Millennials and the MBA
More for Less
Thanks to technology and the Internet, millennials are used to absorbing lots of information in a short time. That’s why millennials are so attracted to MBA programs and jobs where they can get more for less. Millennials don’t want to go through an MBA program for two years and put their lives on hold. Career progression is a top priority for millennials. According to Opinium Research, 52% of millennials place rapid advancement over competitive salaries.
The same goes for the jobs before and after their MBA. A study by Pew Research Center found that nearly 6 in 10 young workers said that they were not very likely to stay at their current employers for the rest of their working lives. Millennials would rather change jobs often to move forward in their career than slog through year-after-year waiting for a manager or partner to leave.
Social Innovation
Business schools also need to consider fostering an environment of social innovation. Millennials, as a generation, are considered universally more engaged in social activism than any other generation in the history of the US. According to a 2015 Cone Communications Millennial CSR Study, nine out of ten millennials would switch a product or brand and, instead, choose an organization who supported a particular cause. And 70% said they were willing to work for less pay at an organization that best matched their ethical and social beliefs.
MBAs and businesses wanting to attract millennials have to offer opportunities to give back to the world and their communities. Millennials want to make a positive contribution to society, and business schools that offer social entrepreneurship events and competitions, are far more attractive for recruiting.
The millennial generation will soon be the dominant generation in the workforce and business schools. To attract top talent, business schools, and companies need to understand who the millennial is, and what he/she values, or they’ll choose to go elsewhere.
About the Author
Kelly Vo
Kelly Vo is a writer who specializes in covering MBA programs, digital marketing, and personal development.
