Millennial Mythbusting

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Those negative characteristics about Gen Y you keep hearing about aren't necessarily true.

Those negative characteristics about Gen Y you keep hearing about aren't necessarily true.

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Millennials have surpassed Baby Boomers as the nation's largest living generation: Millennials (ages 18-34) number 75.4 million, exceeding the 74.9 million Baby Boomers (ages 51-69), according to population estimates released by the U.S. Census Bureau. That may be the only thing the business world knows for sure about this cohort of workers. In recent years, there have been numerous myths and misconceptions making the rounds. But new data from a variety of sources reveal that organizations may have been getting it wrong.

Millennials have surpassed Baby Boomers as the nation's largest living generation: Millennials (ages 18-34) number 75.4 million, exceeding the 74.9 million Baby Boomers (ages 51-69), according to population estimates released by the U.S. Census Bureau. That may be the only thing the business world knows for sure about this cohort of workers. In recent years, there have been numerous myths and misconceptions making the rounds. But new data from a variety of sources reveal that organizations may have been getting it wrong.

Myth: No job loyalty

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Millennials have gained a reputation for job hopping—that is, leaving their positions after only a year or two with companies. Recent data from Gallup finds that 21 percent of Millennials report changing jobs within the past year—more than three times the number of other generations in the workforce. And data from a 2016 Deloitte study concurs, reporting that one in four Millennials will quit her current employer to join a new organization or to do something different in the coming year. That number jumps to 44 percent looking two years out.

Millennials have gained a reputation for job hopping—that is, leaving their positions after only a year or two with companies. Recent data from Gallup finds that 21 percent of Millennials report changing jobs within the past year—more than three times the number of other generations in the workforce. And data from a 2016 Deloitte study concurs, reporting that one in four Millennials will quit her current employer to join a new organization or to do something different in the coming year. That number jumps to 44 percent looking two years out.

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But lack of loyalty may not be to blame. Gallup explains that "Millennials don't just work for a paycheck—they want a purpose. For Millennials, work must have meaning." In fact, according to Deloitte, 56 percent of Millennials have ruled out ever working for a particular organization because of its values or standard of conduct. Almost half (49 percent) have chosen not to undertake a task at work because it went against their personal values or ethics.

But lack of loyalty may not be to blame. Gallup explains that "Millennials don't just work for a paycheck—they want a purpose. For Millennials, work must have meaning." In fact, according to Deloitte, 56 percent of Millennials have ruled out ever working for a particular organization because of its values or standard of conduct. Almost half (49 percent) have chosen not to undertake a task at work because it went against their personal values or ethics.

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Also, job hopping by Millennials may simply be a reflection of the economic environment they encountered when they entered the workforce. "The Millennial mindset was dramatically impacted by the harsh economic realities of the Great Recession, which has made them remarkably independent, economically pessimistic, and skeptical of traditional institutions," says Steve Glickman, co-founder and executive director of Economic Innovation Group.

Also, job hopping by Millennials may simply be a reflection of the economic environment they encountered when they entered the workforce. "The Millennial mindset was dramatically impacted by the harsh economic realities of the Great Recession, which has made them remarkably independent, economically pessimistic, and skeptical of traditional institutions," says Steve Glickman, co-founder and executive director of Economic Innovation Group.

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As the economy continues to recover, Millennials may avoid jumping ship if they can find meaning in their work and see opportunities for advancement. A September 2016 survey from EY and Economic Innovation Group reports that 44 percent of Millennials believe that climbing the corporate ladder at a single company is the best way to advance their careers.

As the economy continues to recover, Millennials may avoid jumping ship if they can find meaning in their work and see opportunities for advancement. A September 2016 survey from EY and Economic Innovation Group reports that 44 percent of Millennials believe that climbing the corporate ladder at a single company is the best way to advance their careers.

Myth: Unwilling to pay dues

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Millennials have a reputation for behaving entitled—especially on the job. This myth gained momentum thanks in large part to the 2013 Time magazine cover story, " The Me Me Me Generation ," which asserts that Millennials are "lazy, entitled narcissists." Indeed, it has been widely reported that Millennials are generally impatient for promotion, while simultaneously not prepared or willing to make the effort required for career success.

Millennials have a reputation for behaving entitled—especially on the job. This myth gained momentum thanks in large part to the 2013 Time magazine cover story, "The Me Me Me Generation," which asserts that Millennials are "lazy, entitled narcissists." Indeed, it has been widely reported that Millennials are generally impatient for promotion, while simultaneously not prepared or willing to make the effort required for career success.

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But the study from EY and Economic Innovation Group finds that 88 percent of Millennials recognize that hard work is an important factor to get ahead. In addition to putting in long hours, 64 percent of this generation would move to a different part of the country for a better job or access to better opportunities, and 63 percent would add an hour to their commute for a better job.

But the study from EY and Economic Innovation Group finds that 88 percent of Millennials recognize that hard work is an important factor to get ahead. In addition to putting in long hours, 64 percent of this generation would move to a different part of the country for a better job or access to better opportunities, and 63 percent would add an hour to their commute for a better job.

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Rather than a sense of entitlement, the perceived problem of the Millennials' work ethic points to a lack of engagement. Gallup reports that Millennial engagement is lower than that of other generations, with just three in 10 emotionally and behaviorally connected to their jobs and company; another 16 percent of Millennials are actively disengaged.

Rather than a sense of entitlement, the perceived problem of the Millennials' work ethic points to a lack of engagement. Gallup reports that Millennial engagement is lower than that of other generations, with just three in 10 emotionally and behaviorally connected to their jobs and company; another 16 percent of Millennials are actively disengaged.

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Not engaging Millennial workers is a big miss for organizations. To help organizations solve the entitlement/engagement puzzle, the Deloitte study explores what Millennials want most from a job. According to the data, this generation has a strong ambition to make positive contributions to their organizations' success—if not the world. Unfortunately, the same study finds that 28 percent of respondents admitted to feeling that their current employers are not making full use of their skills.

Not engaging Millennial workers is a big miss for organizations. To help organizations solve the entitlement/engagement puzzle, the Deloitte study explores what Millennials want most from a job. According to the data, this generation has a strong ambition to make positive contributions to their organizations' success—if not the world. Unfortunately, the same study finds that 28 percent of respondents admitted to feeling that their current employers are not making full use of their skills.

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Many organizations also miss the mark in offering development opportunities. Professional development and training is one of the top five factors Millennials seek from their employers. But Deloitte reveals that almost two-thirds (63 percent) say their leadership skills are not being fully developed. "Millennials believe businesses are not doing enough to bridge the gap to ensure a new generation of business leaders is created," states Deloitte.

Many organizations also miss the mark in offering development opportunities. Professional development and training is one of the top five factors Millennials seek from their employers. But Deloitte reveals that almost two-thirds (63 percent) say their leadership skills are not being fully developed. "Millennials believe businesses are not doing enough to bridge the gap to ensure a new generation of business leaders is created," states Deloitte.

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The key takeaway is that perhaps Millennials aren't arbitrarily moving on to greener pastures. Rather, they are seeking a more fertile place for their careers to take root.

The key takeaway is that perhaps Millennials aren't arbitrarily moving on to greener pastures. Rather, they are seeking a more fertile place for their careers to take root.

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Read more from CTDO magazine : Essential talent development content for C-suite leaders.

Read more from CTDO magazine: Essential talent development content for C-suite leaders.