With all the chatter about Millennials, Dell set out to learn more about different generational perspectives across their team. So they polled 16,000 – half were Millennials – on a variety of topics including new hire onboarding, compensation, career development and work-setting preferences. Their findings were eye-opening. They found that Millennials were actually very similar to Gen Xers and Boomers when it comes to career expectations and the values with which they identify in the workplace.
In an April 13 Forbes.com article, Steve Price, Dell’s Chief HR Officer, offered these insights on their research and how you might want to develop a smarter HR strategy to attract and retain the best young talent.
Three Millennial Myths to Bust
Some of what’s being said about Millennials today doesn’t sync with Dell’s research.
Myth #1: Millennials like to job hop
Dell’s research shows that Millennials predict they’ll work for five companies over their entire careers (vs. six for Gen X and Boomers alike). Further, they predict they’ll work for Dell for 10 years on the average and 75% say they would stay at Dell even if offered a comparable position elsewhere.
Myth #2: Millennials place a higher value on work-life balance than other generations
All generational groups rank work-life balance as a top criterion in making career decisions, according to the Dell research. All three generations rank flexible work arrangements and challenging work/variety of assignments among their top three most valued job attributes.
Myth #3: Millennials expect to be promoted quickly
They are more patient, according to the Dell research which shows Millennials predicting 3.5 years to promotion.
Based on this, Price suggests using research and data to set your HR strategy across all generations. He adds that it’s important not to confuse the differences between the generations as evidence of generational gaps. For example, a Millennial’s higher interest in presentation skills as a development area is more a reflection of career stage than a trait of their generational mindset. So Dell takes a more holistic approach that spans all of the generations and is then enhanced with targeted programs for different groups with the company.
Price’s recommendation is to take time to objectively know the unique perspectives across all of the generations in your organization. Learnings from your research will help you develop a successful HR strategy and journey for all employees to deliver stronger business results, as well as to keep team members more happily engaged and productive.