According to the Duke University/CFO Magazine Global Business Outlook Survey released today, more than 70 percent of CFOs see the advantages of hiring millennials (those workers under the age of 35) because they bring "technology savviness" to the job and "are more creative and innovative than other workers."
However, according to the survey, that doesn't mean CFOs want to hire them.
Around 53 percent of CFOs in the survey said millennials are less loyal to the company and 27 percent of firms said they are more interested in their own personal development than they are in the company. In addition, 46 percent said the group has "an attitude of entitlement" and 31 percent believe millennials require more intense management.
The end result: CFOs seemed reluctant to hire millennials and are avoiding adapting to their needs despite they fact they are a cheaper alternative to more experience workers.
Nearly half of surveyed CFOs acknowledge that millennials are less expensive to employ, but over 60 percent say their firms are not adapting to attract millennial workers. Ironically, CFOs expect financial suite employment and wages to increase over the next year.
“One surprising finding is how few U.S. companies have instituted workplace changes to accommodate millennials,” said John Graham, a finance professor at Duke’s Fuqua School of Business and director of the survey. “In the United States, only 41 percent of companies have made changes to adapt to younger workers. One wonders whether U.S. companies are adequately embracing the changes brought about by a younger workforce.”
And how can CFOs accommodate millennials in the workforce? According to the survey, options include making work hours more flexible (21 percent), allowing work from home (17 percent), increasing training (16 percent), implementing new mentoring programs (13 percent) and altering corporate culture (10 percent).