Retaining a Millennial workforce
Millennials are often considered to be the trickiest generation; we hear ‘entitled’, ‘instant gratification’, impatient’ associated with this generation frequently, but it’s also the generation that links the pre-internet and post-internet generations of GenX and iGen, giving them a unique outlook on the world. As a workforce, they’re highly confident, ambitious and dedicated to following their passions. Learning how to harness this power can mean great things for a business, yet there are important considerations to make if you want to attract and retain this generation of workers.
Millennials are pining for meaning
These days, a good pay check is no longer enough - whereas older generations are usually more concerned with financial reward and job security, millennials are interested in a job that gives them purpose and meaning. According to Adrian Ridner [1], CEO and Cofounder of Study.com, “One significant driver of retention with this group is company purpose. Millennials want to feel good about their work and make an impact on society at large. They’re more likely to stay at a company if they feel personally connected to the work and the mission.”
Millennials want to build their confidence and skills
Employers can greatly benefit from adopting a mentor/mentee relationship with employees, doing away with the boss/employee dynamic. Millennials, by in large, feel confident that they can find a new job if they want one, and this is no less true on an island with almost nil unemployment. “Managing employees requires more than just delegating tasks and keeping tabs on assignments,” says Sammi Caramela [2] or business.com “As a leader, it's your job to push your team to learn and gain confidence. You can do so by providing training, continued education, on-demand learning, job rotation opportunities or mentoring.”
Millennials need feedback
Office banter and the occasional chit-chat should be tolerated, if not encouraged – it’s this bonding that’ll stimulate millennials to place their passion into their work – inclusion, acceptance, regular feedback is all high on the list of priorities. “A 2010 University of Michigan study found that both male and female Millennials valued self-esteem more than sex, food, or alcohol.” That’s according to Volaris [3] who also say, “This valuation of self-esteem surfaces in the workplace as a need for regular and meaningful feedback.”
Millennials value a work-life balance
“One of the things this young generation desires most is work-life balance,” that’s according to Brian Scudamore from Forbes [4], who has, himself, implemented a ‘work hard play hard’ attitude to work. “This generation prioritises work-life balance over and above career progression”, meaning that overtime isn’t highly favoured – providing a flexible work schedule can greatly help foster their enthusiasm and loyalty.
Environment is everything
This generation cares about passion and using their work environment to harness this passion. An employer who provides an engaging and stimulating atmosphere with plenty of peer-to-peer interactions is key to retaining their millennials. For this generation, job satisfaction is the no.1 priority. A silent office is likely to send this generation running to the hills! “The workplace should be a positive environment where employees feel a sense of camaraderie,” writes Ashira Prossack for Forbes [5]. “That’s what keeps Millennials happy and continuing to work at your company.”
Employers should make their office space inviting and provide plenty of opportunities for employees to interact with fellow colleagues. Workplace culture is a relatively new concept which goes a long way to helping employers create a millennial-friendly environment. Read our Top ten tips for a positive workplace culture [6].
Why employers need to take note
According to data gathered by Gallup [7], millennials are highly likely to switch jobs – their study found that 60% of millennials say they’re open to a different job opportunity. If employers want to retain this workforce, it’s important for them to create a culture that inspires this generation to stay enthusiastic, feel included and build on their confidence and skills.
Before you go…
If you’re looking for a talented member of staff to join your workforce, or need any further advice, please call us on 01624 678144, or visit our website www.searchandselect.com.
[https://hrdailyadvisor.blr.com/2018/03/13/3-ways-prepare-millennials-leadership-positions/]
[https://www.business.com/articles/how-are-companies-changing-their-culture-to-attract-and-retain-millennials/]
[https://www.volarisgroup.com/blog/article/5-things-you-need-to-know-about-hiring-millennials]
[https://www.forbes.com/sites/brianscudamore/2016/05/11/my-number-one-tip-for-hiring-millennials/]
[https://www.forbes.com/sites/ashiraprossack1/2018/07/29/how-to-make-your-workplace-millennial-friendly/#13ef2c4a409d].
[https://www.searchandselect.com/news-details.asp?Ref_Id=35]
[https://www.gallup.com/workplace/236474/millennials-job-hopping-generation.aspx]
