As the millennials gradually increase in numbers within the modern workplace, they are having a massive transformational impact therein. The common definition of a millennial are individuals who were born after 1982 and before 2004 (Steinhilber, 2017). The millennials have a complex set of pay expectations as well as expectations about the workplace that they consider to be more important than just pay. Because of these expectations, the millennials are having a transformative impact on the modern workplace as human resource executives prepare for a time when this age-group will dominate the workplace (Koch et al., 2015). For a start, even a good pay will not cause millennials to work for organizations they do not believe in hence, forcing organizations to modify their ethics and modes of operation. Secondly, millennials want a pay-package that enables them not to sacrifice the good life for them and their children just to work. To meet this need, employers have to include issues such as healthcare, paid holidays, and children’s education into the pay package. Finally, millennials want a remuneration package that provides room for growth and future independence. Employers have thus had to adjust their remuneration to include more than just money but secondary features such as training and pension (Linden, 2015). Due to the pay expectations and attitudes that the millennials have towards their remuneration packages, the modern workplace is gradually changing for the better.
The Good Pay from Good Payer Expectation
The millennials believe that a good pay is the kind of pay that comes from doing a good thing and having a positive impact in the world thus, forcing potential employers to be ethical decision-makers generally. The millennials are the first generation to have come off-age during the information age and are among the premier users of modern social networks. It is this group that is able to coordinate on a global scale privately even as they find themselves working in global corporations or organizations with a global supply chain system. The millennials, therefore, have a higher understanding of issues such as environmental conservation, human rights, and fairness (Koch et al., 2015; Catano & Morrow, 2016). Based on the above, millennials may either decline work from companies who have not been working ethically on a global scale or demand punitively higher pay from them. For example, millennials in the USA might be hostile towards an employer who is running a sweatshop in Vietnam or mishandling farmers in Africa or paying bribes in South America. The expectation that a good pay can only come from a good payer is transforming the workplace in that it is compelling employers to employ ethics in all their decision-making regimens both locally and internationally. Just as the traditional worker sought to present a pristine image to the employer, so does the modern employer seek to present a pristine image to the millennial employee (Catano & Morrow, 2016).
Delegate your assignment to our experts and they will do the rest.
The expectation of Pay Packages that Present Good Value in Life
The pay expectations for the millennials rise above the money effect to include enabling the millennial to live a good life while still working, a fact that is also transforming the workplace. According to Bresman (2017): “ Millennials strive for work-life balance, but this tends to mean work-me balance, not work-family balance ”. Where work inordinately interferes with life, the millennial worker will expect to be compensated. Generally, work will definitively interfere with life. Employers have thus found themselves either having to pay an exponentially high amount to the millennials or find a way to make work not interfere with the quality of life for the millennial worker. For example, millennials will want to either spend quality time with their children or be compensated for it. Many modern employees are developing ways where millennials can now bring their children to work. Other employers are developing ways that workers can still work, without having to come to the office, mainly through the use of information technology (Bresman 2017). As part of the quality of life, the millennials also expect their pay packages to be reflective of the value of the work they have performed. For example, the millennials would prefer a commission to a fixed working rate so that the money paid can be attributed to achievements made in the workplace. This has led to changes in the remuneration mode to reflect the work done (Koch et al., 2015). Based on the totality of the above, the modern employer has had to learn how to value the employer more than they value the employer’s contributions to the office so as to attract the millennial employee. In this regard, the millennial’s pay expectations have made the workplace a better place for all.
The expectation of Room for Stability and Growth
Among the least understood expectations by the millennials is a desire for stability, growth, and a financially secure future as part of their remuneration package. High-end employers would traditionally offer high remuneration packages on contracts designed in a manner that the job can easily be lost if production is not up to par. Based on available research, however, the millennials believe that a good paycheck today is only good if there is hope for a better paycheck tomorrow. The millennials are willing to forfeit a better paying job for a secure job and a job that guarantees a better future (Linden, 2015). Due to these expectations, the workplace has changed exponentially. Today, companies are priding themselves in being like family units where fresh graduates can join and work through to their retirement. Employers are introducing programs such as sponsored academic progress for employees to show the employees that they care about their future. In-house promotion is now being favored over the external hiring of top management so as to create hope that they can have a better future within the organization. Further, disciplinary proceedings that include termination of employment are reduced to a minimum and also undertaken with a lot of open fairness. The employers are keen to reflect to the employees that they offer job security as this is a key millennial expectation (Linden, 2015). Because of these expectations and the changes it has elicited, the modern workplace continues to be better because millennials are in it.
Conclusion
Among the most definitive findings within the research undertaken in the instant term paper is that the bad reputation given to the millennial employees and their impact on the modern workplace is misplaced. The millennials’ expectation in the workplace in general and specifically with regard to pay is exponentially different from that of other age groups. However, it cannot be said to be different in a bad way. According to many commentators, the expectations of the millennia are in most cases positive and have positively affected the workplace (Steinhilber, 2017). For a start, tying pay to the ethical and moral stand of the company has helped transform the corporate sector through increasing emphasis on ethics, morality, and doing the right thing. At the same time, older generations had been focusing so much on work that living life would be forgotten. The millennials are enabling a transformation of the workplace where employees can balance between working and living their lives. Finally, the insistence on stability and growth results in a scenario where the employer cares about the employee and vice versa. In the coming years, the millennials will not only form a majority of the workforce but will also form a majority of management. The fact that their ideas about pay and human resource management create a hope that the working environment will keep on improving, the world in general will become a better place for workers.
References
Bresman, H. (2017, December 06). What millennials want from work, charted across the world. Retrieved from https://hbr.org/2015/02/what-millennials-want-from-work-charted-across-the-world
Catano, V. M., & Morrow Hines, H. (2016). The influence of corporate social responsibility, psychologically healthy workplaces, and individual values in attracting millennial job applicants. Canadian Journal of Behavioural Science/Revue canadienne des Sciences du Comportement , 48 (2), 142-154
Koch, A., Speer, A., Penney, C., Van Balkom, D., Munding, E., Bishop, H., & Marsh, K. (2015). Beyond boomer benefits: Examining how millennial identity influences career benefit expectations. http://seanlyons.ca/wp-content/uploads/2016/07/Koch-et-al-2015.pdf
Linden, S. (2015). Job expectations of employees in the millennial generation (Doctoral dissertation, Walden University)
Steinhilber, B. (2017). Give millennials some credit; they're changing the workplace for the better. Retrieved from https://www.nbcnews.com/better/business/7-ways-millennials-are-changing-workplace-better-ncna761021
