Corporate executives are not making a strong enough effort to attract and hire millennials under the age of 35, citing that the generation is filled with entitled and spoiled "divas," says a new study released Wednesday.
According to a survey conducted by CFO Magazine and Duke University, businesses view the millennial workforce as needing greater management at the office and feel that they are likelier to quit their jobs for no reason at all. It should be noted, however, that millennials earn less than previous generations in entry level positions and maintain a higher unemployment rate than their older counterparts.
Although the majority of survey participants had positive things to say about this generation, more than half of questioned Chief Financial Officers described millennials as not having loyalty to the company. Another 46 percent reported millennials as having an inflated sense of entitlement, a common depiction of millennials in today’s world.
In addition, nearly one-third (31 percent) noted that millennials need a lot more supervision, management and so-called hand-holding. More than one-quarter (27 percent) of CFOs said millennials are more interested in their own personal development instead of the company’s growth.
Meanwhile, the poll found that companies aren’t doing much to adapt to today’s labor market and modern day workforce. Only 21 percent of businesses are offering flexible working conditions, and fewer than one-fifth (17 percent) of workers are permitted to perform their duties remotely. Just 10 percent of enterprises are revising their corporate culture.
Finally, there is a major difference between United States-based corporations versus those located in Europe and Latin America. For instance, nearly three-quarters (70 percent) of foreign businesses are adapting to the millennial labor force and attempting to attract and retain these workers - a group that will eventually comprise of two-thirds of the workplace - but only 40 percent of American companies are following suit.
The perception that millennials are entitled is as common as the sun rising in the morning. Despite this portrayal of this generation, whether it’s true or not, companies will soon be coerced into embracing this generation of workers.
Although millennials want more flex time, their bosses to act more like mentors and to make the world a better place, they do offer an array of talents that previous generations may be lacking, particularly when it comes to technology. As experts argue, businesses shouldn’t be shying away from attracting the best and brightest, even if they are millennials.
Jamie Gutfreund, chief strategy officer, may have said it best in an interview with Forbes: "No organization can afford not to recruit the best talent."
Besides, considering that millennials will soon become a major consumer base, pay off their student loan debt and accumulate assets, perhaps they’ll reach a compromise with businesses of all sizes and slightly adjust their expectations, which have been described at times as unrealistic.
Yes, this might even include millennials staying off Facebook during working hours.
Photo by ITU Pictures via Flickr.