A. show your bosses how long you are working in the office.

• B. work for a company that is bringing in a lot of money.

• C. measure your productivity

• D. be appreciated for the work you do.