How to work with Millennials
Millennials, or Generation Y, the most represented demographic cohort in the job market today. By 2020, Millennials are forecast to comprise half of the American workforce, and by 2025, they will represent 75% of the global working population.
Aged between 23 and 38, Millennials live fast, driven by the habits of “zapping” and next-day delivery. This generation is the most educated and culturally diverse generation ever. They evolved in an ultra-connected world therefore, they are comfortable and keen on using new technologies.
They are not afraid of change as they grew up with it. A Gallup report on Millennials reveals that 21% of them changed jobs within the past year. According to the same report, Millennials show less willingness to stay in their current jobs and only 50% of Millennials strongly plan to be working at their company in one year. Companies of today need to therefore carefully consider what Millennials are looking for in their jobs.
They need flexibility
The age of mobility is on us. Impossible to deny it. Wherever you are, at the airport, on the tube, at the doctor’s, you can spot someone working on his laptop, tablet or phone. Millennials demand to work from anywhere and will not be chained to a desk from 9 to 5. They are asking for a better work/life balance and after all, many can enjoy this workstyle too.
This would not be going against companies’ productivity. According to a survey conducted by Julian Thompson and Prof. Edward Truch for Vodaphone, 83% of 8,000 employers noticed that implementing flexible working improved the company’s productivity. 61% of them also stated that it increased their profits.
They need to communicate and to be given feedback
According to a survey conducted by 15Five in 2015, where over 1,000 full-time employees across the US were interrogated, 81% of them stated that they would rather join a company that values “open communication” than one that offers great perks such as top health plans, free food, and gym memberships. This study also outlines that only 15% of employees are “very satisfied” with the quality of communication within their companies.
Generation Y is evolving with an unprecedented flow of information, extreme connectivity and immediacy. They need to meet such standards in their workspace. Companies that stifle communication suffer from high turnover, unhappy employees, low productivity, and lost revenues. However, real care must be paid to finding the right frequency of information and feedback given.
They need to be inspired by their job
Millennials need to know how they individually fit within a larger purpose. In 2015, a survey conducted by the Center for Generational Kinetics found that 60% of Millennials chose their career path according to what they believed was their life purpose. Millennials need a goal, a vision. They want to know their purpose and how that purpose is impacting their environment. Millennials will not settle for just any job. They need to feel that they are doing something important and meaningful.
In his book “Inspired People Produce Results”, Jeremy Kingsley, tells us that Millennials are more likely to look for meaning and impact in their work. They need to get the big picture, to have a purpose in their work as they do in their lives. As for any other generation, being valued at work is a productivity and motivation booster. According to a survey by The Gallup Organization, actively disengaged employees cost the U.S. $450 billion to $550 billion in lost productivity per year. Disengagement will not only cost companies their profits, but it will also generate more employee turnover.
They want to give to others
According to a study by the Pew Research Center in 2010, Millennials place a higher priority on helping people in need (21%) than having a high-paying career (15%). This trend can be seen in Millennials donation habits. Fidelity Charitable’s survey of 3,000 adults shows that on average, Millennials donate $13,654 a year to charity. This is more than twice what Gen X and Baby Boomers tend to donate.
As a company, taking part in charities and engaging with the community is the perfect way to create and improve its corporate social responsibility. This commitment is particularly looked at by Millennials on the job hunt. It does not only help a company attract talent, but it also creates a competitive advantage, raises brand awareness and help businesses develop trust with shareholders, customers and employees.
They are eager to learn and to progress
Millennials are eager to learn and to progress in a company. Training and development schemes are a key element to take into account when attracting and retaining Millennials. According to Robert Walters’ survey, 91% of Millennials want rapid career progression. They are hungry for knowledge and they want to evolve. To attract Millennials, companies must develop strategies and policies to facilitate career progression. Promoting those values within your workforce can revitalise ageing corporate processes.
Trained employees show better productivity as well as better overall performance. They will need less supervision and will tend to stay longer in the company. This is a long term strategy to adopt to build the company’s future. Investing in employees’ development will create future leaders within the workforce. The business will be able to grow from within and to promote innovation.
Overall, the arrival of Millennials in the workforce is a challenge as much as an opportunity. We are witnessing a generation of driven individuals who challenge the way we used to work. Their appetite for technologies can be used to modernise the workspace and allow companies to innovate in their processes.
But most importantly, it seems to be the values that Millennials are carrying with them that are changing the workplace. Adapting company policies to these values would seem to not only help companies retain employees, but it also enables them with new tools to engage with the ever-changing world we live in.
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