Millennials were born between 1980 to 2000. According to Goldman Sachs, they represent 92 million only in the USA history. They have grown up in a time of rapid change, given them a set of priorities different from previous generations.
They are natural digital, hyper-connected to the Internet and with high social values and ethics. They are constant users of the online bank apps and buy products online, and they are entrepreneurs; they pursue a wellness style life.
What do Millennials want from an organisation?
Millennials represent the future, and they are the pond from which organisations need to decide on the clever young minds with the newest, in-demand skills. Recent research shows that by 2020, 86% will be in the workplace. It is worth trying to understand what the talented people of tomorrow is after.
· Treasures meaningful incentive.
· They defy the hierarchy status-quo.
· They place significance on relationships with bosses.
· Intuitive knowledge of technology.
· Open and adaptive to change.
· They place more importance on tasks rather than time.
· Passion for learning.
· They demand high critical sense, transparency, collaboration, commitment.
A company with a well-defined mission - According to well-known consultants, Millennials see business as a source of tremendous and constructive social impact, a definite mission and vision statements. Millennial job aspirants want to join an organisation that sees a social protagonist for itself. Appreciate your brand values and benefit from them to attract great candidates.
An innovative and collaborative culture - Millennials become very keen when it comes to organisational culture. According to a study, Millennials are willing to switch over and take a pay cut to move to a workplace with better company culture. Millennials seek a company culture that values innovation, invests in professional development and employee experience.
A Management team committed to employee success - Millennials are not looking for the experience where a new employee is left to fight himself with unclear instructions on their first day of work. Instead, this generation assesses a company based on its strength in concealing new hiring for success.
Employees expect employers to offer the following:
· Millennials expect adequate training.
· They want to set up goals and opportunities.
· They want from their employers all the information they need to get the job done.
· They expect reasonable goals and deadlines.
· They want leaders who are investing in their success.
· They look for a flexible work schedule and remote work opportunities.
· They want better connections when working in the office or at home.
· Currently, talent looks for jobs that offer flexible work schedules.
· By providing days out of the week where employees can work from home.
· Millennials expect a certain level of support.
· Remote teams diminish employee turnover, boost employee efficiency, and enhance confidence.
· The job attributes they were attached to change, and they start valuing different ones.
· They make up one-third of the workforce.
· Most Millennials begin parenthood.
· Now, they are entering totally into adulthood.
· Still, over half of participants hold the job they have today as it provides meaningful work, which this generation initially coined as prioritising.
It is a fact that Millennials needs are surpassing their original plans. Therefore, it is a perfect moment to reimagine what Millennials want from their jobs in their present journey. They have been putting off significant milestones like marriage and parenthood, postponing it to their 30’s. Their reluctance to buy a house will change to be an essential surge in home sales.
Millennials nowadays see higher pay as a priority. It should be because they were underpaid for years, accumulating debts. The reality is that 4 out of ten Millennials find it challenging to meet their daily expenses.
On the other hand, employers must realise that their fiasco to balance employees’ earnings to meet their basic living expenses becomes a risk, adding costs to their bottom line, possible losing talent. If you cannot adjust salaries, assess the retirement option and healthcare plans, contributing to a more competitive compensation package. Pay any employee a rate accordingly to the level of responsibilities, and consider if paying an extra amount could go further in the long run.
Work-life balance is becoming more valuable - Given the actual Millennials age, they are ready to form a family; so, they need to fine-tune their working agendas to life priorities that privilege their family’s needs. Besides having children, their parents might have reached that age where they may need extra logistical support, even financial ones, to keep healthy.
Bosses need to find how to keep employees’ careers moving forwards whilst respecting new family needs. As we can see, employers must balance work responsibilities to Millennials family values.
Stop being so buzzy! They want genuine respect - This generation is facing a decline of low job choices. There are feelings of disrespect, definitely damaging their bond to their organisation; Organisations must emphasise flexible work hours and remote positions and become more progressive in structuring a typical workday. Establish a rapport centred on mutual respect, understandings, and minor disagreements upon expectations.
Summing up: focus on training your leadership team and managers. The percentage of managers not receiving management training went up to 50% when they took on a management position, meaning many people are leading Millennials not qualified enough to facilitate and boost their career. Give Millennials someone valued to work for, and it will be a win-win experience.
What do you think could work better for your staff and your company?
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