Millennials are the hot topic in organizations these days. And here’s why….
By 2025, 75% of the global workforce will be Millennials – that is less than 10 years from now!
Clients often ask us – what makes Millennials different?
1. Millennials are the most diverse population.
2. Millennials are also the most educated generation in American history, with more having college degrees than another generation.
Additionally, Millennials have a strong set of unique values. They appreciate community, and though they utilize technology more than any other generation, they still prefer “real life” relationships over social media followers. Millennials like brands they can trust – as well as products/organizations that strive to improve the global community.
FACT: Millennials are saturating the market, and companies need to start listening and stop complaining.
So, what DO Millennials WANT in a workplace?
· Meaning/Purpose: Millennials want to know that what they are doing makes a difference. As an organization, it’s important to define “WHY” you do things. Not what you do – but, WHY you do it. Ensure your employees know what the bigger picture is – so they understand specifically how they contribute to it.
If you don’t have a convincing message that will attract your ideal talent, now is the time to discover and define your organization’s WHY. Ask yourself:
§ WHY does your company do what they do?
§ WHAT inspires your organization?
§ HOW does your organization make a difference?
· Replace traditional performance reviews with frequent feedback. Millennials want constant feedback and real-time acknowledgment. 80% of Millennials prefer on-the-spot recognition rather than traditional performance reviews. We recommend structuring quarterly performance reviews, it may take more time, but keeps your managers accountable to having more touch points with their team.
· Technology. Since Millennials have grown up with the internet, the use of the most updated technology is crucial. We recommend companies have updated software, advanced communication systems, social media presence and online personal training and development options.
· Flexibility. If it works for your business, don’t tie a Millennial down with a traditional 9-5 schedule. Millennials are seeking more flexible schedules, including telecommunication options, so they can balance work-life and travel. If you are clear with your expectations and give feedback frequently, you may find offering remote options isn’t too painful.
· Career progression. Like most generations, Millennials desire to learn and grow in their career. The difference is, Millennials aren’t seeking fast growth “UP” the ladder, but rather a matrix style of opportunities to learn and develop themselves both professionally and personally. In fact, Millennials are willing to take a pay cut if it improves their career development.
Want to learn more? Check out our 5-minute video on Millennial Myths Busted!
What are ways you’ve prepared for the fast-growing Millennial generation? What can you add to our list?