Two surveys indicate Millennials' changing workplace expectations

More than half (55 percent) of Millennials have experienced a layoff or loss of work in their family within the past year, and nearly three-fourths (72 percent) feel threatened by a possible layoff or loss of work in the coming months, according to research conducted by Lumin Collaborative.

Further, sixty-six percent of Millennials say they have lowered their expectations of being promoted versus 51 percent of other workers. Despite increased fears over job security, Millennials are saving and investing less money and increasing their credit card debt more than any other adult generation.

"As a generation, Millennials are still optimistic and ambitious but the pressures of the current economy are reshaping our approach and outlook on our relationships with our employers," said Lauren Begley, a Millennial and account executive at Peppercom. "It may have taken one of the most severe economic contractions since the Great Depression, but we are finally learning to be more realistic about getting ahead and surviving in workplace."

Other findings from the study include:

• Millennials are frequently "new" employees: Forty percent have been at their jobs less than 12 months, compared to eight percent of non-Millennials.
• Despite their low household income and relatively large households, Millennials are as likely as non-Millennials to feel they have enough income to live comfortably.
• Forty-five percent of Millennials want to be the president or CEO of a corporation, compared to 33 percent of Gen X and 20 percent of baby boomers.

"Given that this is the first major economic downturn experienced by Millennials while in the workforce, it's not surprising that the recession is having a profound impact on how they view their professions and live their lives," said Mark Raper, chairman of Lumin Collaborative and chairman and CEO of CRT/tanaka. "Changes in Millennials' workplace expectations and how they envision professional success will have a major impact on how companies recruit, retain and grow this generation throughout the workforce. They are an invaluable part of the domestic and global economy, so it behooves all employers to pay attention and adapt alongside them."

A second survey, conducted by Jobvite, found recruiters are seeing that, since the recession, Gen Y candidates are more willing to compromise or be more realistic on things like salary, benefits and experience level. Job offer acceptance rates are also going up.

• Before the recession, more than 60 percent of Gen Y candidates wanted a higher salary than offered. Today, more than 50 percent of candidates will take the salary offered, an almost 40 percent increase from pre-recession numbers (13.2 percent).
• There was an increase of 20 percent in the percentage of Gen Yers that will take benefits offered versus asking for more.
• Before the recession, the majority of Gen Yers applied for jobs below their experience levels and today, almost one-third of applicants are applying for jobs below their skill level. That's up about 25 percent from pre-recession numbers.
• Before the recession, more than 50 percent of respondents had a job offer acceptance rate of 70 to 100 percent. Today, 67 percent of respondents had a job offer acceptance rate of 70 to 100 percent, a 17 percent increase.

Dan Finnigan, CEO of Jobvite, doesn’t entirely agree with Raper when it comes to the impact the recession will have on Gen Y.

“For those of working age in this generation, there will definitely be an impact on their long-term attitudes towards the workplace. What we might see is a division of the generation between the group that worked through this recession and the younger set still in school. Older Gen Yers, those in their mid-to-late twenties and early thirties, will know what it means to have worked in an unsteady economy, and I think their level of optimism will be permanently changed. Having a good job will no longer be taken for granted because many of them have seen firsthand how quickly it can be taken away,” said Finnigan.

“However,” he continued, “this doesn’t mean we’ll see a drastic shift in Gen Y’s attitude toward the workplace. I think the values and habits that define this generation, things instilled through upbringing and education in this era, will not be quickly erased by the recession.”

What about employers’ responses to such data? Here, Finnigan and Raper are in complete agreement.

“Some HR and recruitment professionals might look at these numbers and give a sigh of relief—thinking that they can recruit Gen Y in the same way as other groups. But I’d caution against that,” said Finnigan. “The characteristics that drive Gen Y’s desire for new and better opportunities, higher salaries and greater responsibilities, are the same things that make Gen Y workers innovative and valuable. Companies will still need to appeal to their different attitudes and expectations, but the Gen Yer may have a greater appreciation for the opportunity now than they would have had a couple of years ago.”