According to research by Gallup, only around 29% of Millennials consider themselves to be engaged at work. Twenty one percent of Millennials have changed jobs within the past year, and only 50% think that they will be working in their current job one year from now.
The reasons given for such mobility are quite straightforward. According to research by Werk.co, there is a growing flexibility gap among young knowledge workers in American companies. While 86% of Millennials seek greater work life balance, only a small fraction of this number (around 19%) actually are allowed the flexibility they need.
This can take the form of needing to take care of a sick child or parent, or perhaps finishing an undergraduate or graduate program. For Millennials, it is a matter of values. Not only do 77% of Millennials believe that they are more productive when they can work a flexible schedule, Millennial job-hopping costs the US economy $30.5B a year.
According to research by Nicholas Bloom, participants in his study who were allowed to work from home full time were 13.5% more productive than their office-bound counterparts. Even Bill Gates has weighed in on the conversation, suggesting that companies that offer greater flexibility to their employees will increasingly have a competitive advantage in the future (for all of the reasons cited above).
There are, of course, challenges in the transition to remote and flexible working. Principal among these is the challenge of building and sustaining a compelling and connected culture. Read more about our thoughts on that here.