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.
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The 2015 Millennial Majority Workforce: Study Results
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. § 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:"
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§ 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. § 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
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Study Objectives
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."
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Key Findings (1)
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.
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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.
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Key Findings (3)
8. Millennials have power in numbers: 2015 is the year
they become the majority in the U.S. workforce
2015
2010
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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. 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
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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. Hiring managers say millennials bring unique
skills, especially as the 1st “native technologist”
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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. Millennials are seen as having skills that can
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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. Workplaces in search of be!er gender
equality should benefit from millennials
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“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. Managers say that finding and retaining
Very difficult
Fairly difficult
Neither difficult nor easy
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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. Work in the
“millennial majority” world:
Tech innovation, rapid responses and hard skills
reign
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15. Hiring managers today focus on hard skills
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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. Hiring managers expect to only increase this
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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. There were 4.8 million job openings in August,
a record high in years, yet a gap persists
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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. Traditional hiring isn’t working for either side
39% of millennials* have had
difficulty finding a traditional job
Difficult
Neither
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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. Many millennials report hot STEM skills
3D Printing
Cloud Computing
Wearable Technology
Driverless Cars
Internet of Things
Genetic Modification
Nanotechnology
Data Visualization
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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. Companies are turning to freelancers to find
specific skills and tackle rapid change
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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. In this new workforce, millennials
need something different than
traditional employers provide
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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
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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. Hiring managers agree with millennials that they
are creative, open to change and narcissistic
Open to change
Creative
Adaptable
Narcissistic
Money driven
Optimistic
Entrepreneurial
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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. To keep millennials, businesses should place
greater focus on people, exciting work & mentors
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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
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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. 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
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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. Freelancing is a!ractive to millennials
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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. Millennials like the flexibility & control of
Flexible working times
Flexible working place
The ability to choose what I work on / interesting work
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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. 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…
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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. Millennials believe it is easier to start a
Much easier
A little easier
No difference
A little harder
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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
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
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This study commissioned by: