Millennials were criticized through and through. A loop of adverse millennials in the workplace statistics has led them to get a bad rap. They’ve been called lazy, narcissists, and self-entitled by their predecessors and elders.
They’re not the most loyal employees, so they’ve been on the receiving end of contemptuous remarks. Many people in this generation don’t identify as belonging to this class.
But here’s the rub: are they what people say about them? How accurate that they’re irresponsible and destructive employees? Before we point fingers at them, let’s learn about the problems of millennials in their workplaces.
Millennials in the Workplace Statistics (Editor’s Choice)
- Millennials occupy 35% of the US labor force.
- The average annual salary of millennial workers is $71,566.
- The yearly turnover rate is 21%, which translates to $30.5 billion.
- By 2025, 3 in every 4 employees will be millennials.
- 61% of millennial women take a break from work due to the birth of their child.
- 85% of millennial employees prefer full-time remote opportunities.
- 42% of all Millennials admit to being stressed out all the time.
- 16% of millennials work 51 hours or more per week.
General Statistics on Millennials in the Workplace
Millennials are the last generation to experience a world without the internet. They're the first to employ and integrate technology advancement in the workplace. Other interesting facts about this generation are summarized in the statistics below.
1. Millennials have an average annual salary of $71,566 as of December 2022.
Earning around $1,376 weekly, it's no wonder most millennials live paycheck to paycheck. Add the high cost of living, college loans, and increased competition in the job market. This explains why most millennials need help to buy houses and remain renters. Their average salary is about 20% lower than Boomers had.
2. In December 2022, 66% of millennials wanted more than their current salary.
Millennials aren’t money-driven, but they consider wages necessary. The latest millennials in the workforce statistics shared that nearly 5 in 10 workers aren't pleased with what they receive from their employers. Financial benefits are one of the reasons that many millennials want out of their jobs, as it has always been a critical factor for them. Millennials still paying off their college debts would find higher salary offers worth staying for. About 66% are contemplating a career change in the next few months.
3. Based on the US workforce demographics, millennials comprise 35% of the labor force.
It wasn't until 2016 that the millennials surpassed Generation Xers in number. Since then, they’ve been filling in the workforce gap. According to the recent data from Team Stage, millennials comprise 35%, accounting for over one-third of the US workplace population; there are 56 million millennials in the US workforce as of January 2023. Outside of the labor force, millennials account for about 71 million of the US population. So, it gives a clear picture of where the labor force is heading.
4. Millennial turnover rate hits 21% annually, costing businesses $30.5 billion in 2022.
Millennials change jobs frequently, and their belief in not settling anything for fewer costs businesses $30.5 billion annually. But this is one of those turnover costs that are avoidable. Managers will likely stay if they can engage and engage their millennial employees. Offering other work benefits, like student loan assistance and health insurance, ignites a strong sense of loyalty in them.
5. Research on millennials in the workplace in 2022 revealed that they're three times more likely to change jobs in a year than their elders.
Job hopping has been synonymous with the millennial job market. They’re workers who don't stay in their jobs long. About 66% are contemplating a career change in the next few months. But that's because they want a position where they feel engaged. Beneath the accusation that they love job hop lies the truth that they can feel a sense of loyalty and gratitude to their employers. They'll stick around as long as their desire to make an impact through what they do comes to reality.
6. The median tenure for millennials aged 25 to 34 was 2.8 years.
Data on millennial generation demographics specifies that younger millennials between 25 and 34 had a median tenure of 2.8 years. The same can be said for older millennials aged 35 to 40, with a median tenure of 9.9 years. A decade ago, the figure was a little higher at 7.1 years. The difference is minimal, but this is because young millennial employees are still figuring out what they want to do and are working their way there.
7. The unemployment rate for millennials as of December 2022 hit 10%.
About 12% of Americans are unemployed and looking for work, and 44% of this group falls between 18-24 or 45-64. Millennials aged 25 to 35 are experiencing much smaller unemployment levels about 10% fit into the above category, and only 6% are unemployed by choice (compared to the 10% of Gen Zers and 13% of Gen Xers who are jobless by choice).
8. 25% of millennials and 33% of Gen Z accounted for more than 50% of job hopping in 2022.
A survey about millennials in the workforce in 2022 by Linkedin and CensusWide shared that 25% have contributed to job-hopping occurrences amidst the global crisis. 72% of Gen Z and 66% of millennials are contemplating a career change in the next 12 months. This has raised concerns for companies that heavily rely on younger employees. Since millennials occupy most of today’s workplaces, organizations are keen to keep their young workers engaged to decrease turnover.
9. Millennial population statistics projected that by 2025, they would comprise 75% of the global labor force.
(Inc. / MSCI)
In 2020, nearly 1.8 billion, or 23% of the worldwide population, were millennials. As more and more Baby Boomers cross the retirement age boundary, millennials are slowly taking over the global labor force. Even now, many organizations in the US have more millennial workers than any other generation. During this era of technological advancements, millennials will help companies drive workplace innovation through technology use.
Remote Work and Facts about Millennials in the Workplace in 2023
It’s been three years since the pandemic dawned on us. How are millennials coping with remote work? That’s what you’ll know in these exciting stats.
10. As of 2023, 85% of millennial employees prefer full-time remote opportunities.
According to generation statistics, most millennials cling to being connected and retaining their independence. Thus, they find working from home setup favorable. Based on a survey, communication tools like slack and video calls, the standard mode of communication today, and the hours spent on weekly commutes accelerate the younger workers' productivity.
11. As of January 2023, 82% of millennials are more loyal to companies with remote work programs.
Millennials being the most significant workforce generation, makes it essential for companies to keep them around longer. Managing millennials in the workplace is easier as companies experience happier and more loyal employees with a remote work program which reduces stress. 82% of telecommuting employees said they had lower stress levels. One study found that 80% of remote workers had excellent morale, and 69% said they were less likely to call in.
12. 35% of millennials are ready to leave their job for full-time remote work in 2023.
About generations in the workplace, statistics show that 35% of millennials are ready to leave the traditional office environment, so companies must pay attention to employee retention.
The high increase in working job sites has given millennials an online space to leave an office position for more remote opportunities.
Millennials place much higher importance on their personal lives than their careers, something never seen before in the workforce.
13. Due to pandemic-related shutdowns, 25% of millennials have lost jobs or been placed on involuntary unpaid leave.
According to millennial workforce statistics, 25% of millennial workers were let go by their companies or placed on leave. Looking at the broader picture, about 1 in 5 millennials globally has been removed from the workforce. This fact reinforces that the younger workforce members were the most affected by the pandemic. But it does make sense to let go of new and younger employees instead of long-time workers if it means the business remains afloat.
14. One-third of working millennials were unaffected by the pandemic.
The pandemic has bred pessimism in the job industry, but a small percentage of millennials in the workforce have maintained a positive outlook despite the crisis. Based on a survey, a third, or 33%, of employed millennials weren't impacted by the pandemic. This means their income and employment status has remained unchanged amidst the coronavirus rampage.
15. 69% of millennials believe continuing to work from home relieves stress.
The shift to remote work wasn't a problem with millennials because they’re proficient at using technology. So, to get their opinions about the new work environment, they’re asked how strong their appetite for remote work is becoming the "norm." Millennial statistics revealed that 69% acknowledged that a home-based position makes them less stressed.
Additionally, 67% responded that it gives them a better work-life balance. Another 64% proclaimed that after COVID-19, they would like to continue working remotely. Regarding keeping in touch with colleagues, 61% would use video conferencing instead of traveling for work.
16. 85% of millennials prefer email to track and measure their output as of 2023.
A survey of millennials and technology showed that 85% use email for communication and tracking. This generation and 73% of Generation Z employees are obsessed with emails as they grew up using emails as communication tools. Thus, it's unsurprising that they prefer emails over other communication tools.
17. 50% of remote millennial workers would be more productive if they had better hardware equipment at home in 2023.
There's a differing percentage of generations in the workforce published in 2022; companies will still maintain a five-generation workplace. The challenge in this work environment is finding the sweet spot in your labor strategy that boosts productivity levels across all generations.
Based on a generational breakdown study that asked employees the one thing that would make them productive, 50% of millennials would need better hardware equipment. Meanwhile, 55% of Gen Z would need software for automation, 56% of Gen X stressed that a more flexible work schedule would fire their productivity, and 43% of Baby Boomers would need a wage increase.
18. 20% of millennials confessed "no change" to their wellness while working from home in 2021.
It’s not only the dwindling number of millennials in the workforce that became the subject of many conversations during the pandemic but also personal wellness. Even before the coronavirus outbreak, personal wellness, especially mental health, has its fair share of the spotlight.
Indeed, health concerns have flared up during the pandemic, highlighting the good and bad features of working from home. Some 20% reported that working from home has not affected their wellness.
Millennial Employment Statistics in 2023
What goes on in the minds of these younger workers? How do they behave in the workplace, what excites them, and what’s their opinion of their leaders? The following stats encapsulate this generation’s overall workplace personality.
19. 62% of millennials define workplace success as enjoying their job, and 58% as having a better work-life balance in 2023.
(Business News Daily)
For some managers, dealing with millennials in the workplace has been a flurry of clashes and arguments. Millennials' headstrong attitude is demeaning to other managers, leading the rest to believe that this group doesn’t care. But what managers typically misunderstand is that millennials define job success differently. For most, a promising career is something they enjoy doing, and for 58% of workers, success means a job that offers a work-life balance. These are valuable clues for managers who want to reshape their workplace strategies to fit millennial employees’ ideals.
20. 84% of millennials will leave their current employer for more money.
(Olivet Nazarene University)
Apart from a career that provides work-life balance, what millennials want in the workplace is a career that offers financial benefits. A survey cited that 84% of millennials wouldn’t hesitate to leave their existing companies for more money in 2023. People from this generation are always looking for greener pastures, which is unsurprising. Some 28% of millennials said they’d leave their jobs for career advancement, 20% to escape a toxic work environment, and 11% to seek passion-driven work.
21. Only 29% of millennials are emotionally and behaviorally engaged in their jobs as of 2023.
One of the problems with millennials in the workplace is that 3 out of 10 feel they need more connection in their jobs. Millennials have several workplace issues, and disengagement is one of them. Sometimes, they’re lazy and don’t like to work. But this may be because their current career doesn’t align with their passion. They're a selective bunch, and money isn’t enough to make them stick to a job they're not passionate about.
22. 62% of millennials managed direct reports in 2020.
Today’s oldest millennial is 39 years old, which means the millennial generation in the workplace is hustling nearly two decades into their careers. That said, many of them are no longer entry-level employees. In a survey, as high as 62% have subordinates reporting directly to them. Many have climbed the executive ladder, while others work as supervisors, team leaders, and managers.
23. 68% of millennial employees want acknowledgment for positively impacting the world as of 2023.
(Business News Daily)
Managers who have experienced working with millennials for years now know that financial rewards don’t always work to motivate employees. Even if many millennials won't bat an eye about leaving their current employer for a better salary, this group also places high importance on the impact of what they do.
More than the monetary benefits, these people want to make a positive difference around them. That’s why 81% of millennials define business success as having an original purpose that resonates with others.
24. 67% percent of millennials in the workforce don't believe that the management’s actions coincide with its words.
(Great Place To Work)
The lack of faith of millennials in their leaders has been introduced previously. Objectively, they're the class who grew up with contrasting views and needs from the generations before them. They're tradition-breakers and constant innovators who are aware of their impact in the workplace. So, they expect their leaders and bosses to adapt to them to operate on the same wavelength as them by taking action.
25. 61% of millennials confessed that they accepted a management role because it's the only option to earn more or advance professionally.
The top jobs for millennials include management and senior roles. There are varying reasons why some millennials seek career advancement; for 61%, financial gain is their priority. Moving up to a managerial role corresponds to a better salary. Most millennials see this route as the only way to get a higher wage.
26. Millennials involved in workplace decisions affecting them are 4 to 64 times more likely to do their best in their roles.
(Great Place To Work)
Facts about millennial engagement in the workplace specified that this group long for involvement and engagement above other company benefits. Among generations, millennials place the highest value on involvement. Managers can use this information to improve the workplace environment for this class. If millennial employees feel involved and engaged, they will likely be productive, stay loyal, and recommend their company to their friends.
27. Statistics about millennials in the workplace exposed that only 44% of millennials had a positive work experience in 2021.
(Great Place To Work)
Autonomy imbalance makes millennials frustrated. Typically, professionals from this generation want to do their tasks on their terms and under no restrictions. It’s their version of freedom. Depriving them of this may mean a negative work experience. While each millennial has a different personality, many will thrive under circumstances where they can have self-directing liberty in their jobs.
28. Millennials will make up 75% of the global workforce by 2025.
Another forecast about millennials in the workplace statistics uncovered that by 2025, the workforce would comprise 75% of this generation. For sure, this group will introduce drastic changes to the workplace. When that time comes, we’ll have a full-circle view of how these people are as organization leaders.
From these millennials in the workplace statistics research, there are valid reasons for this generation’s shortcomings. First, many are drowned with student loan debt to their neck. Second, some are still coping with the lingering effects of the 2007’s Great Recession. Third, many lost their jobs during the pandemic, which rendered an unemployment rate of 11.5%. So, millennials have gone through many depressing things, influencing their decisions in life and career. People must understand this. They may frequently change jobs, but that’s because their motivations don’t anchor on financial benefits. Through the years, they’ve discovered that happiness in a career lies in doing work with purpose.