The 2015 Millennial Majority Workforce: Study Results

Recruiting & HR

elance-odesk
  • Red Brick Research Study Results: The 2015 Millennial Majority Workforce Commissioned by Elance-oDesk and Millennial Branding For more detail go to: www.elance-odesk.com/millennial-majority-workforce October 2014
  • Red Brick Research §  Two online surveys were conducted in the U.S. among: §  Data collected September 1 – September 10, 2014 by independent research firm Red Brick Research §  Millennial results were weighted to ensure demographic representation across sample, based on figures from the United States Census Bureau §  In this study reference is made to “Generation X” or the “previous generation.” For the purposes of this study, the birth year ranges for these groups are:" §  Millennials: 1982-1993 §  Generation X/Previous Generation: 1959-1981 2 Research Methodology Millennials Hiring managers §  Graduates with a bachelor’s " / Master’s degree or other " postgraduate qualification §  Age 21 - 32 §  Company owners or managers §  Age 33+ §  All with responsibility over recruitment or HR strategy within their business Sample n=1,039 Margin of Error: +/-3.2% Sample n=200 Margin of Error: +/-6.9%
  • Red Brick Research §  Understand millennials’ role in our workforce as we approach 2015 §  Examine disjoints: §  Millennials’ inability to find work vs. an inability to hire §  Millennials’ differing work priorities §  Varying generational perceptions §  Look at how work is changing 3 Study Objectives
  • Red Brick Research Millennials are integral to the future of business §  Millennials will be the majority of the U.S. workforce by 2015. §  28% are management level already; 2/3 see themselves in management in ten years. §  Hiring managers believe millennials bring unique skills, especially that they are more technically adept than prior generations (82% agree). §  The majority (53%) of hiring managers report difficulty finding and retaining millennial talent, more than 3x the number who say it is "easy." 4 Key Findings (1)
  • Red Brick Research 5 Key Findings (2) Hard skills reign §  The August Bureau of Labor Statistics report had 4.8 million job openings— the highest number of U.S. job openings since January 2001. §  Hiring managers prioritize hard skills: 55% say they focus more on hard skills when hiring, versus 21% who say they focus more on personality. §  45% expect to become even more skills focused in ten years, versus only 11% who expect to become more personality focused.
  • Red Brick Research Millennials need something different than traditional employers provide� §  79% of millennials would consider quitting their regular job and working for themselves in the future. §  Freelancing’s flexibility and control appeal to millennials. §  Millennials care more about the people they work with, exciting work and good mentorship and less about money than hiring managers realize. 6 Key Findings (3)
  • Red Brick Research 7 Millennials are integral to the future of businesses
  • Red Brick Research Millennials have power in numbers: 2015 is the year they become the majority in the U.S. workforce 45% 38% 31% 23% 22% 21% 25% 36% 45% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2005 2010 2015 Millennials Generation X Baby Boomers 8 Generations in the workplace Source: Bureau of Labour Statistics Employment Projections
  • Red Brick Research 5% 12% 15% 7% 15% 46% 0% 10% 20% 30% 40% 50% Other Freelancing / self-employed Individual contributor (not managing others) C-Level titles (e.g. CEO, CFO, CTO etc.) Business owner Senior/Middle management Millennials expect to have power in rank: two- thirds see themselves in management in 10 years 9 Q: Where do you see yourself in ten years’ time? Millennials Survey, n = 1,039 69% Managerial roles 28% of millennials are currently managers* *Millennials Survey - Composite - Q: Which of the following best describes your current employment; Q: Which option describes your current job level?
  • Red Brick Research Hiring managers say millennials bring unique skills, especially as the 1st “native technologist” generation 10 Hiring Managers Survey – Q: To what extent to do you agree or disagree with each of the following statements about how millennial graduates (aged 21-32) compare to the previous generation (aged 33+)?: ‘Millennials possess certain skills the previous generation doesn’t tend to have’, n = 200 Hiring Managers Survey – Q: To what extent to do you agree or disagree with each of the following statements about how millennial graduates (aged 21-32) compare to the previous generation (aged 33+)?: ‘Millennials are more technologically adept’, n = 200 “Millennials possess certain skills the previous generation doesn’t tend to have” 68% of hiring managers agree “Millennials are more technologically adept” 82% of hiring managers agree
  • Red Brick Research Millennials are seen as having skills that can help drive innovation “Millennials can learn new things more quickly” 74% of millennials agree* 60% of hiring managers agree** ** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials can learn new things more quickly’, n = 200 “Millennials are more likely to come up with fresh ideas” 71% of millennials agree* 57% of hiring managers agree** ** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials are more likely to come up with fresh ideas for the company’, n = 200 *Millennials Survey – Q (see above) - Statement ‘We are more likely to come up with fresh ideas for the company’, n = 1,039 *Millennials Survey - Q: To what extent do you agree or disagree with each of the following statements about how young graduates like you (aged 21-32) compare to the previous generation (aged 33+)?: ‘We can learn new things more quickly’, N = 1,039
  • Red Brick Research Workplaces in search of be!er gender equality should benefit from millennials 12 “Millennials have a more equal attitude towards genders in the workplace” 66% of hiring managers agree Hiring Managers Survey – Q (see slide 10) – Statement: ‘Millennials have a more equal attitude towards the genders in the workplace’, n = 200 21% of millennial women feel that work has been worse than expected (versus only 12% of millennial men) Millennials Survey – Q: Overall how has work lived up to expectations?, asked of business owners, employees, freelancers and interns, n = 818 However:
  • Red Brick Research Managers say that finding and retaining millennial staff is difficult 4% 11% 33% 44% 9% 0% 10% 20% 30% 40% 50% Very easy Fairly easy Neither difficult nor easy Fairly difficult Very difficult 13 Q: How difficult is it to find and retain reliable staff in this age bracket (21-32)? Hiring Managers Survey, n = 200 53% Difficult 15% Easy
  • Red Brick Research 14 Work in the “millennial majority” world: Tech innovation, rapid responses and hard skills reign
  • Red Brick Research Hiring managers today focus on hard skills 21% 24% 55% 0% 20% 40% 60% Focused more on ATTITUDE / PERSONALITY Neutral Focused more on SKILLS 15 Q: Generally, when hiring full time employees, does your organization tend to focus more on their skills or their attitude / personality traits? Hiring Managers Survey, n = 200
  • Red Brick Research Hiring managers expect to only increase this focus on skills 16 11% 45% 45% 0% 10% 20% 30% 40% 50% Become more ATTITUDE / PERSONALITY focused No change Become more SKILLS focused Q: How do you feel this focus will change over the next 10 years? Hiring Managers Survey, n = 200
  • Red Brick Research There were 4.8 million job openings in August, a record high in years, yet a gap persists 17 Source: Bureau of Labor Statistics Change in job openings vs. hires since June 2009 Seasonally adjusted 100% 75% 50% 25% 0 2010 2011 2012 2013 2014
  • Red Brick Research Traditional hiring isn’t working for either side 18 ** Hiring Managers Survey – Q: How difficult is it to find and retain reliable staff in this age bracket (21-32)?, n = 200 *Millennials Survey - Q: Have you ever had a difficult time finding a traditional job?, n = 1,039 53% of hiring managers** have had difficulty recruiting millennials… 15% 33% 53% 0% 10% 20% 30% 40% 50% 60% Easy Neither Difficult How difficult is it to find and retain reliable millennial staff? 39% of millennials* have had difficulty finding a traditional job
  • Red Brick Research Many millennials report hot STEM skills 19 15% 15% 18% 20% 20% 22% 24% 29% 34% 0% 5% 10% 15% 20% 25% 30% 35% 40% Aerial Imaging / Mapping Data Visualization Nanotechnology Genetic Modification Internet of Things Driverless Cars Wearable Technology Cloud Computing 3D Printing Emerging skills possessed by millennials* *Millennials Survey - Q: Which of any of these emerging skills are you familiar with (not a complete list), n = 1,039 54% of hiring managers report a technological skills shortage. IT is the highest-ranked skill in terms of shortages.** *Technological Skills defined as - IT/Web Security; IT Tech Support; Digital Marketing; Software development; Web design; Mobile App Development; Graphic Design/Photography/3D; Database/Server Administration; Creative Vision Skills; Media Production Skills; Data Science/Analysis **Hiring Managers Survey - Q: Which skills do you feel your company suffers from a shortage of? n = 200
  • Red Brick Research Companies are turning to freelancers to find specific skills and tackle rapid change 20 % of companies using freelancers Can often start working immediately 45% Ability to scale workload up and down quickly as needs change 35% Access to specific / niche skills 34% Lower cost of required infrastructure (office space, IT etc.) 30% A more flexible team in general 29% Q: What do you perceive to be the main benefits of using freelancers over hiring additional permanent employees? Hiring Managers Survey, all users of freelancing, n = 132 41% of hiring managers plan to increase their hiring of freelancers in the next five years (only 5% expect a decrease) Hiring Managers Survey – Q : In the next 5 years how do you anticipate your hiring activity will change with respect to freelancers, n = 200
  • Red Brick Research 21 In this new workforce, millennials need something different than traditional employers provide
  • Red Brick Research 27% 46% 50% 55% 60% 65% 66% 72% 80% 73% 54% 50% 45% 40% 35% 34% 28% 20% 0% 20% 40% 60% 80% 100% Team player Confident Optimistic Entrepreneurial attitude Adaptable Money driven Creative Open to change Narcissistic Gen X Millennials How do hiring managers see millennials vs the prior generation? More adaptable and creative 22 Qualities each generation is seen as more likely to possess (according to hiring managers) Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous generation (aged 33-55) are more likely to possess each, n = 200
  • Red Brick Research Hiring managers agree with millennials that they are creative, open to change and narcissistic 23 Qualities seen as more prevalent in millennials (% thinking millennials are more likely to possess) Millennials Survey - Q: Please look at this list of personality attributes. Do you think young graduates like you (21-32) or the previous generation (aged 33+) are more likely to possess each, n = 1,039 Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous generation (aged 33-55) are more likely to possess each, n = 200 52% 68% 69% 70% 73% 75% 86% 87% 90% 27% 46% 55% 50% 65% 80% 60% 66% 72% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Team player Confident Entrepreneurial Optimistic Money driven Narcissistic Adaptable Creative Open to change Hiring managers' views Millennials' views
  • Red Brick Research To keep millennials, businesses should place greater focus on people, exciting work & mentors 25% 30% 39% 44% 16% 24% 12% 75% 0% 10% 20% 30% 40% 50% 60% 70% 80% A good mentor / manager Work is exciting The people / team they’ll work with Earnings potential Hiring managers' views of Millennials' priorities Millennials' actual priorities 24 Areas where managers’ views of millennial priorities at work are different than millennials’ actual priorities Millennials Survey - Q: What do you prioritize when choosing a place of work? Select 5 options, n = 1,039 Hiring Managers Survey – Q: What do you think are the top 5 things young graduates prioritize when choosing a place to work?, n = 200
  • Red Brick Research Millennials will instigate change 25 Expect to stay in their job fewer than three years 58% of millennials*: * Millennials Survey – Q: Approximately how much longer do you think you’ll stay with your current main employer?, Asked of employees, n = 759 Average number of jobs 29-32 year old workers have had 2.4 jobs***: *** Millennials Survey – Q: How many full-time jobs have you had (including a current one) since you graduated?, Asked of those who have had any full-time jobs, mean average, n = 925 Corporate loyalty is outdated – pros are successful if they craft their own path 52% of millennials**: ** Millennials Survey– Q: Which of these statements do you agree with most? ‘Corporate loyalty is an out-dated concept. Professionals are most successful today if they focus on crafting their own career path’; or ‘Corporate loyalty is important. Professionals are most successful today if they focus on their career advancement within the same company as long as possible’, N = 1,039
  • Red Brick Research Freelancing is a!ractive to millennials 26 ** Millennials Survey – Q: Do you think at some point in the future, you like to quit your "regular job" and work only for yourself?, Asked of employees, n = 759 Would choose to freelance if they could “find enough projects to earn the salary they are worth” *Millennials Survey - Q: If you knew you could find enough freelance projects to earn the salary you’re worth, would you choose to freelance?, Asked of those who have never freelanced, n = 648 79% of millennials**: Would consider “quitting their regular job and working for themselves” in the future 69% of millennials who have never freelanced:
  • Red Brick Research Millennials like the flexibility & control of independent work 27 Q: Attractive characteristics of freelance work 43% 43% 44% 53% 56% 66% 0% 20% 40% 60% 80% Control over work load No office politics Control of my own destiny (Being own boss) The ability to choose what I work on / interesting work Flexible working place Flexible working times Millennials Survey - Q: What do you believe are the most attractive characteristics of freelance work?, n = 1,039
  • Red Brick Research Technology is requiring more of millennials and impacting the way they work 28 “I can access info whenever and wherever I need it” 92% of millennials agree* **Hiring Managers Survey – Q : Do you have any specific concerns or worries associated with hiring millennials (aged 21 - 32)?, n = 200 “I am expected to be contactable at all times” 73% of millennials agree* “I am expected to keep up to date with emerging technology” 66% of millennials agree* “Millennials are not used to a standard working environment” 38% of hiring managers** Hiring managers are starting to think that… *Millennials Survey – Q: How does technology impact your work life? To what extent do you agree or disagree with each of the following statements…, asked of business owners, employees, freelancers and interns, n = 818
  • Red Brick Research Millennials believe it is easier to start a business than ever before 1% 6% 10% 46% 37% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Much harder A little harder No difference A little easier Much easier 29 Q: Do you think technology is making it easier or harder for individuals to be their own boss? Millennials Survey, n = 1,039 82% Easier
  • Red Brick Research 30 Appendix
  • Red Brick Research Elance-oDesk is the world’s largest online workplace. More than 3.7 million businesses and 9.3 million freelancers tap into www.Elance.com and www.oDesk.com to work together via the Internet. As our increasingly connected and independent workforce goes online, talent—like software, shopping and communications before it—is shifting to the cloud. This shift is freeing professionals from set-time-and-place work, while also making it faster and easier for businesses to hire. Elance-oDesk is headquartered in Mountain View, California, with offices in San Francisco, California, and Oslo, Norway. For more details, go to: www.elance-odesk.com/millennial-majority-workforce 31 This study commissioned by:
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  • Red Brick Research Study Results: The 2015 Millennial Majority Workforce Commissioned by Elance-oDesk and Millennial Branding For more detail go to: www.elance-odesk.com/millennial-majority-workforce October 2014
  • Red Brick Research §  Two online surveys were conducted in the U.S. among: §  Data collected September 1 – September 10, 2014 by independent research firm Red Brick Research §  Millennial results were weighted to ensure demographic representation across sample, based on figures from the United States Census Bureau §  In this study reference is made to “Generation X” or the “previous generation.” For the purposes of this study, the birth year ranges for these groups are:" §  Millennials: 1982-1993 §  Generation X/Previous Generation: 1959-1981 2 Research Methodology Millennials Hiring managers §  Graduates with a bachelor’s " / Master’s degree or other " postgraduate qualification §  Age 21 - 32 §  Company owners or managers §  Age 33+ §  All with responsibility over recruitment or HR strategy within their business Sample n=1,039 Margin of Error: +/-3.2% Sample n=200 Margin of Error: +/-6.9%
  • Red Brick Research §  Understand millennials’ role in our workforce as we approach 2015 §  Examine disjoints: §  Millennials’ inability to find work vs. an inability to hire §  Millennials’ differing work priorities §  Varying generational perceptions §  Look at how work is changing 3 Study Objectives
  • Red Brick Research Millennials are integral to the future of business §  Millennials will be the majority of the U.S. workforce by 2015. §  28% are management level already; 2/3 see themselves in management in ten years. §  Hiring managers believe millennials bring unique skills, especially that they are more technically adept than prior generations (82% agree). §  The majority (53%) of hiring managers report difficulty finding and retaining millennial talent, more than 3x the number who say it is "easy." 4 Key Findings (1)
  • Red Brick Research 5 Key Findings (2) Hard skills reign §  The August Bureau of Labor Statistics report had 4.8 million job openings— the highest number of U.S. job openings since January 2001. §  Hiring managers prioritize hard skills: 55% say they focus more on hard skills when hiring, versus 21% who say they focus more on personality. §  45% expect to become even more skills focused in ten years, versus only 11% who expect to become more personality focused.
  • Red Brick Research Millennials need something different than traditional employers provide� §  79% of millennials would consider quitting their regular job and working for themselves in the future. §  Freelancing’s flexibility and control appeal to millennials. §  Millennials care more about the people they work with, exciting work and good mentorship and less about money than hiring managers realize. 6 Key Findings (3)
  • Red Brick Research 7 Millennials are integral to the future of businesses
  • Red Brick Research Millennials have power in numbers: 2015 is the year they become the majority in the U.S. workforce 45% 38% 31% 23% 22% 21% 25% 36% 45% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2005 2010 2015 Millennials Generation X Baby Boomers 8 Generations in the workplace Source: Bureau of Labour Statistics Employment Projections
  • Red Brick Research 5% 12% 15% 7% 15% 46% 0% 10% 20% 30% 40% 50% Other Freelancing / self-employed Individual contributor (not managing others) C-Level titles (e.g. CEO, CFO, CTO etc.) Business owner Senior/Middle management Millennials expect to have power in rank: two- thirds see themselves in management in 10 years 9 Q: Where do you see yourself in ten years’ time? Millennials Survey, n = 1,039 69% Managerial roles 28% of millennials are currently managers* *Millennials Survey - Composite - Q: Which of the following best describes your current employment; Q: Which option describes your current job level?
  • Red Brick Research Hiring managers say millennials bring unique skills, especially as the 1st “native technologist” generation 10 Hiring Managers Survey – Q: To what extent to do you agree or disagree with each of the following statements about how millennial graduates (aged 21-32) compare to the previous generation (aged 33+)?: ‘Millennials possess certain skills the previous generation doesn’t tend to have’, n = 200 Hiring Managers Survey – Q: To what extent to do you agree or disagree with each of the following statements about how millennial graduates (aged 21-32) compare to the previous generation (aged 33+)?: ‘Millennials are more technologically adept’, n = 200 “Millennials possess certain skills the previous generation doesn’t tend to have” 68% of hiring managers agree “Millennials are more technologically adept” 82% of hiring managers agree
  • Red Brick Research Millennials are seen as having skills that can help drive innovation “Millennials can learn new things more quickly” 74% of millennials agree* 60% of hiring managers agree** ** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials can learn new things more quickly’, n = 200 “Millennials are more likely to come up with fresh ideas” 71% of millennials agree* 57% of hiring managers agree** ** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials are more likely to come up with fresh ideas for the company’, n = 200 *Millennials Survey – Q (see above) - Statement ‘We are more likely to come up with fresh ideas for the company’, n = 1,039 *Millennials Survey - Q: To what extent do you agree or disagree with each of the following statements about how young graduates like you (aged 21-32) compare to the previous generation (aged 33+)?: ‘We can learn new things more quickly’, N = 1,039
  • Red Brick Research Workplaces in search of be!er gender equality should benefit from millennials 12 “Millennials have a more equal attitude towards genders in the workplace” 66% of hiring managers agree Hiring Managers Survey – Q (see slide 10) – Statement: ‘Millennials have a more equal attitude towards the genders in the workplace’, n = 200 21% of millennial women feel that work has been worse than expected (versus only 12% of millennial men) Millennials Survey – Q: Overall how has work lived up to expectations?, asked of business owners, employees, freelancers and interns, n = 818 However:
  • Red Brick Research Managers say that finding and retaining millennial staff is difficult 4% 11% 33% 44% 9% 0% 10% 20% 30% 40% 50% Very easy Fairly easy Neither difficult nor easy Fairly difficult Very difficult 13 Q: How difficult is it to find and retain reliable staff in this age bracket (21-32)? Hiring Managers Survey, n = 200 53% Difficult 15% Easy
  • Red Brick Research 14 Work in the “millennial majority” world: Tech innovation, rapid responses and hard skills reign
  • Red Brick Research Hiring managers today focus on hard skills 21% 24% 55% 0% 20% 40% 60% Focused more on ATTITUDE / PERSONALITY Neutral Focused more on SKILLS 15 Q: Generally, when hiring full time employees, does your organization tend to focus more on their skills or their attitude / personality traits? Hiring Managers Survey, n = 200
  • Red Brick Research Hiring managers expect to only increase this focus on skills 16 11% 45% 45% 0% 10% 20% 30% 40% 50% Become more ATTITUDE / PERSONALITY focused No change Become more SKILLS focused Q: How do you feel this focus will change over the next 10 years? Hiring Managers Survey, n = 200
  • Red Brick Research There were 4.8 million job openings in August, a record high in years, yet a gap persists 17 Source: Bureau of Labor Statistics Change in job openings vs. hires since June 2009 Seasonally adjusted 100% 75% 50% 25% 0 2010 2011 2012 2013 2014
  • Red Brick Research Traditional hiring isn’t working for either side 18 ** Hiring Managers Survey – Q: How difficult is it to find and retain reliable staff in this age bracket (21-32)?, n = 200 *Millennials Survey - Q: Have you ever had a difficult time finding a traditional job?, n = 1,039 53% of hiring managers** have had difficulty recruiting millennials… 15% 33% 53% 0% 10% 20% 30% 40% 50% 60% Easy Neither Difficult How difficult is it to find and retain reliable millennial staff? 39% of millennials* have had difficulty finding a traditional job
  • Red Brick Research Many millennials report hot STEM skills 19 15% 15% 18% 20% 20% 22% 24% 29% 34% 0% 5% 10% 15% 20% 25% 30% 35% 40% Aerial Imaging / Mapping Data Visualization Nanotechnology Genetic Modification Internet of Things Driverless Cars Wearable Technology Cloud Computing 3D Printing Emerging skills possessed by millennials* *Millennials Survey - Q: Which of any of these emerging skills are you familiar with (not a complete list), n = 1,039 54% of hiring managers report a technological skills shortage. IT is the highest-ranked skill in terms of shortages.** *Technological Skills defined as - IT/Web Security; IT Tech Support; Digital Marketing; Software development; Web design; Mobile App Development; Graphic Design/Photography/3D; Database/Server Administration; Creative Vision Skills; Media Production Skills; Data Science/Analysis **Hiring Managers Survey - Q: Which skills do you feel your company suffers from a shortage of? n = 200
  • Red Brick Research Companies are turning to freelancers to find specific skills and tackle rapid change 20 % of companies using freelancers Can often start working immediately 45% Ability to scale workload up and down quickly as needs change 35% Access to specific / niche skills 34% Lower cost of required infrastructure (office space, IT etc.) 30% A more flexible team in general 29% Q: What do you perceive to be the main benefits of using freelancers over hiring additional permanent employees? Hiring Managers Survey, all users of freelancing, n = 132 41% of hiring managers plan to increase their hiring of freelancers in the next five years (only 5% expect a decrease) Hiring Managers Survey – Q : In the next 5 years how do you anticipate your hiring activity will change with respect to freelancers, n = 200
  • Red Brick Research 21 In this new workforce, millennials need something different than traditional employers provide
  • Red Brick Research 27% 46% 50% 55% 60% 65% 66% 72% 80% 73% 54% 50% 45% 40% 35% 34% 28% 20% 0% 20% 40% 60% 80% 100% Team player Confident Optimistic Entrepreneurial attitude Adaptable Money driven Creative Open to change Narcissistic Gen X Millennials How do hiring managers see millennials vs the prior generation? More adaptable and creative 22 Qualities each generation is seen as more likely to possess (according to hiring managers) Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous generation (aged 33-55) are more likely to possess each, n = 200
  • Red Brick Research Hiring managers agree with millennials that they are creative, open to change and narcissistic 23 Qualities seen as more prevalent in millennials (% thinking millennials are more likely to possess) Millennials Survey - Q: Please look at this list of personality attributes. Do you think young graduates like you (21-32) or the previous generation (aged 33+) are more likely to possess each, n = 1,039 Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous generation (aged 33-55) are more likely to possess each, n = 200 52% 68% 69% 70% 73% 75% 86% 87% 90% 27% 46% 55% 50% 65% 80% 60% 66% 72% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Team player Confident Entrepreneurial Optimistic Money driven Narcissistic Adaptable Creative Open to change Hiring managers' views Millennials' views
  • Red Brick Research To keep millennials, businesses should place greater focus on people, exciting work & mentors 25% 30% 39% 44% 16% 24% 12% 75% 0% 10% 20% 30% 40% 50% 60% 70% 80% A good mentor / manager Work is exciting The people / team they’ll work with Earnings potential Hiring managers' views of Millennials' priorities Millennials' actual priorities 24 Areas where managers’ views of millennial priorities at work are different than millennials’ actual priorities Millennials Survey - Q: What do you prioritize when choosing a place of work? Select 5 options, n = 1,039 Hiring Managers Survey – Q: What do you think are the top 5 things young graduates prioritize when choosing a place to work?, n = 200
  • Red Brick Research Millennials will instigate change 25 Expect to stay in their job fewer than three years 58% of millennials*: * Millennials Survey – Q: Approximately how much longer do you think you’ll stay with your current main employer?, Asked of employees, n = 759 Average number of jobs 29-32 year old workers have had 2.4 jobs***: *** Millennials Survey – Q: How many full-time jobs have you had (including a current one) since you graduated?, Asked of those who have had any full-time jobs, mean average, n = 925 Corporate loyalty is outdated – pros are successful if they craft their own path 52% of millennials**: ** Millennials Survey– Q: Which of these statements do you agree with most? ‘Corporate loyalty is an out-dated concept. Professionals are most successful today if they focus on crafting their own career path’; or ‘Corporate loyalty is important. Professionals are most successful today if they focus on their career advancement within the same company as long as possible’, N = 1,039
  • Red Brick Research Freelancing is a!ractive to millennials 26 ** Millennials Survey – Q: Do you think at some point in the future, you like to quit your "regular job" and work only for yourself?, Asked of employees, n = 759 Would choose to freelance if they could “find enough projects to earn the salary they are worth” *Millennials Survey - Q: If you knew you could find enough freelance projects to earn the salary you’re worth, would you choose to freelance?, Asked of those who have never freelanced, n = 648 79% of millennials**: Would consider “quitting their regular job and working for themselves” in the future 69% of millennials who have never freelanced:
  • Red Brick Research Millennials like the flexibility & control of independent work 27 Q: Attractive characteristics of freelance work 43% 43% 44% 53% 56% 66% 0% 20% 40% 60% 80% Control over work load No office politics Control of my own destiny (Being own boss) The ability to choose what I work on / interesting work Flexible working place Flexible working times Millennials Survey - Q: What do you believe are the most attractive characteristics of freelance work?, n = 1,039
  • Red Brick Research Technology is requiring more of millennials and impacting the way they work 28 “I can access info whenever and wherever I need it” 92% of millennials agree* **Hiring Managers Survey – Q : Do you have any specific concerns or worries associated with hiring millennials (aged 21 - 32)?, n = 200 “I am expected to be contactable at all times” 73% of millennials agree* “I am expected to keep up to date with emerging technology” 66% of millennials agree* “Millennials are not used to a standard working environment” 38% of hiring managers** Hiring managers are starting to think that… *Millennials Survey – Q: How does technology impact your work life? To what extent do you agree or disagree with each of the following statements…, asked of business owners, employees, freelancers and interns, n = 818
  • Red Brick Research Millennials believe it is easier to start a business than ever before 1% 6% 10% 46% 37% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Much harder A little harder No difference A little easier Much easier 29 Q: Do you think technology is making it easier or harder for individuals to be their own boss? Millennials Survey, n = 1,039 82% Easier
  • Red Brick Research 30 Appendix
  • Red Brick Research Elance-oDesk is the world’s largest online workplace. More than 3.7 million businesses and 9.3 million freelancers tap into www.Elance.com and www.oDesk.com to work together via the Internet. As our increasingly connected and independent workforce goes online, talent—like software, shopping and communications before it—is shifting to the cloud. This shift is freeing professionals from set-time-and-place work, while also making it faster and easier for businesses to hire. Elance-oDesk is headquartered in Mountain View, California, with offices in San Francisco, California, and Oslo, Norway. For more details, go to: www.elance-odesk.com/millennial-majority-workforce 31 This study commissioned by:
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