disagree” for each of the ten relevant statements, which is a reasonable mode as well. The results show that 73.5 percent of the respondents have fears that Millennial employees would leave their jobs (Ferri-Reed 15). 87.8 percent respondents have changed their style of management in order to keep their Millennial employees. In addition, 70.8 percent of respondents pay more attention on dealing and getting along with their Millennial employees (Ferri-Reed 16). Based on the results, Millennials are changing the management style of managers by motivates the managers to focus more on Millennial employees’ job satisfaction and needs. 2
Claim 2 Millennials worry more about unforeseeable financial risks than previous generations; thus, organizations tend to provide financial securities like 401(k) to their Millennial employees. According to a study of MetLife in 2012, about 72 percent of Millennials worry about sudden income losses, which is 15 percent higher than Baby Boomers. In addition, about 63 percent of Millennials are afraid of bearing uncovered medical costs, which is 15 percent higher than Baby boomers (Howe 10). As a leading global provider of employee benefit programs, MetLife has expertise and credential in conducting the study; therefore, the results are credible and reliable. The results indicate Millennials worry more about kinds of unforeseen financial risks than Baby Boomers. From another survey conducted by Vanguard Group, younger Millennials (aged under 25) have boosted the participation rate of 401(k) plans from 30 percent to 44 percent while elder Millennials (aged 25-34) has increased their participation rate from 60 percent to 63 percent in the period between 2001 and 2011. In the contrary, the participation rate of Gen X declines in the same period (Howe 11). Vanguard is a professional provider of 401(k) and many other investments. The expertise and credential of the company assure the credential of the results. Because 401(k) is an employer-sponsored plan, higher participation rate in 401(k) plans indicates employers provide more retirement benefits to their employees. As more and more Millennials participate in 401(k) plans, organizations are providing more job securities to the employees. 3
Claim 3 Social responsibility is a great factor for millennials when they are considering new jobs; therefore, organizations tend to be more social responsible in order to attract Millennial workers. A study done by Cone, Inc and AMP Insights in 2006 is designed to research the different roles of Millennials. The study selected 1800 Millennials and did surveys online. The study shows that 79 percent of Millennials prefer to work for organizations that value their contributions to society and 69 percent would not be willing to work for organizations who are weak in social responsibility (McGlone et al. 196). Most Millennials regard social responsibility as an important factor for an organization when evaluating an organization to work.
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- Summer '15
- Generation Y, millennials, Robert Half International, millennial employees, Millennial Workers