IN SUMMARY: Millennials rule the workplace now and they are finally doing something we all should have done a long time ago: demanding better benefits. The truth is that too many organizations still take the approach that all employees are expendable. Unfortunately, this hasn’t changed for a lot of corporations.
According to The Economist “the Economic Policy Institute recently crunched compensation data from the Bureau of Labor Statistics, showing that the much-touted bonuses did little to boost workers’ paychecks. In the past 12 months, cash bonuses only gave workers an extra 2 cents in average hourly compensation, adjusted for inflation”.
Employees are feeling it too. Health insurance premiums and high deductibles are leading to smaller paychecks. But with millennials it’s not about paychecks; it’s about time off and being able to learn new skills. To this effort, corporate America seems stuck in the past.
The last recession is still fresh on the minds of millennials. They also know US companies have spent a record amount of money this year buying back shares of company stock, an effort to inflate their value for shareholders. US corporations have announced spending $1 trillion on stock buybacks so far this year.
Millennials are also finding that rents in cities like Boston, New York, and San Francisco are taking too big a bite out of their paychecks. Commuting time in cities like Boston are also a nightmare eating precious time from their schedules.
As a boomer, I can safely say from experience that we often had too much loyalty to companies that screwed us. Our jobs were always at risk if numbers weren’t met every year benefits would cost more and cover less.
Today the media likes to drive a wedge between boomers and millennials. They like to say millennials feel entitled or they are lazy. That’s nothing but a guise to get more readers. Millennials are finally realizing that the corporation comes first and they are way down on the list of value to employers.
Of course, this isn’t true for every company but what would your employer do if, tomorrow, you resigned? Would they pull out the stops to try and retain you or would they say “don’t let the door hit you on the way out”?
I work with millennials every day and I see the obstacles they face. For them loyalty is a two way street and it’s about time!
Originally published at newmanagementandhr.com on March 3, 2019.