Millennials – broadly defined as people who entered the world of work after the millennium – are thought to represent the majority of today’s workforce. Yet businesses face considerable challenges recruiting and retaining this generation, which has much to offer.
Whether the stereotypes of Millennials – confident, unconventional, tech-savvy – are true or not, many businesses crave them because of the talent this professional generation offers: creative and innovative, they’re equipped to meet the demands of the changing working world.
So how can businesses lure Millennials to their organisation? And, more importantly, keep them long-term?
Here are five things Millennials want from their employers and how you could give them it.
1. A reason to stay with you
A whopping 91% of Millennials expect to stay in a job for less than three years, according to research by Future Workplace. For the employer, this isn’t a good thing. Where’s the value in training an employee into a valuable business asset, only to see them walk out the door a year or two later?
Give your employees a reason to remain invested in you by:
- Paying a competitive wage that goes up based on performance
- Offering development opportunities like mentoring and courses
- Build a culture of fun, whether it’s table tennis, after-work drinks or a weekend away
2. Flexible working options
The traditional 9-to-5 isn’t really a thing for the Millennials. A study by Millennial Branding found 45% of Millennials choose workplace flexibility over pay. A focus on work-life balance and technology that makes working processes easier have driven greater awareness of the merits flexible working provides.
Be a flexible organisation by:
- Letting your staff work when and where they want
- Offering childcare to those with children
- Offering job-sharing – where two people do one job and split the hours
3. Help working for longer
The Generation Debt interactive from finance experts Wizzcash shows the average life expectancy for Millennials is 80 years of age. It’s likely the Millennial generation will be living – and working – for longer.
Prepare for an ageing workforce by:
- Setting up a pension scheme
- Creating an age-neutral environment
- Being more flexible
4. A career pathway
Guidance from PwC suggests Millennials need help to grow within an organisation. “Managers need to really understand the personal and professional goals of Millennials,” it recommends.
Offer Millennials clear career development by:
- Plotting out their development within the company over a five-year period
- Hold regular review sessions
- Set up a mentoring scheme
5. A fun place to work
Research gathered by Assess-Ability shows 88% of Millennials want a “fun and social” workforce. It looks as though Millennials see their colleagues as being more akin to friends or a ‘second family’. Fun at work could have an impact on retention and productivity.
Implement a social culture of fun by:
- Holding a monthly quiz night
- Doing regular activity sessions like rock climbing that are ‘fun’ but also about teamwork
- Let people know you’re a fun company - be it fancy-dress for charity or a company video that shows off your company culture and the creativity of the team
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