PRESS RELEASE- DATE: August 16th 2017
Is understanding the class of 2017 the key to organisational success?
As A-Level results for 18-year-olds, come out this week and recent graduates are setting out on their future paths, are universities and employers ready to understand the needs and inner strengths of the class of 2017?
A report published today by the Institute of Leadership and Management reveals a significant generational disconnect between the expectations of millennial workers, born between 1980 and 2000, and those of their managers.
With millennials predicted to account for more than 50% of the UK workforce by 2020, attitudinal differences between millennial workers and their older managers pose a significant challenge to organisations looking to retain and develop their workforce.
This Workforce 2020 report highlights differing expectations in areas including retention, management styles, motivation and business ethics.
• 57% of millennials workers are expecting to move job within two years and 40% within one year
• 56% of millennials want a manager to be a coach or mentor, while only 8% want a manger who directs them
• 80% of millennials are motivated to go the extra mile at work
• 60% of millennial list challenging and interesting work as their top workplace priority
Kate Cooper, Head of Research, Policy and Standards of the Institute of Leadership & Management says:
“By 2020 more than half of the UK workforce will be drawn from the millennial generation, a figure set to rise to 75% by 2025. While workplaces around the country are changing to reflect this change, our report suggests that a degree of disconnect still exists in several key areas.
“This summer we see the last of the millennial generation start on their higher education career path. University offers many opportunities for young people to develop their leadership capability and take advantage of opportunities that will enable them to join the world of work with confidence and knowledge of the contribution they can make.”
As the freshers of 2017 become the bulk of the workforce in 2020, the Institute of Leadership and Management study recommends that top down instructive leadership style is a thing of the past, as 56% of millennials said they wanted their manager to be coach or mentor. Job hopping can be reduced by outlining clear career pathways and the expectations that need to be met for new starters.
Kate Cooper: “The workforce is far more transient than previous generations, with workers far less fearful about moving jobs. Millennial workers increasingly want to be recognised for the work they do, not just the hours they put in, so while a manager might disagree with this outlook, they risk losing talent if they aren’t prepared to shift their focus to outputs rather than inputs.”
“Much of our research reveals the importance individuals of all ages place on autonomy. Organisations can judge work on outcomes achieved rather than hours spent in the office. Employers willing to embrace these changes will be well placed for the future.”
Notes to editors:
Kate Cooper, Head of Research, Policy and Standards of the Institute of Leadership & Management is available for interview. Please contact liam.thompson@InstituteLM.com or 07890 315537 for set up and any other query.
Gen Z (those born in 1995 or later) Millennials, (people born between 1980 and 2000),
Baby boomers (those born 1946-1964), Generation X (those born 1965-1979)
The report Workforce 2020: The Millennial Disconnect can be read here.
The Institute of Leadership & Management is the professional membership body for leaders, managers, coaches and mentors. We believe inspirational leadership holds the key to personal fulfilment, social wellbeing and economic prosperity. By connecting like-minded people, we aim to influence and inform and be the source of pioneering thought leadership and commentary in our field.