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Financially Privileged Millennials Likely to Stay on Job with their Employer for a YearManagement NEWS RETAIN July 28, 2016
Ninety-nine percent of human resources professionals believe that millennials are a “flighty bunch” with one foot out the door, according to a recent Beyond.com study.
Yet, a study published by the Center for Talent Innovation (CTI) finds that this is only true of the nine percent of financially privileged millennials — those whose families could support them indefinitely were they to quit or lose their jobs, or who receive financial gifts from family members totaling at least $5,000 per year.
91 percent of millennials are not financially privileged, and the vast majority of this group does not plan to leave their jobs within a year. The study, published as a book entitled Misunderstood Millennial Talent: The Other Ninety-One Percent, explores the needs and wants of the financially unprivileged millennials, addressing stereotypes and the investment opportunity they represent for employers.
The findings were culled from a nationally representative survey of 765 college-educated, white-collar professionals born between 1982 and 1994. Though financially unprivileged millennials are unlikely immediate flight risks, their employers are not investing in them.
As result, they lack the intellectual growth and rewarding relationships they need to become effective leaders. Here’s a closer look at the 91 percent:
- 63 percent say that learning new professional skills is an aspect of intellectual growth that’s important to them in their careers. Yet 45 percent say they do not have this aspect of intellectual growth in their careers.
- 67 percent say that inspiration and motivation are important aspects of the rewarding relationships they want in their careers but 70 percent say they do not find that inspiration and motivation in their current workplace relationships.
- 64 percent acknowledge the importance of relationships that allow colleagues to learn from those with expertise they lack. But 53 percent do not have them.
“Millennials are poised to comprise 75 percent of the workforce by the year 2025 and nearly half are already in managerial positions, yet employers continue to under invest in this critical talent cohort,” says Joan Snyder Kuhl, co-author and fellow at CTI.
“Millennials are the bench strength for leadership and, as such, are the candidates whom talent specialists and succession planners must prepare.”
Additionally, six percent of black, nine percent of Hispanic, and 13 percent of Asian millennials without financial privilege say they have rewarding relationships, intellectual growth and challenge at work, compared to 25 percent of white millennials without financial privilege.
The investment deficit is also particularly pronounced for millennials who are 30 years of age or older, a cohort often confused with 20-something millennials. 54 percent of these millennials (without financial privilege) recognize that it is important to have relationships with colleagues who can help them advance in their careers.
However, less than one-quarter (21 percent) have this critical aspect of rewarding relationships on the job (compared to 37 percent of financially unprivileged millennials who are under 30 years of age).
“The underinvestment in this cohort undermines the long-term strategic goal of making leadership representative of the workforce and the marketplace it serves,” says Jennifer Zephirin, co-author and senior vice president of strategic outreach at CTI.
“Millennials are the most diverse talent cohort to date, and employers that successfully tap into this cohort will enjoy a competitive edge.”
Image credit: benefitspro.com
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