A few weeks ago, there was an interesting article about Millennials by the BBC: “KPMG changes graduate interviews to suit millennials”. This article gave different facts, that I will discuss in this post, about Generation Y (based on different surveys) and what they want from companies and their careers.
The first point mentioned KPMG’s new assessment centre structure: instead of splitting it in three parts over several weeks, the firm will now run the combined assessment in one day. The applicants will then find out if they have got a job within two working days (KPMG made this change following a survey conducted with new graduates). It is true, Millennials seem to want everything faster: they want their food served faster, they want to see physical changes faster when dieting or going to the gym, they want faster deliveries, they want to get to know people faster, and many more.
The second finding from KPMG’s survey was that: more than half of the candidates wanted feedback even if unsuccessful during the interview process. I can’t tell you how many job applications I have submitted, I have lost count. What I can tell you, is that I have put effort and time in those applications for just a “thank you for your interest and although your application was very competitive, our hiring team did not select it for further consideration”. Companies receive hundreds and, sometimes, thousands of applications, but perhaps passed the first stage(s), some feedback could be expected. Someone who just graduated from university probably doesn’t have that much experience with job applications and feedback is incredibly valuable.
Furthermore, research says that we do not have the same motivations as previous generations. Millennials do not look for a job for life anymore, but truly value work-life balance and “a sense of purpose beyond financial success”. This essentially means that they are not as loyal as previous generations when it comes to the companies they work for, they care more about their social lives and less about the financial success. However, on the other hand, Millennials are brand-loyal (see article from Inc.) and want these brands to give back to society too. Does this mean that if companies decided to give more back to society, Generation Y would be more loyal to them as well?
Those three statements and facts about Millennials make them look like a pretty demanding generation after all. They want things to happen faster, know what they do wrong and on top of that they want work-life balance. Maybe everything they’ve had was always given fairly quickly to them and now they just want it faster. Just look at the progress of technology…
Nevertheless, let’s not forget that by 2025, 75% of the global workforce will be Millennials. Therefore Businesses should invest as much as they can in their future, as Millennials are their future. Companies should slowly (or maybe not so slowly, based on this statistic, there are less than nine years to go) look into changing their processes in order to adapt to this new generation of workers if they want their businesses to be well taken care of.