They can’t stand stale and unexciting work; they’re impatient for feedback; they’re quick thinkers with sharp brains; they are creating alternative means of solving problems, they work in packs and use technology; they often help you with your gadgets; they’re the lazy narcissists; they are the Millennials.
Commonly known as Gen-Y and born between 1982 - 2000, they would comprise of half the global workforce by 2020. What separates them to their “Gen-X” and “Baby Boomers” counterparts is that they are also known as the Job Hopping Generation . Hence, it is imperative for an employer to know, how to attract them, stand them and how to keep them standing with the company. According to a survey conducted by Deloitte, Millennials have one foot out the door at all times. So given the choice, they probably would leave their current employers in the next year or two.
In the coming years, an employer has to give equal importance to employee retention and engagement as well, because that’s all this generation is about. Employers need to know figure out what their core values are, because 7 in 10 Millennials seek employers with similar values as theirs and based on this they will be able to attract the best talents by then. Millennials are driven by strong principles and those don’t change as they progress in their career.
Gone are those days when a stable job would have been enough to keep an employee satisfied. An employer has to adhere to the growing trend. It’s more about principles than the money now. See beyond the profit. Create the perfect work environment. Provide growth opportunities and encourage mentorship. What’s most important is that the Millennials need to feel in control of their lives and their careers at all times.
What a Millennial can offer apart from what the previous generation couldn’t is they are least superstitious; they believe in equality and don’t dwell in the past with hindering traditions; they are accelerating the need of a sharing economy; they are well connected ; abundantly confident and ready for change; they carry the most crucial characteristic of a perfect work environment, which is passion.
Now the question arises that – How do you attract a millennial talent to work for your company?
First things first – the moment a millennial hears “9-to-5 working hours”, he is gone. You lose your charm right then and there. What they need is flexible working hours, which is necessary to get the best millennial talent aboard. As long as the work gets done, that should be just fine.
Secondly, Gen-Y is an ever evolving population; they constantly seek growth in themselves and hence they expect the same from their employers. Provide them with the opportunity to develop and tone their skills – which is beneficial for your company and them in the years to come. This also shows that you care for them and that you plan to keep them around for the long term. Hence, if you are an employer, then you need to focus on this if employee retention is a challenge for you.
After you have shown interest in a Millennials development, you need to provide mentorship and maintain regular feedback of the work they are doing. They are eager to know how they have been performing at all times unless they get used to the annual review system – which just turns off the mood. So, set up checkpoints and discuss of the strengths and their weaknesses, how you could improve and what traits they should focus on for better productivity and result.
As mentioned earlier, it’s more than just the money. Millennials need a reason to work and to commit. They can’t go ahead without it for too long. So connect your goals to theirs and give them a purpose to co-exist with you in the same company.
Having just the perfect work environment does half the job to bring aboard the best talent. Companies have adopted this in the past few years and they know it’s working very well for their Employer Branding. Perks are a given. Free food, resting place, entertainment room, team-developing activities and games, etc., - all contribute to attracting and retaining a healthy-talented mind. A trendy work-place always enthuses them; it is something he/she would proudly like to wear in front of the world.
Millennials are leading the evolution at Work and faster adaption is the key to survival.
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