Today’s millennials are prepared to quit their jobs if employers fail to provide equity, transparency, flexibility and purpose, a new study has found.
In fact, millennials, are seeking equity, transparency, flexibility and purpose, more than any other generation, confirmed the 2021 Fortune Best Workplaces for Millennials survey and listing. And they’re not afraid to quit if an employer doesn’t meet their needs.
The study also revealed that millennials are experiencing a gap in pay and personal meaning; compared to boomers and Gen Xers. Millennials without children are at the greatest risk for turnover. Gender equity is also cited as a workplace concern more frequently by millennials than any other generation.
FAIR PAY & PURPOSE
Pay and personal meaning separates the Best Workplaces from other companies, according to the study. More than any other generation, millennials are experiencing a gap in pay and meaning. The percentage of millennials surveyed who feel they are paid fairly and that their work has purpose beyond just a job are seven to 10 points lower than boomers and Gen Xers. But the Best Workplaces recognise the unique dynamics affecting millennials; a generation grappling with the financial strain of starting families while still paying off student loans. Around 85% of millennials said they feel they are paid fairly for the work they do, compared to non-winners; where only 67% said they have fair pay.
Millennials will leave a workplace if it’s the wrong fit, confirmed the survey. If pay and purpose don’t align, millennials aren’t afraid to walk. In fact, millennials are nearly four times more likely to intend to leave their job than Boomers, and 11 times more than Gen X. Millennials without children or eldercare responsibilities are at the greatest risk of turnover; with only 79% saying they plan to stay at their job for a long time, compared to 85% for millennials with caregiving duties.
GENDER EQUITY & FLEXIBILITY MATTERS
Gender equity is a top concern for millennial employees. Among employee comments, the terms “gender equity” and “male counterpart” were mentioned by millennials more than by other generations; and more than in any previous year’s survey. But Best Workplaces, such as real estate marketplace Zillow (number 24 on this year’s list), are actively working to elevate women and bring transparent pay across their organisations. Zillow runs twice-annual checks on pay; and for the past 12 months has maintained pay parity between genders doing the same work. “We ensure we have equitable standards for work not based on the person,” stated Leah Sakas, Vice President of central operations at Zillow. “It’s the output, not who the person is.”
Flexibility is on millennials’ minds post-pandemic. In their survey comments, millennials mentioned Covid more than any other generation and nearly 50% more than Gen X. Much of their comments were requests to continue flexible work arrangements, with the option to connect with colleagues through team outings when they can return safely. Bankers Healthcare Group (position number 11) has hired people across 32 states as part of its hybrid model over the past year and a half. The company says the shift has enabled them to hire talent they previously wouldn’t have been able to find or attract.
SAFE SPACES
Millennials also want safe spaces where diverse people can be heard. They want workplaces that are willing to address issues of diversity, equity, inclusion and belonging (DEIB), particularly in the wake of George Floyd’s murder and the subsequent Black Lives Matter protests. The Best Workplaces are those that are willing to hold those safe spaces and put power in employees’ hands.
Mortgage lender Better.com (at number two in this year’s list) boasts 11 different employee resource groups to address DEIB that are entirely grassroots and employee-driven.
TOP RANKING FIRMS FOR MILLENNIALS
Great Place to Work have announced the 2021 Fortune Best Workplaces for Millennials, after analysing 300,000 millennial employee opinions in the US. Those that support equity, transparency, flexibility and purpose achieve top marks amongst millennial employees. In the large-sized category, Cisco ranks number one; and has been recognised on the list since 2016. Salesforce, Hilton and Pinnacle Financial Partners followed in second, third and fourth place, respectively. Topping the list for the second year in a row in the small- and medium-sized company category is Asana at number one. Newcomer Better.com ranks number two, followed by NerdWallet (third), the biggest climber on the list; which climbed 18 spots from last year from #21, as reported.
Nine in 10 millennial employees at the companies on this year’s list say they want to stay with their current employer a long time. “The Best Workplaces for Millennials treat their employees like people, not just employees,” highlighted Michael C Bush, CEO of Great Place to Work. “These companies foster caring and respect for one another, at every level of the organisation. The result is millennial employees who say they look forward to coming to work and – as our research says – are 50 times more likely to stay a long time.”
Best large companies for millennials
- Cisco
- Salesforce
- Hilton
- Pinnacle Financial Partners
- Red Hat, Inc
Best small & medium companies for millennials
- Asana
- Better.com
- NerdWallet
- Nationwide Mortgage Bankers
- United Therapeutics Corporation
Click here to read more about this year’s Best Workplaces for Millennials.
Sign up for our newsletter
