For those of us in Gen X who graduated into the early 1990s recession, it might be hard not to be cynical when talking about the plight of the youth. As though the Boomers weren’t insufferable enough, now we get to deal with the progeny they spawned, the entitlement genera … oops, I mean the “Millennials.”
Born between the late 1970s and the 2000s, Millennials will, within 10 years, make up three-quarters of the world’s working population. They represent over one-third of Canada’s population and, according to one National Post article, are the “largest demographic cohort to follow the baby boomers and the fastest-growing employee segment in the labour market.”
These are the kids who legendarily all got a trophy just for showing up, and whose Boomer parents jumped hoops to never hurt their “self-esteem.” Anecdotal reports of “helicopter parenting” into their 20s abound, with parents asking professors why they aren’t being informed when their quasi-adult children skip class.
In a CBC News interview in June, Paul Kershaw, founder of Generation Squeeze, a group that “is lobbying for better treatment of those under 40” (really!?!) acknowledges that “younger generations in Canada today probably have enjoyed one of the most privileged childhoods that’s ever been available on the planet.”
But for Kershaw, the fact that Millennials might have to “go without a car, live in a smaller space or delay starting a family until their finances are in order” is a cri de coueur: “Those are major adaptations ... that I don’t think younger generations get credit for.” USA Today noted that four in 10 Millennials receive financial help from their parents.
For a deeper dive, there’s also the recent report by PricewaterhouseCoopers, the London Business School and the University of Southern California, entitled “NextGen: a global generational study.” It’s the product of two years of study, 44,000 anonymous web-based surveys, 300 interviews, 30 focus groups, and participation by 1,000 Millennials across 18 global territories.
The study suggests that younger employees aren’t motivated by typical incentives: “In the accounting and professional services industry, it has long been assumed that fair pay, a stable upward career path, a chance at financial security and the prestige of partnership would be enough to attract and retain bright young talent. However, we started to find that this was no longer the case.”
If the study’s findings hold true, they have the potential to blow the large law firm partnership model to smithereens. As PwC noted, many of their new hires were leaving in droves after just a few years. “Even more alarmingly, a significant majority of them appeared to lack interest in the traditional professional services career path, one that required an intense work commitment early in their career in exchange for the chance to make partner later on.”
Conclusion No. 1? “Many Millennial employees are unconvinced that excessive work demands are worth the sacrifices to their personal life.” They want greater flexibility at work; want to be rewarded or recognized for their work at least monthly; want a strong, team-oriented culture and opportunities for interesting work, preferably around the world. And they place less emphasis on pay and opportunities to climb the ladder, and more on being supported and appreciated in return for their contributions.
The report recommends that organizations create a flexible work culture; fully leverage technology; increase transparency around compensation, rewards and career decisions; and invest time, resources and energy to listen, stay connected and fashion individualized solutions on a personal and local level.
So, get ready to clear out the corner office and forget “work-life balance.” We’re moving beyond that (if we can choke back the bile). Maybe we’ll learn a thing or two from them while we’re at it.
Paul Paton is the Wilbur Fee Bowker Professor and Dean of Law at the University of Alberta. He can be reached at [email protected].
Born between the late 1970s and the 2000s, Millennials will, within 10 years, make up three-quarters of the world’s working population. They represent over one-third of Canada’s population and, according to one National Post article, are the “largest demographic cohort to follow the baby boomers and the fastest-growing employee segment in the labour market.”
These are the kids who legendarily all got a trophy just for showing up, and whose Boomer parents jumped hoops to never hurt their “self-esteem.” Anecdotal reports of “helicopter parenting” into their 20s abound, with parents asking professors why they aren’t being informed when their quasi-adult children skip class.
In a CBC News interview in June, Paul Kershaw, founder of Generation Squeeze, a group that “is lobbying for better treatment of those under 40” (really!?!) acknowledges that “younger generations in Canada today probably have enjoyed one of the most privileged childhoods that’s ever been available on the planet.”
But for Kershaw, the fact that Millennials might have to “go without a car, live in a smaller space or delay starting a family until their finances are in order” is a cri de coueur: “Those are major adaptations ... that I don’t think younger generations get credit for.” USA Today noted that four in 10 Millennials receive financial help from their parents.
For a deeper dive, there’s also the recent report by PricewaterhouseCoopers, the London Business School and the University of Southern California, entitled “NextGen: a global generational study.” It’s the product of two years of study, 44,000 anonymous web-based surveys, 300 interviews, 30 focus groups, and participation by 1,000 Millennials across 18 global territories.
The study suggests that younger employees aren’t motivated by typical incentives: “In the accounting and professional services industry, it has long been assumed that fair pay, a stable upward career path, a chance at financial security and the prestige of partnership would be enough to attract and retain bright young talent. However, we started to find that this was no longer the case.”
If the study’s findings hold true, they have the potential to blow the large law firm partnership model to smithereens. As PwC noted, many of their new hires were leaving in droves after just a few years. “Even more alarmingly, a significant majority of them appeared to lack interest in the traditional professional services career path, one that required an intense work commitment early in their career in exchange for the chance to make partner later on.”
Conclusion No. 1? “Many Millennial employees are unconvinced that excessive work demands are worth the sacrifices to their personal life.” They want greater flexibility at work; want to be rewarded or recognized for their work at least monthly; want a strong, team-oriented culture and opportunities for interesting work, preferably around the world. And they place less emphasis on pay and opportunities to climb the ladder, and more on being supported and appreciated in return for their contributions.
The report recommends that organizations create a flexible work culture; fully leverage technology; increase transparency around compensation, rewards and career decisions; and invest time, resources and energy to listen, stay connected and fashion individualized solutions on a personal and local level.
So, get ready to clear out the corner office and forget “work-life balance.” We’re moving beyond that (if we can choke back the bile). Maybe we’ll learn a thing or two from them while we’re at it.
Paul Paton is the Wilbur Fee Bowker Professor and Dean of Law at the University of Alberta. He can be reached at [email protected].
