Millennials have raised a buzz around themselves these past few years. Their growing presence in the workplace is projected to increase to 86 Million or 40% of the American working population. Given their number, it is easier for older generations to observe and point out the things that make them different. This kind of talk has produced both useful and harmful views about working with millennials. This week, we take a look at some of the myths about millennials and the truth about the most technologically adept generation in so far.
Myth #1: Millennials are easy quitters
Perhaps the biggest misconception about millennials is that they are “job hoppers” and that they quit at the first sign of trouble. Truth be told, young people quit jobs in general, regardless of their generation. In fact, a study by Pew Research revealed that millennials today stick to their jobs just as much as Gen Xers did when they were at the same age back in 2000. College-educated millennials are also seen to be more loyal to their organizations than their Gen X counterparts.
Myth #2: Millennials are not happy with their work
A lot of people think that millennials are unsatisfied with the work that they do. However, an article in the Journal of Business and Psychology reports that millennials have higher levels of company and job satisfaction compared to the previous two generations. They are also more content with their job security and career development. Though when it comes to satisfaction with compensation and benefits, and the job per se, they are no different with the Boomers and the Gen Xers.
Myth #3: They are self-entitled to high wages
Surprisingly, despite being the largest consumer group, millennials do not think highly of generous paychecks as one may have thought. This is not to say that financial rewards do not matter for them because it really does. However, millennials are inclined to take cuts on their paychecks in exchange for career advancement and development opportunities. According to a PwC survey, 52% of the young workforce are attracted by opportunities for career progression compared to 44% who place competitive salaries at the premium. This just highlights the ambition and optimism of this generation, and how much they value continuous learning in the workplace.
Myth #4: Millennials do not know how to work
Like it or not, millennials are revolutionizing the workplace, and your accounting team is no exception. Their technological approach and desire to achieve work-life balance are transforming the way work is being done. Concepts such as the nine-to-five shifts, along with fixed workstations and tray loads of paper works are now being challenged by the rise of freelancing, cloud solutions, and outsourcing. While the thought of such drastic changes might scare you at first, taking your time and working with millennials on a number of tasks may change your perspective.
While there are things that set them apart, understanding the millennials in your accounting team isn’t really that complicated. Knowing what they really want from you as their mentor, and what they need to achieve is enough to dispel some prejudice against the future leaders of the business world.
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