Jon Miner is a Research Analyst and Lead
for Operating Metrics Consulting Research.
Jon’s focus is on ALM Intelligence’s
Operating Metrics research. He manages
the compensation in consulting portfolio,
performance metrics portfolio and frequently
contributes to ALM Intelligence’s other
ongoing market research efforts.
The Millennial Workforce and HR Disruption
Millennials are the Largest Group in
Last year, we noted millennials
(Generation Y) had surpassed Generation
X as the largest group in the workforce.
Since that time, rumor has it that
millennials come from a certain mold;
they are lazy, skill-lacking, unprepared
digital-addicts. It is time to throw these
assumptions away—within the next ten
years millennials will make up 75 percent
of the global workforce and 50 percent of
the professional services industry.
We noted over the past several years that
turnover has increased and is hovering
around 16 percent. Largely represented
here is the ‘millennial churn’ associated
with the generation only remaining at
consulting firms for about two years.
Millennials place a higher emphasis
on morals and ethics of organizations; if
they feel the firm is making a difference
with regard to socio and environmental
impact, they stay. What are companies
doing to give back to their community,
how are they environmentally conscious?
Millennials place far greater importance
on community, employee health, and
employee growth and development.
ORGANIZATIONS ARE LACKING
Current leaders, on the other hand, seem
to be more concerned with ensuring the
continuation of the organization for the
future—millennials’ general consensus
is that companies are too focused on
profits. Professional services firms need
to recognize the millennial generation as
one associated with the will to learn and
work hard—Generation Y just wants to
do it in their own way.
The sense of loyalty among
millennials to their organizations is
almost nonexistent because they feel the
organization lacks in response to what
millennials value. These conflicting
values, paired with the sense of lack of
leadership-skill development, makes it
easier for individuals to move to another
WHAT TO DO ABOUT IT
Firms need to recognize the costs with
high turnover and determine if these
are acceptable losses of potential talent
and future leadership. The disconnect
between firms and millennials is only
increasing without some give from firms.
Some firms know there is a problem and
have no clue how to go about fixing
it. Without decisive action from above
recognizing it, prepare for exodus as a
regular part of doing business with a
BY JON MINER