While workers of the Millennial generation are often criticized for being difficult to please, they may actually be more engaged than older generations of employees, the results of a recent analysis performed by the Hay Group division of executive search firm Korn Ferry showed.
The analysis of employee engagement surveys from 350 companies with a total of 6.8 million workers was published on September 6. The results showed that 73% of Millennials would recommend their employer to others as a good place to work, compared to 70% of the overall workforce.
The research also indicated that Millennials are more positive than older workers about their advancement opportunities, with 54% of Millennials having a favorable view of their opportunities, compared to 46% of the overall workforce. The findings further revealed that Millennials are more likely than their older counterparts to feel that their immediate managers support their development, with 71% rating the level of support they receive favorably, versus 63% of the overall workforce.
In addition, the analysis found that Millennials are more likely than older workers to report that the feedback they receive from managers helps them improve, with 67% saying they believe that good performance is adequately recognized by their employer, compared to 63% of the overall workforce. The findings also suggested that Millennials have greater faith in their organizations than older employees, with 71% expressing a favorable opinion about the extent to which their companies are responding effectively to changes in the business environment, compared to 65% of the overall workforce. Moreover, 78% of Millennials, but only 72% of the overall workforce, rated their company’s prospects for success over the next 2-3 years positively.
The results further showed that Millennials are more likely than older workers to believe their company treats people with respect, with 82% having a favorable view, compared to 79% of the overall workforce. In addition, 80% of the Millennials surveyed said they think their company values and promotes diversity, versus 77% of the overall workforce. The analysis also showed that the Millennial respondents were on par with overall averages in their ratings of their employer’s social responsibility (80% favorable) and ethics in operations (83% favorable).
However, while Millennials take a more positive view of many aspects of their workplace than their older co-workers, the analysis also showed that employees of this generation are more eager to test their capabilities and to be rewarded for their efforts. The analysis indicated that 74% of the overall workforce, but only 71% of Millennials, said they think their current job makes good use of their skills and abilities. Millennials were also slightly less likely than older workers to say they believe they are paid fairly for the work they do, with 47% saying they have a favorable assessment of their compensation level, compared to 50% of the overall workforce.
The results of the analysis also seemed to confirm the view that Millennials are more likely than other generations of workers to job-hop, as 60% of the overall workforce, but just 48% of the Millennials, said they intend to remain with their current employer for more than five years. To help explain this gap, researchers cited other research indicating that greater mobility among Millennials could simply be a factor of their young age.
menting with new approaches to performance management: for example, rewards can be allocated based on real performance data or survey data from all of an employee’s project leaders, or employees can determine rewards for one another in a crowdsourced approach.
From Benefit Trends Newsletter, Volume 60, Issue 10
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