If Millennials are your target GROUP, it’s time to think again! ‘Millennials’ and 'Millennials' are not the same

Millennials are a hot topic wherever we look and given they will make up nearly half of the workforce by 2020, it is important to understand them on a deeper level. However, whilst so many studies have been done on this generation’s drivers, not many have taken an even closer look and differentiate between the younger (born between 1990 and 1996) and older millennials (born between 1984 and 1989).

Everyone knows that there is a significant difference in attitudes between man and women but not many are aware that the gap between younger and older Millennials is actually much wider in so many aspects. Still, they are all called and classified ‘Millennials’ and put in the same category when it comes to market to them. Being aware of significant differences in their motivations can make notable impact on talent attraction and retention strategies. Not just gender and generation matters these days but more so age and life phase when it comes to engaging the right way with those talents. Universum conducted a research across 43 countries with more than 16,000 people between 18-30 and here are some key takeouts.

Why is there a significant difference between the same generations to start with?

Young Millennials are most often still in school and are not clear of how their careers may evolve. Without a job lined up, they are more fearful about their future and underperforming in their job. Older Millennials, however, usually had already 1 or 2 jobs and have had the chance to test their ideals against the reality of employment.

Looking at some of the areas where gaps by age are widest explain trends in the workforce that are already clearly visible but will have an even stronger impact on deciding on the right strategies when hiring/retaining talents.

Challenging work.

Older Millennials classify challenging work as being involved in innovative work whilst younger Millennials think challenging work takes them outside of their comfort zone

Biggest fear.

Biggest factors overall are a) getting stuck with no development opportunities, b) not realizing their career goals, or not getting a job that matches their personality. The largest point of difference between younger and older Millennials is their fear of underperforming at work - younger Millennials feel stronger about it than older Millennials.

Leadership.

Younger and older Millennials are equally ambitious, but have different motivations. Nearly half say it is very important for them to become a manager/leader during their careers due to potential of higher earning opportunities and possibility to influence the organization and working with strategic challenges. The key point of difference is the relevance of mentoring and coaching: younger Millennials chose this to be slightly more important than older Millennials.

Materialistic vs idealistic motivations

Whilst remuneration is clearly important, additional benefits and culture are even more important to both. Biggest difference is younger Millennials are slightly more likely to value people and culture in a future employer than older millennials, who more often chose remuneration and advancement.

Image matters

Being associated with an organization that matches personal values is more important than ever before. However, older millennials are more concerned about the company’s brand image than younger millennials and want to be associated with a reputable organization.

Venus vs Mars

The number of women in leadership and C-level roles is still significantly low in most economies which is not a surprise when looking at the key motivators and the (lack of) initiatives companies offer.

Whilst attaining a leadership position is considered from both genders as “very important”, men are more likely to actually choose/achieve it. The ‘added stress’ is an unattractive side effect of leadership for women who are also more concerned about the lack of work-life balance.

Both male and female Millennials value work-life balance generally over a high salary but women are slightly more likely to choose it. However, increased flexibility to pursue personal interests and looking after their families is becoming more important also for males and is by far not a female-only issue anymore.

What does it mean for talent attraction and retention strategies?

Depending on what the ideal talent group for your organization looks like, the employer branding strategies should be focused on their drivers or fears, e.g. if your target group is younger Uni Grads, attracting strategies for those younger talents should address their fears of underperforming in their first jobs and have coaching and mentoring available. Older Millennials on the other side want to be connected with innovation and retention strategies should take in consideration their lower tolerance for jobs they don’t like as it is clear older Millennials are not as fearful about job security as their younger counterparts.

The biggest gap of how men and women differ is how they view leadership. If employers are committed to attracting more women to leadership roles and developing in-house talent, this is a point that absolutely requires attention by offering e.g. flexible work arrangements and solutions for stress management.

About me

Most untypical Austrian in Australia I 3.45am starts I Blue Steaks and Piccolos I Always up for a chat about all things Digital & Technology

After spending 10 years in various roles in Brand/Product Marketing in the FMCG/Technology Industry, I changed career path for a new challenge, totally outside my comfort zone and something I never thought of - Digital Recruitment. Not just because I never did Recruitment before but also because I had no idea about Digital, leave alone ‘how to do anything digital…’.

Since then, things have changed and I have become a passionate advocate for all things digital & technology. I am in the fortunate position to work with thoughts leaders in that space day in day out and can pass on my passion in form of business consulting for 360 digital solutions – from career coaching in the industry to facilitating workshops about personal and employer branding and how to optimize and use digital platforms and channels for its purpose.

Besides, I am a sports fanatic - from long distance triathlons, F45 and yoga to running my own Personal Training Business. Working with people on their goals keeps me sane and balanced - I am motivated by seeing what people can achieve when pushed outside their comfort zone - personally and professionally.

If you want to talk further on best practices on how to attract, engage and retain millennials or chat about all things digital & technology - I would love to hear from you!

@petra_zink // makean@impaccct.com