Nearly 60 percent of U.S. chief financial officers say their firms are not adapting to attract millennial workers – those
under age 35. While millennials offer technological and creative advantages, they tend to be less loyal to the company and require more management oversight, some CFOs say.
CFOs in the U.S. also expect employment to increase by almost 3 percent and wages to increase by more than 3 percent.
These are just some of the findings of the latest Duke University/CFO Magazine Global Business Outlook Survey, which also explores diversity on boards of directors and the global economic outlook. The survey, which ended Dec. 5, has been conducted for 75 consecutive quarters and spans the globe, making it the world’s longest-running and most comprehensive research on senior finance executives. Presented results are for U.S. firms unless otherwise noted.
PROS AND CONS OF MILLENNIAL EMPLOYEES
More than 70 percent of CFOs say an advantage of hiring millennials is the technology savviness they bring to the job. Twenty-one percent of CFOs say millennials are more creative and innovative than other workers. More pragmatically, nearly half of surveyed CFOs acknowledge that millennials are less expensive to employ.
At the same time, they say, millennials offer unique employment challenges. About 53 percent of CFOs say millennials are less loyal to the company, 46 percent say the group exhibits an attitude of entitlement and 31 percent believe millennials require more intense management. Twenty-seven percent of firms say young workers are more interested in their own personal development than they are in the company.
“One surprising finding is how few U.S. companies have instituted workplace changes to accommodate millennials,” said John Graham, a finance professor at Duke’s Fuqua School of Business and director of the survey. “In the United States, only 41 percent of companies have made changes to adapt to younger workers. Other regions of the world have been more accommodating: for example, about 70 percent of Latin American and Asian firms have adapted to hire/retain millennials. One wonders whether U.S. companies are adequately embracing the changes brought about by a younger workforce.”
Chosen excerpts by Job Market Monitor. Read the whole story at Duke/CFO Magazine Global Business Outlook Survey.
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