Reading_B2_Millennials in the Workplace
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Background
Millennials (those born between the early 1980s and the early 1990s) make up a huge part of our workforce but they seem to lack loyalty to the companies and the leaders they work for. Multinational companies are noticing larger turnover rates of millennials as employee retention rates fall. This report looks at the findings of two large-scale surveys on the mindset of the millennial generation and explores how organizations can strive to address these needs, increase employee engagement and encourage retention.
Make up - invent a story or plan.
Lack - the state of being without or not having enough of something.
To notice - the fact of observing or paying attention to something.
Turnover - the rate at which employees leave a workforce and are replaced.
To strive - make great efforts to achieve or obtain something.
To address (something) - to deal with something. To work towards a solution.
Research
In a global survey conducted by PricewaterhouseCoopers (PwC), more than 40,000 millennial (born between 1983 and 1993) and non-millennial responses were collected on the topics of workplace culture, communication and working styles, pay structure, career development, work–life balance, etc.
In a separate global survey conducted by Deloitte, more than 10,000 millennials participated in a study about their perceptions of the threats and opportunities in the complex world of work.
Perceptions - the way in which something is regarded, understood, or interpreted.
Threats - a person or thing likely to cause damage or danger.
Key findings
Millennials are as committed to their work as their more senior colleagues.
Millennials value interesting work and a good work–life balance. They do not believe that excessive work demands are worth sacrifices in their personal lives.
Excessive - more than is necessary, normal, or desirable; too much.
Sacrifices - give up (something valued) for the value of other considerations, opportunities or options.
Millennials want flexibility in their working hours and are willing to give up pay increases and promotions for a flexible working schedule. They believe that success should be measured by productivity and not by the number of hours they are seen in an office.
Flexibility - the ability to be easily modified; willingness to change or compromise.
Millennials want to feel supported and appreciated by their company and their superiors.
Superiors - those who are apart of the upper management team; bosses, managers and leaders in a professional setting.
Millennials want more opportunities to develop their skills. These include technological skills, teamwork and interpersonal skills.
Millennials believe that businesses and business leaders should contribute to the improvement of society and they are more likely to be loyal to a company with strong ethics (moral values).
Recommendations
Organizations and managers wanting to retain millennials should consider:
monitoring their workload and satisfaction levels with their work–life balance
creating a flexible work culture where employees have more control over their working hours and their work location
providing meaningful work and interesting opportunities
offering help and support in continuing professional development
changing the organization's goals from being mainly about profit-making to motives that address social concerns and solve wider societal problems.
Motives - a reason for doing something.
Bonus exercise - Write about your opinion on generation gaps and millennials . Use the following questions to guide your response:
What are some ways that Millennials truly differ from any other generation?
How do you think common stereotypes about Millennials are formed?
In your opinion, why are Millennials labeled entitled and lazy? Are these stereotypes appropriate?
Have you ever experienced intergenerational conflict in the workplace? What happened and how did it end?
Should organizations market themselves differently to members of different generations?
When is an age gap beneficial, and when is it a hindrance?
What influences the styles, values and interests of a generation?
What role does technology change play in creating a generation gap?
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Adapted from: Learn English at the British Council
