FMI Corp, a leading provider of investment banking and management consulting services for the engineering and construction industry, announced the release of its report, “Millennials in Construction- Learning to Engage a New Workforce.” Findings are based on a combination of survey responses and interviews from almost 400 individuals who work in the construction industry nationwide; half of those participants represent millennials (individuals born between 1980 and 2000).
“While the stigma exists that millennials are entitled, disloyal and lazy, it appears that this is not true,” explained Sabine Hoover, content director at FMI. According to FMI’s findings, millennials in the construction industry are indeed very dedicated and loyal to their companies and share similar values as baby boomers and Gen Xers when it comes down to career aspirations, attitudes and goals. Some of the report’s key highlights include:
- An inspiring and well-communicated vision is critical to engaging millennials long term.
- 74 percent of survey respondents expect to remain more than five years with their company.
- 96 percent of survey respondents are willing to work beyond what is required of them to help the business succeed.
- 98 percent of survey respondents stated that it was important for them to understand their career path and opportunities within their company.
- Survey respondents listed competitive pay, work-life balance, and personal development as their top choices for staying engaged.
According to the authors, not unlike other generations that enter the workplace, millennials have new perspectives to share, new ideas about getting things done, and new ways of tackling problems. They also want to do more than just punch a clock and take home a paycheck.
They are looking to add value, make an impact and find meaning in what they are doing. FMI suggests company leaders leverage these realities by ensuring that younger workers have a clear sense of purpose and an understanding of their roles within the larger plan.
The report also provides some practical insights on how to get started with developing a comprehensive talent strategy and a culture of engagement, including specific implications for the young workforce.
Paul Trombitas, research analyst with FMI and contributing author, adds, “Millennials are willing to work hard and put forth the effort when their company provides interesting and challenging work assignments that provide opportunity for career advancement.”