How RMG Staffing Sees Millennials Impacting the Job Market
According to many surveys, the U.S. economy added a little over 2 million jobs within the past six months. But the number of workers between the ages of 20 to 24 dropped by just over 200,000 jobs during that same period. The 20-to-24 age category was the only group to shed job opportunities during the past six months. Even though the age group of 35 to 44-year-olds showed the second lowest job growth, they still had 200,000 more people than Millennials employed with that same time frame and employment among workers aged 55 and over rose by 742,000.
“Millennials, it seems, really are the job hoppers people say they are. Those born between 1980 and 1996 are the most likely to look for and change jobs,” according to Gallup’s new report ‘How Millennials Want to Work and Live.’
The report found that found that 21% of millennial workers had left their job in the last year to do something else, a number that is more than three times higher than that of non-Millennials who report doing the same. Some Millennials might be getting out of the job market to continue their education. They are also the one who are more flexible with their work schedules.
According to a new study by Bentley University, 77% of Millennials acknowledged that flexible work hours would make their workplace more productive for people their age. With their consistent usage of social media and technology that allows them to communicate and work anytime and anywhere, this statistic comes as no surprise.
But as the millennials become the majority, employers will continuously be pressured to adjust to their preferred work schedules. This leads to the expectation that non 9 to 5 work schedules and telecommuting to become a common workplace practice instead of being labeled as a ‘special privilege.’ Some reports suggested that by 2030 a majority of Millennials will be done away with the 9-to-5 workday entirely.
“We’re not there yet—so what will the transition look like?” Alexandra Levit asked on The Muse website. “My guess is that we’ll start with ‘easier to swallow’ flex-work arrangements, such as job-sharing (two employees split the workload and time commitments of one 40-hour per week job), day shifting (some employees work from 7 AM to 3 PM while others work from 10 AM to 6 PM), and on-peak/off-peak work schedules (employees work more hours during their busy season and vice versa).”
A look at some Millennial findings from the Intelligence Group:
- 64% say it’s a priority for them to make the world a better place
- 72% would like to be their own boss. But if they do have to work for a boss, 79% of them would want that boss to serve more as a coach or mentor
- 88% prefer a collaborative work culture rather than a competitive one
- 74% want flexible work schedules
- 88% want “work-life integration,” which isn’t the same as work-life balance, since work and life now blend inextricably
Currently, one in three American workers is Millennials, born between 1982 and 2002. By 2020, it is estimated that Millennials will account for nearly 46% of the active workforce. Based on those findings, RMG Staffing believes Millennials are the future of the workforce.