Study Results:

The 2015 Millennial Majority Workforce

Commissioned by Elance-oDesk and Millennial Branding

For more detail go to: www.elance-odesk.com/millennial-majority-workforce

October 2014

Red Brick Research

 Research Methodology
§  Two online surveys were conducted in the U.S. among:

Millennials Hiring managers

§  Graduates with a bachelor’s " §  Company owners or managers

/ Master’s degree or other " §  Age 33+
postgraduate qualification §  All with responsibility over recruitment or
§  Age 21 - 32 HR strategy within their business

Sample n=1,039 Margin of Error: +/-3.2% Sample n=200 Margin of Error: +/-6.9%

§  Data collected September 1 – September 10, 2014 by independent research firm Red Brick Research

§  Millennial results were weighted to ensure demographic representation across sample, based on figures from the
United States Census Bureau

§  In this study reference is made to “Generation X” or the “previous generation.” For the purposes of this study, the
birth year ranges for these groups are:"

§  Millennials: 1982-1993
§  Generation X/Previous Generation: 1959-1981

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 Study Objectives

§  Understand millennials’ role in our workforce as we approach 2015

§  Examine disjoints:
§  Millennials’ inability to find work vs. an inability to hire
§  Millennials’ differing work priorities
§  Varying generational perceptions

§  Look at how work is changing

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 Key Findings (1)

Millennials are integral to the future of business

§  Millennials will be the majority of the U.S. workforce by 2015.

§  28% are management level already; 2/3 see themselves in management in
ten years.

§  Hiring managers believe millennials bring unique skills, especially that they
are more technically adept than prior generations (82% agree).

§  The majority (53%) of hiring managers report difficulty finding and retaining
millennial talent, more than 3x the number who say it is "easy."

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 Key Findings (2)

Hard skills reign

§  The August Bureau of Labor Statistics report had 4.8 million job openings—
the highest number of U.S. job openings since January 2001.

§  Hiring managers prioritize hard skills: 55% say they focus more on hard skills
when hiring, versus 21% who say they focus more on personality.

§  45% expect to become even more skills focused in ten years, versus only
11% who expect to become more personality focused.

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 Key Findings (3)
Millennials need something different than traditional
employers provide

§  79% of millennials would consider quitting their regular job and working for
themselves in the future.

§  Freelancing’s flexibility and control appeal to millennials.

§  Millennials care more about the people they work with, exciting work and
good mentorship and less about money than hiring managers realize.

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 Millennials are integral to the
future of businesses

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Millennials have power in numbers: 2015 is the year
they become the majority in the U.S. workforce

Generations in the workplace

45%
2015 21%
31%

36%
Millennials
2010 22%
Generation X
38%
Baby Boomers

25%
2005 23%
45%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Source: Bureau of Labour Statistics Employment Projections

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 Millennials expect to have power in rank: two-
thirds see themselves in management in 10 years
Q: Where do you see yourself in ten years’ time?

Senior/Middle management 46%

Business owner 15% 69%

Managerial
C-Level titles
(e.g. CEO, CFO, CTO etc.)
7% roles
Individual contributor
15%
(not managing others)

Freelancing / self-employed 12%

Other 5%

0% 10% 20% 30% 40% 50%

28% of millennials are currently managers*

Millennials Survey, n = 1,039

*Millennials Survey - Composite - Q: Which of the following best

describes your current employment; Q: Which option describes
your current job level?
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 Hiring managers say millennials bring unique
skills, especially as the 1st “native technologist”
generation

“Millennials possess certain skills

the previous generation doesn’t
68% of hiring managers
tend to have”
agree
Hiring Managers Survey – Q: To what extent to do you agree or disagree with each
of the following statements about how millennial graduates (aged 21-32) compare to
the previous generation (aged 33+)?: ‘Millennials possess certain skills the previous
generation doesn’t tend to have’, n = 200

“Millennials are more

technologically adept”
82% of hiring managers agree
Hiring Managers Survey – Q: To what extent to do you agree or disagree with each
of the following statements about how millennial graduates (aged 21-32) compare to
the previous generation (aged 33+)?: ‘Millennials are more technologically adept’, n
= 200

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 Millennials are seen as having skills that can
help drive innovation

“Millennials can learn new

74% of millennials agree*
things more quickly”
60% of hiring managers agree**
*Millennials Survey - Q: To what extent do you agree or disagree with each of the following statements
about how young graduates like you (aged 21-32) compare to the previous generation (aged 33+)?: ‘We
can learn new things more quickly’, N = 1,039

** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials can learn new
things more quickly’, n = 200

“Millennials are more likely to

71% of millennials agree*
come up with fresh ideas”
57% of hiring managers agree**
*Millennials Survey – Q (see above) - Statement ‘We are more likely to
come up with fresh ideas for the company’, n = 1,039

** Hiring Managers Survey – Q (see slide 10) - Statement ‘Millennials are more likely to
come up with fresh ideas for the company’, n = 200

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 Workplaces in search of be!er gender
equality should benefit from millennials

“Millennials have a more equal

attitude towards genders in the 66% of hiring managers agree
workplace”
Hiring Managers Survey – Q (see slide 10) – Statement: ‘Millennials have a more
equal attitude towards the genders in the workplace’, n = 200

However:

21% of millennial women feel that work has been worse than
expected (versus only 12% of millennial men)

Millennials Survey – Q: Overall how has work lived up to expectations?, asked of business owners, employees,
freelancers and interns, n = 818

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 Managers say that finding and retaining
millennial staff is difficult
Q: How difficult is it to find and retain reliable staff in
this age bracket (21-32)?

Very difficult 9%

53%
Fairly difficult 44% Difficult

Neither difficult nor easy 33%

Fairly easy 11%

15%
Very easy 4%
Easy

0% 10% 20% 30% 40% 50%

Hiring Managers Survey, n = 200

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 Work in the
“millennial majority” world:

Tech innovation, rapid responses and hard skills

reign

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 Hiring managers today focus on hard skills
Q: Generally, when hiring full time employees, does your organization
tend to focus more on their skills or their attitude / personality traits?

Focused more on SKILLS 55%

Neutral 24%

Focused more on
21%
ATTITUDE / PERSONALITY

0% 20% 40% 60%

Hiring Managers Survey, n = 200

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 Hiring managers expect to only increase this
focus on skills
Q: How do you feel this focus will change over the next
10 years?

Become more
45%
SKILLS focused

No change 45%

Become more ATTITUDE /

11%
PERSONALITY focused

0% 10% 20% 30% 40% 50%

Hiring Managers Survey, n = 200

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There were 4.8 million job openings in August,
a record high in years, yet a gap persists

Change in job openings vs. hires since June 2009

Seasonally adjusted

100%

75%

50%

25%

0
2010 2011 2012 2013 2014

Source: Bureau of Labor Statistics

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Traditional hiring isn’t working for either side

39% of millennials* have had 53% of hiring managers**

difficulty finding a traditional job have had difficulty recruiting
millennials…

How difficult is it to find and retain reliable

millennial staff?

Difficult 53%

Neither 33%

Easy 15%

0% 10% 20% 30% 40% 50% 60%

*Millennials Survey - Q: Have you ever had a difficult time finding a traditional job?, n = 1,039
** Hiring Managers Survey – Q: How difficult is it to find and retain reliable staff in this age bracket (21-32)?, n = 200

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 Many millennials report hot STEM skills
Emerging skills possessed by millennials*

3D Printing 34%

Cloud Computing 29%

Wearable Technology 24%

Driverless Cars 22%

Internet of Things 20%

Genetic Modification 20%

Nanotechnology 18%

Data Visualization 15%

Aerial Imaging / Mapping 15%

0% 5% 10% 15% 20% 25% 30% 35% 40%

*Millennials Survey - Q: Which of any of these emerging skills are

you familiar with (not a complete list), n = 1,039

54% of hiring managers report a technological skills shortage.

IT is the highest-ranked skill in terms of shortages.**
*Technological Skills defined as - IT/Web Security; IT Tech Support; Digital Marketing; Software development; **Hiring Managers Survey - Q: Which skills do you
Web design; Mobile App Development; Graphic Design/Photography/3D; Database/Server Administration; feel your company suffers from a shortage of? n =
Creative Vision Skills; Media Production Skills; Data Science/Analysis 200

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 Companies are turning to freelancers to find
specific skills and tackle rapid change

Q: What do you perceive to be the main benefits of using

freelancers over hiring additional permanent employees?

41% % of companies
using freelancers

of hiring managers Can often start working immediately 45%

plan to increase their
Ability to scale workload up and down quickly as needs change 35%
hiring of freelancers in
the next five years Access to specific / niche skills 34%
(only 5% expect a
Lower cost of required infrastructure (office space, IT etc.) 30%
decrease)
Hiring Managers Survey – Q : In the next 5 years A more flexible team in general 29%
how do you anticipate your hiring activity will change
with respect to freelancers, n = 200
Hiring Managers Survey, all users of freelancing, n = 132

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 In this new workforce, millennials
need something different than
traditional employers provide

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 How do hiring managers see millennials vs the
prior generation? More adaptable and creative

Qualities each generation is seen as more likely to possess

(according to hiring managers)

Narcissistic 20%
80%

Open to change 28%

72%

Creative 34%
66%

Money driven 35%

65%
40% Gen X
Adaptable 60%

Entrepreneurial attitude 45% Millennials

55%

Optimistic 50%
50%

Confident 54%
46%

Team player 73%

27%

0% 20% 40% 60% 80% 100%

Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous
generation (aged 33-55) are more likely to possess each, n = 200

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 Hiring managers agree with millennials that they
are creative, open to change and narcissistic
Qualities seen as more prevalent in millennials
(% thinking millennials are more likely to possess)

Open to change 72%

90%

Creative 66%
87%

Adaptable 60%
86%

Narcissistic 80%
75%

Money driven 65% Hiring managers' views

73%
Millennials' views
Optimistic 50%
70%

Entrepreneurial 55%
69%

Confident 46%
68%

Team player 27%

52%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Millennials Survey - Q: Please look at this list of personality attributes. Do you think young graduates like you (21-32) or the
previous generation (aged 33+) are more likely to possess each, n = 1,039

Hiring Managers Survey - Q: Please look at this list of personality attributes. Do you think Millennials (21-32)or the previous
generation (aged 33-55) are more likely to possess each, n = 200
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 To keep millennials, businesses should place
greater focus on people, exciting work & mentors

Areas where managers’ views of millennial priorities at work are different

than millennials’ actual priorities

75%
Earnings potential
44%

The people / team 12%

they’ll work with 39% Hiring managers' views of
Millennials' priorities

Millennials' actual priorities

24%
Work is exciting
30%

16%
A good mentor / manager
25%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Millennials Survey - Q: What do you prioritize when choosing a place of work? Select 5 options, n = 1,039
Hiring Managers Survey – Q: What do you think are the top 5 things young graduates prioritize when choosing a place to work?, n = 200

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 Millennials will instigate change

58% of millennials*: Expect to stay in their job fewer than

three years

Corporate loyalty is outdated – pros are

52% of millennials**: successful if they craft their own path

2.4 jobs***: Average number of jobs 29-32 year old

workers have had

* Millennials Survey – Q: Approximately how much longer do you think you’ll stay with your current main employer?, Asked of employees, n = 759

** Millennials Survey– Q: Which of these statements do you agree with most? ‘Corporate loyalty is an out-dated concept. Professionals are most successful today if they focus on
crafting their own career path’; or ‘Corporate loyalty is important. Professionals are most successful today if they focus on their career advancement within the same company as
long as possible’, N = 1,039

*** Millennials Survey – Q: How many full-time jobs have you had (including a current one) since you graduated?, Asked of those who have had any full-time jobs, mean average, n
= 925

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 Freelancing is a!ractive to millennials

69% of millennials who have Would choose to freelance if they

never freelanced: could “find enough projects to earn
the salary they are worth”

*Millennials Survey - Q: If you knew you could find enough freelance projects
to earn the salary you’re worth, would you choose to freelance?, Asked of
those who have never freelanced, n = 648

79% of millennials**: Would consider “quitting their

regular job and working for
themselves” in the future
** Millennials Survey – Q: Do you think at some point in the future, you like to
quit your "regular job" and work only for yourself?, Asked of employees, n =
759

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 Millennials like the flexibility & control of
independent work
Q: Attractive characteristics of freelance work

Flexible working times 66%

Flexible working place 56%

The ability to choose what I work on / interesting work 53%

Control of my own destiny (Being own boss) 44%

No office politics 43%

Control over work load 43%

0% 20% 40% 60% 80%

Millennials Survey - Q: What do you believe are the most attractive

characteristics of freelance work?, n = 1,039

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 Technology is requiring more of millennials
and impacting the way they work
“I can access info whenever and
wherever I need it” 92% of millennials agree*
“I am expected to be
contactable at all times” 73% of millennials agree*
“I am expected to keep up to date with
emerging technology”
66% of millennials agree*
*Millennials Survey – Q: How does technology impact your work life? To what extent do
you agree or disagree with each of the following statements…, asked of business
owners, employees, freelancers and interns, n = 818

Hiring managers are starting to think that…

“Millennials are not used to a standard
working environment” 38% of hiring managers**
**Hiring Managers Survey – Q : Do you have any specific concerns or worries
associated with hiring millennials (aged 21 - 32)?, n = 200

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 Millennials believe it is easier to start a
business than ever before
Q: Do you think technology is making it easier or harder for
individuals to be their own boss?

82%
Much easier 37%

Easier
A little easier 46%

No difference 10%

A little harder 6%

Much harder 1%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Millennials Survey, n = 1,039

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 Appendix

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 This study commissioned by:

Elance-oDesk is the world’s largest online workplace. More than 3.7 million
businesses and 9.3 million freelancers tap into www.Elance.com and
www.oDesk.com to work together via the Internet. As our increasingly
connected and independent workforce goes online, talent—like software,
shopping and communications before it—is shifting to the cloud. This shift is
freeing professionals from set-time-and-place work, while also making it faster
and easier for businesses to hire. Elance-oDesk is headquartered in Mountain
View, California, with offices in San Francisco, California, and Oslo, Norway.

For more details, go to: www.elance-odesk.com/millennial-majority-workforce

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