Gen Y: Goodbye Corporate Ladder
When it comes to the millennial generation, the corporate ladder just got a little shorter.
A new survey showed that the millennial generation workers are ditching jobs at large-scale corporations in favor of smaller start-up businesses.
Of the 285,000 Gen Y workers surveyed by Payscale, almost half (47%) revealed that they work in companies with less than 100 employees.
The survey also showed that the millennial worker’s median tenure at a company is only two years, while Baby Boomers stay with a company on an average of seven. What's more, a worker of the Gen Y era is more likely than ever to start a business of their own, according to the report.
“In our parents’ generation, it was not as easy to start a business as it is now, with just a laptop and an Internet connection,” a 28-year-old former Google employee, now an entrepreneur, told Bloomberg.
In response, some large companies are attempting to ease old-school HR policies to attract Gen Y workers. According to the Wall Street Journal, big companies are tweaking their hours, hastening feedback rates, and accelerating promotion opportunities.