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Millennials have key business skills, Elance-oDesk survey finds

October 29, 2014

Millennials are the generation considered best at key skills businesses require to remain agile and innovative, according to the 2015 Millennial Majority Workforce report released today be online staffing firm Elance-oDesk and Millennial Branding, a Gen Y consulting firm.

Sixty-eight percent of hiring managers surveyed said millennials have skills prior generations do not, and 82 percent feel that millennials are technologically adept. In addition, 60 percent of hiring managers agreed millennials are quick learners.

However, 53 percent, of hiring managers reported difficulty finding and retaining millennial talent, compared to only 14 percent who said it was “easy.” The study also found that 58 percent of millennials expect to stay in their jobs fewer than three years. This contrasts with previous generations, with Gen X — born between 1965 and 1981 — leaving a company in five years on average and Baby Boomers —born between 1945 and 1964 — leaving in seven years on average.

The report found 80 percent of hiring managers view millennials as possessing “narcissistic” qualities, while 20 percent thought the same of Gen Xers.

“Hiring managers express the unflattering belief that millennials are more narcissistic than the previous generation. At the same time, they view millennials as more open to change, creative and entrepreneurial, the very qualities that fuel agility and innovation,” said Jaleh Bisharat, SVP of Marketing at Elance-oDesk. “That millennials are different is to be expected — they need to be. They are inventing what it means to be successful in a technology-driven world where workdays are infinite, needs change on a dime and independence and flexibility are at a premium.”

Millennials will be the largest generation in the U.S. workforce as of 2015, according to the Bureau of Labor Statistics.

The survey was conducted in the US and included 1,039 millennials (21 to 22 years old, with a bachelor’s, master’s degree or postgraduate degree) and 200 hiring managers (33-plus years old and responsible for recruitment or HR strategy within their business).