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The 2015 Millennial Majority Workforce: Study Results

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Millennials will be the largest generation in the U.S. workforce as of 2015. Yet businesses have a difficult time hiring members of this youngest professional generation. Disjoints abound as the nation’s workforce shifts -- millions of jobs remain unfilled while many millennials struggle to build careers. This study reveals changes in how we work, generational differences, and the critical role millennials play for businesses as we move forward.

Published in: Recruiting & HR, Career
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The 2015 Millennial Majority Workforce: Study Results

  1. 1. Study Results: The 2015 Millennial Majority Workforce Commissioned by Elance-oDesk and Millennial Branding For more detail go to: www.elance-odesk.com/millennial-majority-workforce Red Brick Research October 2014
  2. 2. § Two online surveys were conducted in the U.S. among: § Data collected September 1 – September 10, 2014 by independent research firm Red Brick Research § Millennial results were weighted to ensure demographic representation across sample, based on figures from the United States Census Bureau § In this study reference is made to “Generation X” or the “previous generation.” For the purposes of this study, the birth year ranges for these groups are:" Red Brick Research § Millennials: 1982-1993 § Generation X/Previous Generation: 1959-1981 2 Research Methodology Millennials Hiring managers § Graduates with a bachelor’s " / Master’s degree or other " postgraduate qualification § Age 21 - 32 § Company owners or managers § Age 33+ § All with responsibility over recruitment or HR strategy within their business Sample n=1,039 Margin of Error: +/-3.2% Sample n=200 Margin of Error: +/-6.9%
  3. 3. § Understand millennials’ role in our workforce as we approach 2015 § Examine disjoints: § Millennials’ inability to find work vs. an inability to hire § Millennials’ differing work priorities § Varying generational perceptions § Look at how work is changing Red Brick Research 3 Study Objectives
  4. 4. Millennials are integral to the future of business § Millennials will be the majority of the U.S. workforce by 2015. § 28% are management level already; 2/3 see themselves in management in ten years. § Hiring managers believe millennials bring unique skills, especially that they are more technically adept than prior generations (82% agree). § The majority (53%) of hiring managers report difficulty finding and retaining millennial talent, more than 3x the number who say it is "easy." Red Brick Research 4 Key Findings (1)
  5. 5. Key Findings (2) Hard skills reign § The August Bureau of Labor Statistics report had 4.8 million job openings— the highest number of U.S. job openings since January 2001. § Hiring managers prioritize hard skills: 55% say they focus more on hard skills when hiring, versus 21% who say they focus more on personality. § 45% expect to become even more skills focused in ten years, versus only 11% who expect to become more personality focused. Red Brick Research 5
  6. 6. Millennials need something different than traditional employers provide" § 79% of millennials would consider quitting their regular job and working for themselves in the future. § Freelancing’s flexibility and control appeal to millennials. § Millennials care more about the people they work with, exciting work and good mentorship and less about money than hiring managers realize. Red Brick Research 6 Key Findings (3)
  7. 7. Millennials are integral to the future of businesses Red Brick Research 7
  8. 8. Millennials have power in numbers: 2015 is the year they become the majority in the U.S. workforce 2015 2010 Red Brick Research 45% 38% 31% 21% 22% 25% 23% 36% 45% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2005 Millennials Generation X Baby Boomers 8 Generations in the workplace Source: Bureau of Labour Statistics Employment Projections
  9. 9. Millennials expect to have power in rank: two-thirds see themselves in management in 10 years Senior/Middle management Business owner Individual contributor (not managing others) Freelancing / self-employed Red Brick Research 5% 15% 12% 7% 15% 46% 0% 10% 20% 30% 40% 50% Other C-Level titles (e.g. CEO, CFO, CTO etc.) 9 Q: Where do you see yourself in ten years’ time? Millennials Survey, n = 1,039 69% Managerial roles 28% of millennials are currently managers* *Millennials Survey - Composite - Q: Which of the following best describes your current employment; Q: Which option describes your current job level?
  10. 10. Hiring managers say millennials bring unique skills, especially as the 1st “native technologist” Red Brick Research generation 10 Hiring Managers Survey – Q: To what extent to do you agree or disagree with each of the following statements about how millennial graduates (aged 21-32) compare to the previous generation (aged 33+)?: ‘Millennials possess certain skills the previous generation doesn’t tend to have’, n = 200 Hiring Managers Survey – Q: To what extent to do you agree or disagree with each of the following statements about how millennial graduates (aged 21-32) compare to the previous generation (aged 33+)?: ‘Millennials are more technologically adept’, n = 200 “Millennials possess certain skills the previous generation doesn’t tend to have” 68% of hiring managers agree “Millennials are more technologically adept” 82% of hiring managers agree
  11. 11. Millennials are seen as having skills that can Red Brick Research help drive innovation “Millennials can learn new things more quickly” 74% of millennials agree* 60% of hiring managers agree** *Millennials Survey - Q: To what extent do you agree or disagree with each of the following statements about how young graduates like you (aged 21-32) compare to the previous generation (aged 33+)?: ‘We can learn new things more quickly’, N = 1,039 ** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials can learn new things more quickly’, n = 200 “Millennials are more likely to come up with fresh ideas” 71% of millennials agree* 57% of hiring managers agree** *Millennials Survey – Q (see above) - Statement ‘We are more likely to come up with fresh ideas for the company’, n = 1,039 ** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials are more likely to come up with fresh ideas for the company’, n = 200
  12. 12. Workplaces in search of be!er gender equality should benefit from millennials Red Brick Research 12 “Millennials have a more equal attitude towards genders in the workplace” 66% of hiring managers agree Hiring Managers Survey – Q (see slide 10) – Statement: ‘Millennials have a more equal attitude towards the genders in the workplace’, n = 200 21% of millennial women feel that work has been worse than expected (versus only 12% of millennial men) Millennials Survey – Q: Overall how has work lived up to expectations?, asked of business owners, employees, freelancers and interns, n = 818 However:
  13. 13. Managers say that finding and retaining Very difficult Fairly difficult Neither difficult nor easy Red Brick Research millennial staff is difficult 4% 11% 33% 44% 9% 0% 10% 20% 30% 40% 50% Fairly easy Very easy 53% Difficult 15% Easy 13 Q: How difficult is it to find and retain reliable staff in this age bracket (21-32)? Hiring Managers Survey, n = 200
  14. 14. Work in the “millennial majority” world: Tech innovation, rapid responses and hard skills reign Red Brick Research 14
  15. 15. Hiring managers today focus on hard skills Red Brick Research 24% 21% 55% 0% 20% 40% 60% Focused more on SKILLS Neutral Focused more on ATTITUDE / PERSONALITY 15 Q: Generally, when hiring full time employees, does your organization tend to focus more on their skills or their attitude / personality traits? Hiring Managers Survey, n = 200
  16. 16. Hiring managers expect to only increase this Red Brick Research focus on skills 16 Q: How do you feel this focus will change over the next 11% 45% 45% 0% 10% 20% 30% 40% 50% Become more SKILLS focused No change Become more ATTITUDE / PERSONALITY focused 10 years? Hiring Managers Survey, n = 200
  17. 17. There were 4.8 million job openings in August, a record high in years, yet a gap persists Red Brick Research 17 Change in job openings vs. hires since June 2009 Source: Bureau of Labor Statistics Seasonally adjusted 100% 75% 50% 25% 0 2010 2011 2012 2013 2014
  18. 18. Traditional hiring isn’t working for either side 39% of millennials* have had difficulty finding a traditional job Difficult Neither Red Brick Research 18 53% of hiring managers** have had difficulty recruiting millennials… 33% 53% 0% 10% 20% 30% 40% 50% 60% *Millennials Survey - Q: Have you ever had a difficult time finding a traditional job?, n = 1,039 15% ** Hiring Managers Survey – Q: How difficult is it to find and retain reliable staff in this age bracket (21-32)?, n = 200 Easy How difficult is it to find and retain reliable millennial staff?
  19. 19. Many millennials report hot STEM skills 3D Printing Cloud Computing Wearable Technology Driverless Cars Internet of Things Genetic Modification Nanotechnology Data Visualization Red Brick Research 19 15% 15% 20% 20% 18% 24% 22% 29% 34% 0% 5% 10% 15% 20% 25% 30% 35% 40% Aerial Imaging / Mapping Emerging skills possessed by millennials* *Millennials Survey - Q: Which of any of these emerging skills are you familiar with (not a complete list), n = 1,039 54% of hiring managers report a technological skills shortage. IT is the highest-ranked skill in terms of shortages.** *Technological Skills defined as - IT/Web Security; IT Tech Support; Digital Marketing; Software development; Web design; Mobile App Development; Graphic Design/Photography/3D; Database/Server Administration; Creative Vision Skills; Media Production Skills; Data Science/Analysis **Hiring Managers Survey - Q: Which skills do you feel your company suffers from a shortage of? n = 200
  20. 20. Companies are turning to freelancers to find specific skills and tackle rapid change Red Brick Research Q: What do you perceive to be the main benefits of using freelancers over hiring additional permanent employees? % of companies using freelancers 20 Can often start working immediately 45% Ability to scale workload up and down quickly as needs change 35% Access to specific / niche skills 34% Lower cost of required infrastructure (office space, IT etc.) 30% A more flexible team in general 29% Hiring Managers Survey, all users of freelancing, n = 132 41% of hiring managers plan to increase their hiring of freelancers in the next five years (only 5% expect a decrease) Hiring Managers Survey – Q : In the next 5 years how do you anticipate your hiring activity will change with respect to freelancers, n = 200
  21. 21. In this new workforce, millennials need something different than traditional employers provide Red Brick Research 21
  22. 22. How do hiring managers see millennials vs the prior generation? More adaptable and creative Narcissistic Open to change Creative Money driven Adaptable Entrepreneurial attitude Red Brick Research 27% 50% 50% 34% 40% 46% 66% 60% 55% 65% 72% 80% 73% 54% 45% 35% 28% 20% 0% 20% 40% 60% 80% 100% Optimistic Confident Team player Gen X Millennials 22 Qualities each generation is seen as more likely to possess (according to hiring managers) Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous generation (aged 33-55) are more likely to possess each, n = 200
  23. 23. Hiring managers agree with millennials that they are creative, open to change and narcissistic Open to change Creative Adaptable Narcissistic Money driven Optimistic Entrepreneurial Red Brick Research 23 Qualities seen as more prevalent in millennials (% thinking millennials are more likely to possess) 73% 70% 69% 90% 87% 50% Millennials Survey - Q: Please look at this list of personality attributes. Do you think young graduates like you (21-32) or the previous generation (aged 33+) are more likely to possess each, n = 1,039 Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous generation (aged 33-55) are more likely to possess each, n = 200 52% 68% 75% 86% 27% 46% 55% 65% 80% 60% 66% 72% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Confident Team player Hiring managers' views Millennials' views
  24. 24. To keep millennials, businesses should place greater focus on people, exciting work & mentors Red Brick Research 25% 30% 39% 44% 16% 24% 12% 75% 0% 10% 20% 30% 40% 50% 60% 70% 80% Earnings potential The people / team they’ll work with Work is exciting A good mentor / manager Hiring managers' views of Millennials' priorities Millennials' actual priorities 24 Areas where managers’ views of millennial priorities at work are different than millennials’ actual priorities Millennials Survey - Q: What do you prioritize when choosing a place of work? Select 5 options, n = 1,039 Hiring Managers Survey – Q: What do you think are the top 5 things young graduates prioritize when choosing a place to work?, n = 200
  25. 25. 58% of millennials*:three years 52% of millennials**:successful if they craft their own path ** Millennials Survey– Q: Which of these statements do you agree with most? ‘Corporate loyalty is an out-dated concept. Professionals are most successful today if they focus on crafting their own career path’; or ‘Corporate loyalty is important. Professionals are most successful today if they focus on their career advancement within the same company as Red Brick Research Millennials will instigate change Corporate loyalty is outdated – pros are long as possible’, N = 1,039 25 Expect to stay in their job fewer than 2.4 jobs***:workers have had Average number of jobs 29-32 year old * Millennials Survey – Q: Approximately how much longer do you think you’ll stay with your current main employer?, Asked of employees, n = 759 *** Millennials Survey – Q: How many full-time jobs have you had (including a current one) since you graduated?, Asked of those who have had any full-time jobs, mean average, n = 925
  26. 26. Freelancing is a!ractive to millennials Red Brick Research 26 Would choose to freelance if they could “find enough projects to earn ** Millennials Survey – Q: Do you think at some point in the future, you like to quit your "regular job" and work only for yourself?, Asked of employees, n = 759 the salary they are worth” *Millennials Survey - Q: If you knew you could find enough freelance projects to earn the salary you’re worth, would you choose to freelance?, Asked of those who have never freelanced, n = 648 79% of millennials**: Would consider “quitting their regular job and working for themselves” in the future 69% of millennials who have never freelanced:
  27. 27. Millennials like the flexibility & control of Flexible working times Flexible working place The ability to choose what I work on / interesting work Red Brick Research independent work 27 Q: Attractive characteristics of freelance work 44% 43% 43% 56% 53% 66% 0% 20% 40% 60% 80% Control of my own destiny (Being own boss) No office politics Control over work load Millennials Survey - Q: What do you believe are the most attractive characteristics of freelance work?, n = 1,039
  28. 28. Technology is requiring more of millennials *Millennials Survey – Q: How does technology impact your work life? To what extent do you agree or disagree with each of the following statements…, asked of business Hiring managers are starting to think that… Red Brick Research and impacting the way they work 28 “I can access info whenever and wherever I need it” 92% of millennials agree* owners, employees, freelancers and interns, n = 818 **Hiring Managers Survey – Q : Do you have any specific concerns or worries associated with hiring millennials (aged 21 - 32)?, n = 200 “I am expected to be contactable at all times” 73% of millennials agree* “I am expected to keep up to date with emerging technology” 66% of millennials agree* “Millennials are not used to a standard working environment” 38% of hiring managers**
  29. 29. Millennials believe it is easier to start a Much easier A little easier No difference A little harder Red Brick Research business than ever before 1% 6% 10% 46% 37% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Much harder 82% Easier 29 Q: Do you think technology is making it easier or harder for individuals to be their own boss? Millennials Survey, n = 1,039
  30. 30. Appendix Red Brick Research 30
  31. 31. Elance-oDesk is the world’s largest online workplace. More than 3.7 million businesses and 9.3 million freelancers tap into www.Elance.com and www.oDesk.com to work together via the Internet. As our increasingly connected and independent workforce goes online, talent—like software, shopping and communications before it—is shifting to the cloud. This shift is freeing professionals from set-time-and-place work, while also making it faster and easier for businesses to hire. Elance-oDesk is headquartered in Mountain View, California, with offices in San Francisco, California, and Oslo, Norway. For more details, go to: www.elance-odesk.com/millennial-majority-workforce Red Brick Research 31 This study commissioned by:

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