A lot has changed in the past few decades, and for women, this holds particularly true. Women are entering the workplace at an unprecedented rate, and as a result, are quickly becoming the primary income earners in their home.
This is impacting the way decisions are made and the power millennial women have in the workplace and within the home. In fact, a recent survey from U.S. Trust found that 31% of millennial women are the dominant decision-makers in their families, compared to 11% of Gen X women, and 9% of women from the Baby Boomer generation.
But this isn’t the only generational gender shift researchers are seeing. A study from PwC observed dozens of new changes within this growing segment of the workforce.
Presence in the Workforce
In the next decade, one billion women are expected to enter the workplace—nearly double the number that joined from 1980-2008. Add the fact that women are pursuing advanced degrees at higher rates than their male counterparts, and the potential for change within the workforce is tremendous. As companies begin to see higher rates of female employees, they’ll begin to see a demand for employer traits prioritized by female workers, namely:
- Opportunities for career progression (reported by 53% of respondents)
- Competitive wages and other financial incentives (52%)
- Flexible working arrangements available (35%)
- Good benefits packages including pensions, healthcare, and other benefits (33%)
- Excellent training and development programs (27%)
As companies begin to respond to the need of this highly educated, highly motivated segment of the workforce, the structure of the workplace will continue to change.
The Millennial Mindset
As they begin their careers, millennial women are more confident and career-focused than previous generations. 49% feel that they are able to achieve a senior role in their current company, and 31% have left employers for not providing more opportunities for upward momentum. In fact, this is the most common reason women reported leaving their company.
This increased ambition and focus on developing their careers has allowed women to gain more earning power within their companies. In fact, PwC found that 66% of female millennials earn equal to or more than their partner.
These generational differences are allowing millennial women to not only shape their households, but shape the workplace as well. They have a greater purchasing power, the ability to make more financial decisions within the home, and more potential for career growth within their companies.
Companies are starting to take notice of the highly educated, driven female millennials that are entering the workforce, and are beginning to respond to their needs as a result. This is changing the way we work as a corporate culture, and many times, creating a more diverse, inclusive workplace.