The future is here: millennials have taken over the workforce. But unlike their professional predecessors, they have a different set of values, expectations and requirements from their places of employment. Successful businesses of the future will be those that recognize the need for incremental, and in some cases, radical changes to their existing company practices and culture, to meet the needs of this demographic.
It’s been said that millennials change jobs more frequently than any other generation. However, happy employees don’t leave companies, no matter their age. This means that understanding millennials is key to their retention. It is also essential for developing millennials into the future leaders you need them to be for your business.
Unlike previous generations like Baby Boomers and Generation X who typically valued structure, millennials prefer flexibility in the workforce – with office hours, schedules and workplace locations. This is due to a life tethered to technology and the internet, which enable working remotely from the comfort of home, the coffee shop, the beach and so forth. Employees are able to achieve the same professional expectations and deliverables as expected of them in the office, all while improving their work-life balance, which they place high value upon.
The tech-savvy nature of millennials also means that they are more than equipped to improve upon workplace processes set by those before them. They are the ‘work smarter, not harder’ generation. If a company is set in its ways and unwilling to learn from them, the likelihood of retaining this talent pool is low. Listening to, and implementing, plausible changes driven by technology that they put forward not only makes them feel valued, but can also improve operations, all while keeping your business on the cusp of modernity.
Millennials are fuelled by collaboration with their co-workers and don’t necessarily feel in competition with them. They seek environments that allow them to have fun doing what they love, all while being led by superiors who help them grow through trust, constructive criticism and mutual respect.
Investing in their skills and performance development is critical. A study found that 69% of millennial employees believed that the review process at their places of employment were flawed, as they did not receive frequent feedback on their job performance consistently throughout the year. It would be advised for companies to ensure they are regularly providing their young employees with regular training and performance reviews so that their staff feel like they are growing, improving and bringing greater value to a company than they did before.
The rise of social, environmental and civil rights injustices being brought to the forefront of global consciousness means that millennials have grown up with concern over these issues. They want to feel that they are contributing to a better world for everyone. Corporate social responsibility is thus an important initiative to millennials, and they want to work for companies who share this same value.
“To attract the best millennial talent, trends have shown that companies will have to change their policies according to the expectations of the market. Greater autonomy, transparent communication and company culture promise put into real practice will be among the greatest drawcards for tomorrow’s workforce leaders,” said Jody Moore, MSI Recruiting, Partner.
“At MSI Recruiting we understand the needs of our millennial talent and are proud to say that hiring and retention continues to be at a high level amongst our clients who have augmented their workspaces and cultures according to the needs to their staff. Our focus on successfully pairing employees and employers whose professional values and expectations align is why we have remained at the forefront of corporate recruitment.”
The job market is not the same. The time for change is now. Creating a workplace where millennials long to be is the solution to retaining these professional assets. Get in touch with us today to find the best millennial talent who are in sync with you and your business.
