Although the Millennial generation is often under-estimated, they are key to growing your business. By 2020, this demographic will be making up most of the workforce, and that, in turn, means that companies must focus on attracting, retaining and engaging them if they want to stay productive, profitable and successful. So, what do Millennials want? How can you persuade them to join your team and, more importantly, stay there? Here is an expert guide to help you to keep your business thriving in the near future.
Work/Life Balance Is Key
If you take a closer look at the differences between the way business operates today when compared with a decade again, you can see that millennials are driving change. Their top priority is establishing the right work/life balance, and when this demographic looks for a job, having sufficient time off remains a top priority. Flexible working patterns are also very important, and in surveys, Millennials have reported that their top reasons for quitting a job are inflexible hours and excessive overtime. While this sounds like bad news for employers, in fact, 77% of this generation report that having flexible working patterns allows them to be more productive and efficient in their roles.
It’s Not Just About Money
Millennials don’t just focus on the salary when they take up a new post. Almost 90% believe that career growth and training opportunities are vital to them, with most choosing to stay with a current employer who offers new opportunities and a clearer path of progression. Most importantly, millennials need to have recognition for their professional accomplishments and for reaching their milestones in the workplace. Positive feedback is key for them, and therefore putting an infrastructure in place which invests in development and training and which rewards achievement is essential.
Millennials value honesty and transparency in their leaders. Employers must build-up a company culture in which employees can see the processes of decision making, and can contribute to those decisions in a meaningful way. Traditional systems of management in which strict boundaries are imposed cause this demographic to lose trust in their leadership since younger generations perform more effectively in a trust-based, candid environment. You must share information openly with your team in order for your younger employees to feel trusted as well as reassured that their opinions will be taken on board.
Inclusion And Diversity
50% of all Millennials look actively for inclusion and diversity in a potential workplace before committing to a position. Beyond physical ability, race, gender, religion, and age, they’re also concerned about how differing viewpoints are valued and accepted. With 83% of employees reporting that they remain actively engaged in their organization fosters a more inclusive working environment, it’s something that’s well worth implementing into your business ethos.
Seeking Professional Advice
It can be challenging to attract Millennials to your workforce, but with the right advice and support, it becomes possible. Global Resources LLC can help you with this, offering business consultancy services that will take your organization to the next level.