HR Vendors of the Year Awards is back again for its 5th year with a fascinating gala night to celebrate the best HR vendors in Hong Kong. Winning is both an affirmation of the exceptional quality of your work in the industry and among peers. Enter Awards now
Contact us now for more details.
Known for their ability to enhance creativity and boost productivity, Millennials are considered an integral part of the workforce.
So why then, according to a new survey by Duke University and CFO Magazine, are many companies and corporate executives in the US making no effort to attract workers under 35?
Apparently, it’s because Millennials require more management oversight than other generations, and bring too many “unique employment challenges” to the table.
The survey found nearly 60% of CFOs believe their firms are not adapting to attract Millennial workers. This is because 53% believed Millennials are less loyal to the company, while 46% said the group exhibits an attitude of entitlement.
More than 30% also believed Millennials require more intense management, and 27% of firms stated young workers are more interested in their own personal development than they are in the company.
These figures were despite the fact that more than 70% of these very CFOs admitted Millennials bring technological savviness to the job.
More than 20% also said Millennials are more creative and innovative than other workers, while nearly half acknowledged Millennials are less expensive to employ.
“One surprising finding is how few US companies have instituted workplace changes to accommodate Millennials,” John Graham, a finance professor at Duke’s Fuqua School of Business and director of the survey, said.
“In the United States, only 41% of companies have made changes to adapt to younger workers. Other regions of the world have been more accommodating: for example, about 70% of Latin American and Asian firms have adapted to hire/retain Millennials. One wonders whether US companies are adequately embracing the changes brought about by a younger workforce.”
READ MORE: Trashing the myths about Millennials
The most common adaptions to accommodate Millennials in the US were making work hours more flexible (21%), allowing work from home (17%), increasing training (16%), implementing new mentoring programs (13%) and altering corporate culture (10%).
Human Resources magazine and the HR Bulletin daily email newsletter:
Asia's only regional HR print and digital media brand.
Register for your FREE subscription now »