FACTS

Instant gratification permeates through all levels of life. From that chocolate bar that you want right now, to buying a car with a loan and 0% deposit. More than ever it feels like we should be able to get what we want when we want it.

1. Almost 70% of the millennial workforce believes that annual performance reviews are a doomed process. Compared to instant gratification, annual performance reviews rely on the accumulation of positives and negatives throughout the year. Millennials don’t want to wait for the end of the year to hear what they are doing well and where they need to improve.
2. Millennials are more educated than generations before them.
3. Nearly three-fourths of Millennials said that the pandemic has made them more sympathetic toward others’ needs and that they intend to take actions to have a positive impact on their communities.
4. Nearly seven in 10 Millennial employees believe the annual performance review process is flawed. That’s likely because 74% of those employees feel “in the dark” about how well they’re performing.
5. Millennials work hard and they are ambitious about their career growth. They expect much more from employers when it comes to getting feedback, better internal communication, more flexibility, and benefits.
6. Millennials are looking for a good work/life balance and strong diversity policies but feel that their employers have failed to deliver on their expectations.

STATS

Statistics can help understand this generation of millennials. 

• 41% say they prefer to communicate electronically at work than face to face or even over the telephone.
• Millennials make the majority of today’s workforce. Moreover, according to the U.S. Bureau of Labor Statistics, they will make 75% of the US workforce by 2030.
• There are about 831 million Millennials, representing one- quarter of the world population.
• A job for Millennials, is about purpose, with 75% saying they want their personal values to align with their company’s values and are even willing to take a pay cut to work for a value-aligned company.
• Research on best workplace for Millennials, says that when Millennials believe their company has a high-trust culture, they’re 22 times more likely to want to work there for a long time.
• Millennials change jobs more often than other generations. About 21% of Millennials report switching jobs within the last year, and 60% are open to a different opportunity.
• Only 18% of those surveyed expected to stay with their current employer for the long term, with over a quarter expecting to have six employers or more in their work life.
• Six in 10 Millennial workers say they’re open to new job opportunities, and the same number believe it is “somewhat likely” or “very likely” that they would find another job as good as their current one.