In today’s job market, Millennials are the largest generation in the workforce. By 2025, Millennials are predicted to be 75% of our work force. Employers need to prepare for what makes Millennials happy, therefore improving company culture and retainment.
Millennials are different than any previous generation. Their focus is more on values and lifestyle, rather than receiving a fat paycheck. No more 60-hour work weeks.
As a recruiter, I try to educate employers on how to keep their high-quality employees. This article outlines my experience with keeping Millennials on the team.
Millennials Want Strong Company Values
Millennials have a low tolerance for lack of authenticity. They want to work with a company with social causes and personal values. As an employer, you must demonstrate your values with concrete actions.
For example, project feedback, Employee of the Month, and company parties. Your company is more than just a place to work. It is a supportive community.
Millennials Want Social Impact
Along with company values is the desire to make a social impact. Colleagues with a shared goal can have a positive impact on the workplace.
Every job is going to have stresses. When a company is working toward a purpose, Millennials feel more positive about difficult work tasks. You do not have to be a non-profit to be philanthrope. You can donate 1% of your profit to charity or have volunteering opportunities.
Chris Martin, President and CEO of President Bank, encourages all his team members to give back. Each employee receives two paid day per year to volunteer.
Millennials Want Flexibility in Work Hours
The 9-5 work day is slowly disappearing. Millennials want more flexibility with their work hours. A study by Bentley University reports that 77% of Millennials claim that flexible work hours would make them more productive.
Millennials Want to Work Remotely
Working remotely is the dream for many Americans. It is becoming more realistic as more technology and software becomes available.
With the capability, Millennials desire to work outside of the office. According to the PwC’s NextGen study, 64% of Millennials would like to occasionally work from home. If your employees are able to work at home then allow them. See When Is Telecommuting Right for Your Business for my experience recruiting for companies with different types of flexibility. Remote work can lead to an increase in employee happiness and productivity.
Millennials Want Opportunity for Growth
Nobody wants to work in a dead-end job – especially Millennials. Provide opportunity for growth for your employees. Allow them to take on new responsibility which could lead to another position. Make these opportunities clear during the hiring process to create a more desirable work place.
Change is hard. There is no doubt about it. However, Millennials are the future of our workplace. If your company has not adjusted ideals for the new generation, you could hurt employee retention.
Embrace change and start utilizing these tips into your growing business.
