In order to remain competitive as a company, it is essential to acquire young talents who bring diversity and know-how to the company. The youngest generation on the labour market are the so-called Milennials (also called Generation Y, born between 1980 and 1998) and to some extent Generation Z (born between 1995 and 2010). They are replacing the Baby Boomer generation (born between 1946 and 1964), which is slowly leaving the world of work, and are making unprecedented demands on employers, which have been highlighted not only recently by the Covid-19 pandemic.

Baby Boomers, in contrast to Millenials, have a rather classic job image. Frequent changes to different companies are rather unusual, a secure job and salary are important to them. Millenials, on the other hand, are known to change companies more often, especially at the beginning of their career. They also value a good work-life balance or, especially since the pandemic years, the possibility to work from home or remotely.

These characteristics are not the only ones that the new generation expects in their working lives. The key issues related to their work are largely growth opportunities, compensation, recognition, promotions, supervisor support, flexibility, and the work environment. The purpose of this article is to identify and describe the key issues to give employers or human resources professionals an overview of what to consider when looking for young professionals.

Work-Life Balance

The new generation usually has a higher level of education than the previous generation and therefore has a better negotiating position to define the conditions of the future job. These conditions are clearly marked by the philosophy of making a life instead of making a living. This philosophy means that they do not go to work to earn money or to make a living, i.e. to be able to afford food or rent. Rather, they go to work to become satisfied with life and to give it meaning. So the work goes with the life and not the life with the work.

A 2005 survey by the Corporate Leadership Council also found that for Millenials, significant events such as 9/11 have reset priorities and they now prioritise their personal lives much higher.

Rapid promotion and payment

Millenials have little patience to stay in a company for a long time without significant salary increases or promotions. Tamara Ericksen wrote in a 2009 article that after only six months in a company, Millenials start asking themselves why they haven’t been promoted yet. They try to learn as much as possible in a company and take it with them. If they don’t see a chance for a promotion after a relatively short time there, they change to a company that offers better conditions for it.

Interestingly, Millenials want to achieve this career advancement without much effort, according to the survey of the Corporate Leadership Council. Accordingly, they are often accused of having no work ethic and of expecting great success without doing the corresponding work. Millenials usually counter this accusation with the argument that they no longer want to sacrifice themselves unconditionally for work and that success must also be achievable with less effort.

Meaningful Work

A paycheck as compensation for hard work is no longer enough. Millenials want to pursue work that seems to matter and can also give them meaning in their (private) lives. The values and guiding principles of companies must go hand in hand with their personal ones. Companies that take their social and environmental responsibility seriously and have a corresponding reputation are also attractive to young talent. According to a report by the consulting agency PricewaterhouseCooper, 88% of Millenials prefer an employer that shares their social values. Similarly, 86% of respondents would quit their job if they learned that the employer’s values differed from their own.

To this end, the work itself should be challenging and as varied as possible. They are not afraid to take on new topics or professional fields that go beyond their basic training and continuously seek further training for this purpose. Supervisors must create appropriate opportunities for this.

Millenials are also willing to work internationally and at different locations, not least to learn from these experiences and broaden their horizons.

Supportive Work Environment

Millenials want to learn from their colleagues and superiors. They value the social aspect in the office and even make friends there. Joint activities with colleagues are no longer a rarity. Supervisors are expected to take on the role of mentor, guiding and motivating Millenials in all aspects. Supervisors are also expected to provide constant constructive criticism and feedback. After (good) pay, manager quality is the top priority for Millenials when choosing a job, according to the Corporate Leadership Council.

In conclusion, the values that have governed the workplace until now will fundamentally change with the new generation. Hard work, respect for authority, and loyalty to the company will be replaced by flexible work schedules, friendly colleague and supervisor relationships, and job hopping. Companies are therefore required to create a culture that meets the demands of Millenials and other future generations. If they fail to do so, they will have enormous difficulties finding young workers and talent in the future.