Millennials: More responsibility, more flexibility … and, oh yeah, more turnover.

Punch line: Many companies are beginning to make significant changes for Millennials in order to drive retention and lower turnover rates … uphill battle?.

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Excerpted from WSJ, “More Firms Bow to Generation Y’s Demands”

They’re often criticized as spoiled, impatient, and most of all, entitled.

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But as millennials enter the workforce, more companies are jumping through hoops to accommodate their demands for faster promotions, greater responsibilities and more flexible work schedules—much to the annoyance of older co-workers who feel they have spent years paying their dues to rise through the ranks.

Employers, however, say concessions are necessary to retain the best of millennials, also known as Generation Y, which is broadly defined as those born in the 1980s and 1990s.

They bring fresh skills to the workplace: they’re tech-savvy, racially diverse, socially interconnected and collaborative.

Moreover, companies need to keep their employee pipelines full as baby boomers enter retirement. 

Gen Y will comprise more than 40% of the U.S. workforce by 2020 … far outnumbering any other generation.

Some critics contend that Gen Y is no different from previous generations. 

However, a 2010 Pew Research study found that while baby boomers — generally born between 1946 and 1964 — cited work ethic, respectfulness, and morals as their defining qualities, millennials chose technology, music and pop culture, and liberal leanings — followed by superior intelligence and clothing as their defining qualities.

Millennials are also likely to prioritize lifestyle over salary, and to foresee changing careers.

They want the opportunity to stand out without dealing with routine or hierarchy.

Even if they get what they want, they’re likely to move on.

“I mean, what kind of millennial would work for the same company their whole life?”

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