All individuals that are born between 1980 and 2000 are classified as the millennials or Generation Y. Generation Y is becoming an integral part of the global corporate sector, challenging contemporary notions of the corporate industry. But what do millennial employees want?
The Need for Millennials
Companies are competing to secure the best talent among the millennial employees pool. Gradually, the Baby Boomers or GenerationX are retiring from the workforce and millennial employees are moving into their place.
Millennial employees will constitute 50% of the entire global workforce by 2020. Progressive organisations that understand the importance of having the right talent are strategically planning for a smooth workforce transition.
Millennials are an aggressive generation that challenge contemporary notions and demand change. Millennial employees are not happy to just accept the conventional approaches that were followed by their predecessors. A high percentage of millennial employees believe that companies are only concerned about their monetary agenda. Millennial employees want work life balance, social responsibility, flexibility in working and improved workplace practices.
Millennials are not interested in strict job roles that lack flexibility. They demand fast career progression, dynamic job roles and immediate feedback for enhanced productivity.
What Millennials Expect From Employers
Millennial employees have very definite and clear expectations from their employers:
- Generation Y wants to be nurtured with constant feedback and appraisal. They want to be the front runners, exposed to complex situations. This generation exhibit leadership qualities and want career progression faster.
- They require work life balance and believe in flexibility for improved outcomes. Many companies, to accommodate millennial employee requirements, have started to recruit remote employees or offer time flexibility.
- Millennials want to contribute positively to the company they are associated with. They expect to be involved in making important decisions. They also expect organisations to think beyond the bottom line.
- While a good salary package is important, millennials look for better non-monetary compensations. For the millennial employee money is secondary. A constructive work environment, benefits and career progression is just as important.
How to Attract Millennial Employees
Employers are constantly looking to attract the best talent to increase productivity. Organisations and HR can make use of effective workforce planning strategies to acquire the right talent and ensure their retention:
Cater To Millennial Employee Expectations
It is important to understand the demands of the millennial employee. Companies should remain informed to understand the change in workforce dynamics. This knowledge and understanding will assist in structuring effective strategies for attracting and retaining millennial employees.
Endorse Your Business Strategically
When millennial talent approaches your company to enquire about employment, make sure that you promote your business in ways that are attractive to them. The prospect should be informed about all aspects of the business: the company culture, monetary incentives and the company environment. It is important to emphasise on the growth opportunities your company will offer in the long and short term.
Millennials desire constant feedback and recognition. Schedule regular performance evaluations to provide feedback and maintain open communication channels with your employee. Hold workshops and training programs to retain the employees interest and motivation. This will also increase their skills required to grow and excel.
Millennials expect flexibility. Set clear targets and deadlines, and encourage achievement of these goals. Do not set restrictions on time and give them the leverage to work remotely for optimum productivity.
Do not Expect them to Stay for Long
Millennials tend to switch jobs frequently. Initially, Baby Boomers stayed for at least 4.4 years in a single role. The estimated tenure of a millennial is approximately half of their predecessors. Studies show that 90% of millennials will only stay in a job for less than three years.
We operate a dynamic working environment in our offices. Understanding the individual needs and wants of our team, we offer flexibility where we can and are dedicated to nurturing the talent of our staff. We also offer additional benefits to enhance their personal lifestyle and well-being. These include an onsite gym, flexible working hours and providing the space needed for each employee to flourish and grow.