A new study conducted by Shiny Objects (www.ShinyObjectsInc.com) and released today with The Duffy Co., highlights important new information about what L.A. millennials are seeking in employment. By 2025 millennials will be the dominant workforce; comprising 75 percent of workers (Brookings Institute). Los Angeles is one of the most influential cities in the world, and L.A. millennials will be “ground zero” for trends and taste-making worldwide for many years to come. Understanding how millennials think is critical to success-driven companies. According to Catherine Saar, founder of The Project Coach, and a Master Certified Coach Trainer, retaining millennials is one of the most daunting tasks facing CEOs in 2018. “The competition for top talent is extraordinary. Losing key contributors can truly influence a company’s growth trajectory. The ability to retain key millennial talent can ultimately impact executive compensation and tenure with a company,” notes Saar.
The stereotype of millennials enjoying a shared office environment, at a desk across from a co-worker wearing headphones with their face buried in a laptop, doesn’t seem to be true in L.A. When asked what type of office environment they preferred, surprisingly most millennials preferred to work in a “traditionally” configured office. In addition, the survey indicated that L.A. millennials are more social than expected—they preferred situations where they had more personal contact with their co-workers. Conversely, the lowest rated office situation was being virtually connected to others. L.A. millennials also seem to favor the characteristics of big companies over smaller companies. They prefer large teams with ample budgets over autonomy and smaller operating budgets.
It’s not all about the money. Surprisingly, salaries 5 to 10 percent higher than peers was only the 5th most important factor for a ‘dream job’ with advancement, flexibility, autonomy, and vacation time ranking as the most important. 74 percent rated gaining the boss’ trust important, while 90 percent rated feeling supported as the most essential.
These findings show that millennials want access to people and resources to achieve success. Companies with the ability to provide these features should stress them as incentives when recruiting millennials.
Overall, this study indicated that while some millennial stereotypes are reinforced, this demographic segment is unquestionably unique. In order to be successful in recruiting and retaining millennials, companies need to be aware of the differences and how to appeal to them. The primary distinctions are:
- Desire for a leadership role
- Preference to work within large, traditionally structured companies
- Socialization with other employees is critical (yet working with “people my own age” was the LOWEST ranked characteristic for their dream job)
- Opportunity for advancement and respect for time are key factors
- Additional findings available at shinyobjectsinc.com/#research
The conclusions of this study could influence both millennial compensation packages and a company’s overall employment strategy; Kenneth Gal, CEO of Shiny Objects believes the findings have application well beyond Los Angeles. “While many U.S. trends begin in Los Angeles, education may be an even greater predictive measure for innovation and taste-making. The surveyed millennials had education profiles almost double the general U.S. population,” says Gal.
In May 2018, Shiny Objects surveyed 500 L.A. millennials (23-35) who are employed full-time and earn more than $25k per year. The survey was conducted by Survata, in partnership with thousands of publishers, who offer premium content in exchange for answering questions. Survata has developed algorithms that track a respondent’s response time, response pattern, and other metadata to determine which responses should be discarded. All surveys are done anonymously. The study was conducted online during May 2018 and has a margin of error of +/-3.1 with a 95 percent confidence level.