Millennial women (ages 22 to 34) are debunking popular misconceptions about their generation of workers, revealing themselves to be highly ambitious in their careers and keen to capitalize on their earning power, according to new research commissioned by American Express Canada in partnership with Catalyst Canada. Millennial women are more inclined to associate professional success with achieving their financial goals (74%) than their more experienced (ages 35+) female counterparts (61%), according to the survey findings. Millennial women are also more likely to associate professional success with reaching the pinnacle of their career (32%), compared with the generation above them (21%).
Millennial women are more likely to maneuver between workplaces in the early stages of their careers until they find an organization that best supports their career aspirations. Indeed, 78% of millennial women surveyed said they had worked for multiple companies in their careers, however, the evidence suggests success-driven millennial women will settle into a role at one company for substantially longer when they find an organization that fits their needs and goals: more than half of millennial women surveyed (54%) said they plan to stay at their current organization for a long time.
Women are making progressive strides in the workplace as they seek greater equality and strive for career advancement. Compared to 2015, the survey found mentorship is on the rise as millennial women take greater charge of their careers and foster change in the workplace. Millennials are much more likely to have a mentor (46%) compared to employees 35+ (27%), the survey found, and 34 per cent of women reported having a mentor in 2018, compared with only 24 per cent in 2015. In 2018, the number of women who served as a mentor also increased (26%), compared with 20% in 2015.
However, there still remains a gender divide. The research revealed that 81% of men over 35 believe that their organization is doing enough to establish gender equity in the workplace, compared with just 68% of women in the same range. And when it comes to mentorship, 83 per cent of women are mentoring other women.