Next year, Millennials will replace Baby Boomers as the largest generation in the U.S. workforce.
Call Millennials entitled, narcissistic or job hoppers. But a new study finds that hiring managers call them “adaptable, creative and solo-oriented” and the best hires.
It should be noted that this study comes from Millennial Branding, a New York-based research and management consulting firm that helps companies “understand the emerging millennial employee” and online workplace Elance-oDesk.
Findings reveal that millennials are the generation considered best at key skills businesses require to remain agile and innovative,” the report concludes. “Millennials’ advantages over prior generations include the ability to adapt, come up with fresh ideas and keep up to date on emerging technology.”
Next year, Millennials will surpass Baby Boomers as the largest generation in the U.S. workforce. Nearly three-in-ten Millennial respondents (28 percent) report they are already in management positions, while two-thirds expect to be in management by 2024 (again with Millennial expectations).
Nearly seven out of ten (68 percent) hiring managers surveyed for this report said Millennials have skills prior generations do not, and 82 percent feel that Millennials are technologically adept. In addition, 60 percent of hiring managers consider Millennials to be quick learners.
Finding and retaining Millennials is a challenge for the majority (53 percent) of hiring managers, which is understandable. Nearly six-in-ten (58 percent) of Millennials expect to stay in their jobs fewer than three years. This contrasts with previous generations. Gen Xers tend to leave a company in five years on average, while Baby Boomers leave in seven years.
A majority (55 percent) of hiring managers are prioritizing hard skills over personality, the survey revealed, with 45 percent forecasting they will become even more skills-focused in the coming decade. This bodes well for freelancers, who offer hiring managers the benefits of being able to start work immediately, have access to specific skills and scaling as needs change. Four-in-ten surveyed hiring managers said they expect to hire more independent contractors in the next five years.
When stacked up against Gen Xers, Millennials are considered:
- Open to change (72 percent vs. 28 percent of Gen Xers)
- Creative (66 percent vs. 34 percent)
- Adaptable (60 percent vs. 40 percent)
- Entrepreneurial (65 percent vs. 45 percent)
- Narcissistic (80 percent vs. 20 percent)
- Money driven (65 percent vs. 35 percent)
They are also considered to be not as team oriented as their Gen-X counterparts.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.