Working 9 to 5 was once the staple industry standard of the workforce, but not as much so now. More people are turning to freelancing and self employment in a bid for more meaningful and purposeful work. Millennials, in particular are forcing companies to rethink their strategies for pay, flexibility and ecconomic security for workers. 60% of millennials are leaving their work within 3 years according to Forbes.
So why millennials are ending the 9 to 5? The 9 to 5 doesn’t necessarily offer a ‘job for life’ like it used to purport. Nor does it offer any real purpose in many cases. So why would millennials give up everything for a career when they can have more freedom and flexibility and build a more secure future for themselves elsewhere?
Why Millennials Are Ending The 9 to 5
A survey conducted by Millennial Branding And Beyond.com found in 2013 that “87% of companies reported it costs between $15,000 and $25,000 to replace each millennial employee they lose.”
Projections show that by 2025, millennials will account for 75% of the global workplace. So if millennials are turning their backs on traditional working hours and jobs, where will they be heading? Probably to more meaingful careers which pay them more and give them a more secure future.
A Millennial Branding report shows that 45% of millennials will choose workplace flexibility over pay. This is interesting. Perhaps it’s because they have other self employed work or multiple incomes.
Multiple Income Streams Offers Greater Security
Does the stable 9 to 5 job really offer the stability it once claimed to? Or are we much better off working several part time jobs which cover the possible eventuality of getting fired or replaced? Plus is juggling careers more interesting and empowering? If you have several jobs you are much less reliant on a single salary. This can mean you don’t have to suffer with a difficult boss, long working hours or even a long commute. If one career gets boring or difficult, you’ve got three other streams of income to compensate. You’re much more in control.
A report conducted by netimpact.org in 2014 said this about millennials:
“Millennials, defined as those between 21 and 32 in this study, are much more like Boomers than Xers. They grew up as an affirmed generation, with a re-focus on the family, and are generally thought of as having high self-esteem and self-confidence. … are racially and ethnically diverse and tolerant of a variety of lifestyles. ….. are occasionally called Generation Y, or Millennials, because one of their defining characteristics is having come of age along with the Internet. Information has always been virtually costless and universally available to them; technology cheap and easily mastered; community as much a digital place of common interest as a shared physical space. They may also be self-centered as a generation, defined a bit by the technology of iPods & iPhones, My Space and YouTube.”
It also said that 72% of students described a “job where i can make an impact” as an important part of their future happiness.
Millennials Working Habits
Perhaps millennials have become accustomed to job scarcity having entered the job market during a recession. If they value flexible working – there are many online businesses which allow a flexible working pattern and can be operate from anywhere. Traditional working methods don’t support such flexible working. If millennials have grown up with YouTube and Ipads, perhaps they see the future as something other than working in the 9 to 5 model.