Millennials; the generation of iPhones and social media are known for social awareness, self-entitlement and ‘killing industries’ yet their feelings and choices are profoundly affecting the way corporations operate and approach business.
Almost three quarters (71%) of workers aged 18 to 24 or typically described as Millennials said they were willing to quit their job based on principle according to a survey conducted by career site Glassdoor. Compared with less than half (49%) of employees in the latter stages of their career (aged 55+) said they would quit if their employer acted in a way that went against their core beliefs and principles.
The same survey also found that Millennials advocate for being involved in their local communities and social issues. Three quarters (76%) of younger employees believe that their employer should support their local community through volunteering and donations, 73% said their employers should take a stand on social issues and more than half (56%) on political issues. The numbers decrease as workers get older; 55% of workers aged over 55 agreed employers should take a stand on social issues and 33% on political issues.
It’s clear that young people make it their mission to be informed about an employer’s culture, corporate and social activities. Nine in ten (94%) of 18 to 24 aged candidates think it’s important to consider how a potential employer treats its customers and 74% think the way in which an organisation takes a stand on political or social issues is important when assessing them as an employer.
It’s not just how businesses conduct themselves on social and political issues that are being upended by Millennials but taboo’s around salary too. According to finance blog The Cashlorette, younger workers are increasingly sharing the details of their salaries; 63% of employees aged 18-36 have shared how much money they make with immediate family members, 48% with friends and 30% with co-workers. In contrast with their baby-boomer (53-71) counterparts, 41% have shared their salary information with immediate family, 21% with friends and only 8% with a co-worker.
This has lead to a number of corporations to amend their policies around transparency when it comes to salary. In Hong Kong, recruitment website stealjobs.com asks employees to share anonymously the pay scale of their respective organisations.
Even the law is catching up in the U.S where two states have instituted laws that bar employers from asking job candidates about their salary history and a number of states thinking of following suit.
In a world of constant innovation, where social media can bankrupt a business or catapult it to success what’s clear is businesses need to change their mindset when it comes to attracting both employees and customers of the next generation.
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