According to Pew Research Center, the millennial generation encompasses anyone born between 1981 and 1996. From an analysis of UN population data, ManpowerGroup predicted that millennials would have made up a third of the global workforce in 2020. Employers cannot ignore the demands and requirements for millennials in the workplace.
Falsely portrayed as entitled, lazy, uncommitted, and disloyal, millennials are, in truth, highly committed workers who happen to be picky about the work that gives them true fulfillment and finding ideal workplace culture and environments.
Stats show that 43 per cent of millennials would leave their present job in a period of two years, and 28 per cent would not consider staying at their present job for more than five years. Here are some recommendations to keep them in the workplace.
Competitive Pay and Comprehensive Benefits Structure
For sure, pay matters to everyone, and living without benefits means making hefty cuts on your take-home salaries when any medical needs or emergencies come up. Millennials are mostly content if their salary is comparable to market averages and if the benefit structure is fairly comprehensive. Pay is not enough to keep them in a job; it must be coupled with the following measures.
Feedback in bi-annual performance evaluations is severely lacking for millennials, so management must provide more frequent and timely assessments of the millennial employees’ work. Task-based review and feedback are required to keep millennials engaged and confident that their work contributes to the bigger picture. Recognition of their achievements through compliments, or other rewards, is also a necessity.
Learning and Development-Oriented Culture
87 per cent of millennials attribute their professional development to their employers. Companies need to formalize their learning and development programs to fulfill their learning needs, providing frequent in-person or virtual training programs for on-the-job skills or access to virtual training. Furthermore, millennials also seek mentors at work who can guide them in their professional choices and conduct. Given that millennial employees wish to see chances for career progression, it is essential to offer them higher-level skills that can help them advance into managerial positions.
Approachability to the Management
Once a new hire arrives, make them aware that they can reach out to their manager, or even managers above their direct managers, without following a protocol. An open-door communication policy signals that any suggestions, complaints, or tips for improvement are welcome.
Inclusive Hiring and Social Responsibility Programs
This socially conscious generation wants affirmation that their employer respects inclusivity and diversity in its hiring practices, pays heed to giving back to the community, and stays protective of the environment. To attract and keep millennials, it is important to communicate the company’s community efforts and corporate social responsibility programs and its commitments to things like carbon footprint reduction.
Flexible Work Schedules and Arrangements
With the pandemic, millennials who have become accustomed to work-from-home arrangements now demand greater flexibility from their employers. So, if the kind of work allows for such flexibility, it is advisable to accommodate variable schedules and work arrangements to keep millennial employees motivated.
Arslan Ahmed | Staff Writer