There are the boomers, Gen X, Gen Z, the Millennials and others. However, among all these generations, the Millennials have been on the spotlight for multiple reasons. For one, they are beginning to dominate the global workforce population.
According to Inc., half of the American workforce now are Millennials. By 2025, it is suspected that Millennials will make up about 75% of the workforce. This data is a huge deal as if it’s true, corporations will have to adjust according to the culture of the Millennials.
Otherwise, companies can become irrelevant because they will not appear attractive to the dominant portion of the workforce. By ignoring what Millennials are looking for in jobs, recruiting and keeping them can be harder.
The Significance of Millennials
More than being the potential dominant force of the working population, Millennials are said to be “the smartest, richest, and potentially longest living generation of all time.” This is according to Business Insider.
Reasons for this include:
- More exposure to technology
- Access to social networks and collaboration tools
- Multiple sources of income
Another distinct characteristic of Millennials is that they put a lot of value in work-life balance. In fact, according to a survey by Deloitte, 16.8% of Millennials evaluate job opportunities by good work-life balance.
Another 11% seek work flexibility such as remote working and having flexible work hours. These are but some of the important details companies would want to take note if they want to have Millennials onboard.
Millennials also offer a lot of benefits to employers. Here are but 5 advantages of hiring Millennials according to Factorial HR:
- Higher qualification – Millennials have better exposure to good training, college degrees, masters and even post grads. This makes them competent, capable and knowledgeable employees. Moreover, this also implies that they have updated knowledge and better knowhow with technology.
- Greater adaptability – because Millennials have the internet, they have access to a lot of information, tutorials and online classes that can help them become more versatile workers. They can better adapt as they learn new things that can add to their value.
- Increased involvement and personal improvement – Millennials know what they want. If you are able to make them feel comfortable in your organization, they become committed workers. Money isn’t everything for them. Millennials want to feel needed, to take action and feel valued. It’s important to lay out a good career plan for Millennials and have a good strategy for flexibility.
- Greater knowledge of technologies – Millennials are exposed to technology at a young age. They are knowledgeable with mobile devices, the internet and a myriad of digital tools. With the dawn of the digital age, Millennials become indispensable workers.
- Greater innovation and creativity – with all the opportunities that Millennials have, they are both innovative and creative workers. These traits make them ideal employees as it’s important in formulating innovative strategies to have a competitive edge over other businesses.
Will Millennials Dominate the Workforce?
If you search for it on the internet, you’ll get a lot of results about the Millennials making up 75% of the global workforce population. Try this for yourself by using these keywords: “millennials 75% 2025 workforce”.
The source of this was an article published by the Business Professional Women (BPW) in 2011, “Gen Y Women in the Workplace”. It was a study that claimed Millennials are going to make up 75% of the global workforce population.
While a reference was made to the Department of Labor, there was nothing specific mentioned about the source of their data.
Still, from that article, a lot of companies picked up the information and soon used it for their own blogs and websites. Here are some of them:
- World Economic Forum
- Coca Cola
Those mentioned above are big names. The problem here is that they all made use of the same source to say that Millennials shall make up 75% of the workforce by 2025. Everyone assumed the information was accurate and no one did some fact-checking.
The truth is, the Millennials have reached their peak point this 2020 being 43.3% of the workforce. This is based on the research of Anita Lettink of LinkedIn. The article she published described how Millennials can’t make up 75% or even 50% of the workforce population in great detail.
The one scenario where the Millennials can make up 50% of the workforce population is when a lot of the other age groups decide to quit working. So, to answer the question, will millennials dominate the workforce?
Bottomline is no. Again, the millennials have reached their peak point this 2020 and their percentage will not increase but instead decline in the upcoming years. The next time you hear someone or read an article about this topic, you are well aware of the truth that Millennials won’t be dominating the workforce.