The largest, most comprehensive global generational study ever conducted into the attitudes of “Millennial” employees has found that in order to foster a greater sense of commitment among Millennials (those born between 1980 and 1995 and currently under 33 years of age) it will be necessary to transform the core dynamics of the workplace. Conducted by PwC, the world’s largest professional services network,1 the University of Southern California and the London Business School, the survey captures the various forces at play that are influencing the experience of Millennial or “Generation Y” employees. These include: workplace culture, communication and work styles, compensation and career structure, career development and opportunities and work/life balance. The study revealed that work/life balance is one of the most significant drivers of employee retention and a primary reason this generation of employees may choose a nontraditional professional career track. Just as notable, however, are the widespread similarities between Millennial employees and their non-Millennial counterparts, all of whom aspire to a new workplace paradigm that places a higher priority on work/life balance and workplace flexibility. The research shatters commonly held myths about Millennials in the workplace, uncovering attitudes and behavior that largely mirror those of their more senior colleagues. By virtue of this sweeping study, which included more than 40,000 responses from Millennials and non-Millennials alike, PwC possesses the most comprehensive body of research into the aspirations, work styles and values of professional service employees in the Millennial generation. The findings both confirm and dispel stereotypes about Millennials and provide compelling guidance as to how organisations must adapt their companies to fit the demands of both Millennial and non-Millennial employees.
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