However, now that working from home is more common, many are for the first time claiming the power to set better boundaries around their work and their personal lives. Honestly, the title is all fluff at the end of the day." My salary is a little higher, fine, but I have to work a lot longer. I don't have any real additional perks that my direct reports don't have. "I think it just naturally happened, and I like being challenged," Young says. Young has spent the last four years in a managerial role but doesn't relish the idea of being anyone's boss. "As it got easier to hire from outside, opportunities to develop internally began to decline."
"Companies are filling a hugely disproportionate share of vacancies from the outside" to stay competitive, Cappelli says. Because business growth has been slow in the last 20 years, it's likely promotions have taken longer, he says.Īt the same time, employers have redirected their attention to recruiting. "What determines promotion rates is mainly company growth rates," Wharton School researcher and management professor Peter Cappelli says. Young describes her experiences, and the ones she's heard from countless peers, in this way: "You'll work really hard and they'll enjoy your efforts, but when it comes time to discuss a promotion, they don't want to promote you unless they see you're being scouted by another company." The responsibilities of managing aren't always equal to the benefits This comes as the number of management roles held by people younger than 45 is about the same as for those above that age, according to the Bureau of Labor Statistics.īut many millennials are now rethinking whether climbing the corporate ladder is really worth it after spending their early careers burning out on limited opportunities. Now, millennials are the largest generation in the workforce, and the oldest among them turn 40 this year. At the very top, CEOs got older, stayed longer and got a lot richer. Senior leaders who weren't pushed out of work delayed their retirement. Then, companies began to eliminate middle management jobs - the ones millennials were working toward - as the job market tanked during the financial crisis.
But the reality is that many millennials went to college at a time when education costs soared and graduated into a financial recession that gave them limited career opportunities to pay off their student loans, let alone save for other financial milestones.
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