One of the most common topics for employers across the globe is the Millennial generation in the workforce as they’re the largest in the workforce today.
And with Millennials making up the majority of the global labor force, companies must understand what Millennial expectations are for the effective Millennial employees’ experience.
It’s key to make your office Millennial-friendly for Millennial employees by implementing the right tools from technology to company culture.
Furthermore, with the rise of telecommuting, the way we work now has become significantly different from the old ways, which makes it even harder for employers who want to adapt to these changes.
With Smartphones and tablets becoming an integral part of our daily lives, it’s no surprise that 41% of Millennials would rather use their devices for business communication than talk to someone face-to-face or even by phone.
Here are some of the best ways as well as information about this often hard-to-engaged generation to ensure that you adapt to Millennials’ preferences, offer employee engagement, and stay relevant to their needs.
The Rise of Millennial Workers in the Job Market
According to the U.S Bureau of Labor Statistics, Millennials will make up 75% of the American workforce by 2030.
As a result, it’s no surprise that there is so much talk and research into Millennials workers in business and for job opportunities.
Employers are looking into ways to better understand Millennials’ motivation, their company loyalty, needs, and expectations so they can better retain them.
To understand and manage a multigenerational workforce effectively, companies must adapt their talent management practices and develop workplaces where all the different multigenerational workforce groups can thrive.
There are many different things we know about Millennials, but there isn’t always complete agreement among researchers.
Here are some of those things to give you a better idea of who Millennials are before and maintaining them as employees.
Most research defines Millennials as the people who were either (a) aged 18–35 years old when they were first eligible for college enrollment, or (b) graduated from high school during the period between 1980 and 1996.
Millennials are a digital generation who feel comfortable using technology, including Smartphones, tablets, and laptops.
According to Gallup’s survey on how Millennials access the Internet, 85% of them access the Internet via their Smartphones. They’re busy using their Smartphones for most of their free time, and they expect to have access to their office-related tasks from their mobile devices as well as if they move from company to company.
The Urban Population
Millennials are the most city-centric generation of young adults ever. They’ve always been inclined to live in big towns and small villages, but now they’re doing so in greater numbers than any previous generation.
According to Financial Times: “This is most noticeable in developing countries, where the level of urbanization is generally low — just under half of the young people now reside in cities — but has increased rapidly over the last 30 decades.”
A Sense of Purpose
Millennials are the most likely group to buy from companies whose core values and career goals and career paths align with theirs.
For Millennials, a job or career progression isn’t just about making a living anymore; it’s about having a sense of purpose and working for an organization whose core beliefs match theirs. They’re even willing to sacrifice their salary to work for a company that shares their core beliefs and gives the company loyalty.
Millennials as Employees
Millennials behave as consumers of the workforce. They have a lot of freedom and options to choose their future workplace where they want to work and which business leaders suit them best. Managers and leaders need to understand what Millennials expect from the job, managers, and organizations.
How to Attract Millennials into the Workplace
Now as a potential employer you have a better understanding of Millennials know that employers are now focusing on attracting Millennial workers by offering flexible working arrangements and benefits packages.
Compared to older generations of workers, Millennials are seeking out different types of workplaces.
Improve Internal Communications
Millennials don’t just care about their jobs; they also care about staying up-to-date with company news and events. That is why companies must invest in internal communication to boost Millennial productivity.
They want ongoing conversations. So they communicate using text messages, Twitter, Facebook, etc. These platforms allow for instant replies and updates, making them ideal for business communication.
Because Millennials are accustomed to receiving personalized newsfeed updates on their Smartphones, they expect the same kind of personalization when communicating with colleagues at work. To put it simply, the future of work will be mobile!
It has been proven that if workers have access to their company’s technology from anywhere, they’re more likely to be more productive.
According to Deloitte’s study on Millennials, most employees who think their bosses are diverse at work report feeling motivated and inspired by their workplace. But, only half of the employees who don’t feel their boss is diverse share these feelings.
According to a recent SHRM study, 57% of HR professionals believe that their recruitment strategies are designed to attract a diverse pool of applicants.
To ensure that employers can attain diverse workplaces, they must align their entire organization and be on the same wavelength. Internal communication plays an important role here.
Offer Competitive Salaries
Millennials aren’t interested in making money because they’re not interested in working for someone else.
According to a recent survey conducted by ManpowerGroup, 92% of Millennials agree that they want to be paid well for their skills and talents.
If they’re attracted by the offer, but don’t feel that they need it, then they won’t stay.
Implement Advocacy Programs
Millennials are extremely active online, 42% of Millennials use social media at work. That means they’re spending an average of 3 hours per day on social media sites. And if you think about it, that’s a lot of time to spend on something that doesn’t directly benefit your career. But what if you could get paid for engaging with your employer? It turns out that companies are already rewarding their Millennial workers for being active on social media.
As a result, Millennials in the workplace can be your best brand ambassadors and they can also increase your brand awareness and generate more qualified sales opportunities for you.
When Millennials feel that their company has a high trust culture, they’re 22x more likely to want to stay at that company for a long time.
Compared to Generation Xers, Baby Boomers are 13x more likely to say they’d like to stay at their current job for another year, the importance of building relationships at work!
Offer flexible hours and remote work
When surveyed, Millennials preferred to spend the least amount of working hours at the office:
Gen: X 56%
Baby Boomers: 63%
With remote working becoming increasingly common, companies must adapt to ensure they remain productive and connected during social distancing.
Support Team Members Who Help Others
Before Generation Y came into existence, generations before them didn’t work together on team assignments during their school years. Nowadays, most schools and universities encourage teamwork by assigning group assignments.
These changes have led to new ways of thinking about work for Millennials. They’re more likely to share knowledge and collaborate than their predecessors.
Make it Digital
Millennials are so technologically savvy because employers need to adjust their business practices accordingly.
If there are tools available for your company that allow your staff to access their data from anywhere, then you should consider implementing these tools. Luckily, modern applications offer completely new ways for your staff to interact with your business, so they can improve their efficiency and increase their overall satisfaction.
Support Learning and Development
Employers who encourage employees’ advancement and learning have lower turnover rates. Millennials seek out opportunities for professional growth and advancement. To help them achieve these goals, employers must provide training and mentoring programs to teach Millennials how to communicate effectively, cope with stress, be patient, and work well within teams.
Offer Career Opportunities
According to Gallup, most Millennials prioritize professional growth and development.
Career development opportunities, therefore, play an important role in recruiting and retaining Millennials in the workforce. Furthermore, according to LinkedIn’s 2018 Workforce Learning report, 93% of employees would stay at their current employer for longer if they were given better career development opportunities.
Empowering your employee means giving them the freedom to make decisions on their behalf. Many employers don’t know how to empower their staff.
According to a study by Tinypulse, Millennials who feel that they’re part of the decision-making process at their companies are 20% more likely to remain employed there than those who don’t.
On the one hand, employee empowerment has its positive aspects, but on the other hand, it comes with some downsides, so companies must be careful when implementing it.
Problems with Millennials in Businesses
Millennials are hard to manage because they have very specific needs and expectations. Employers, therefore, need to put extra effort into making them happy, engaged, and effective.
Here are some statistics about Millennials working for companies that were taken from PwC’s CEO’s survey.
Millennials are the least involved generation in the workplace. Only 29% are fully committed to their jobs, while 55 percent are not at all committed, and 16% are actively disengaged from their jobs.
More Millennials switch jobs every year than any other generation. About one in five Millennials has switched jobs in the past 12 months. And two out of three are open to a new job offer.
Most people expect to change jobs every few years, but fewer than 20% expect to stay at one job forever.
High Turnover Cost
Millennials’ high degree of job mobility means their employers pay for training them, which adds to company expenses. And when they leave, companies lose out on the cost of finding new hires.
According to Deloitte’s 2016 Millennial Survey, Millennials do not believe businesses care about social responsibility, nor do they trust companies’ practices for dealing with climate change.
Most Millennials across the globe think that companies don’t care about them.
A 2018 study found that Millennials are attracted to company brands that they perceive as authentic. Furthermore, 88% were looking for employers with corporate social responsibility values that match their own, and 86% would consider leaving an organization whose values no longer meet their expectations.
Too Much Pressure
According to Millennials, employees should be given much more opportunities for feedback, internal communications, flexibility, and benefits.
It has been reported by previous studies that Millennials want companies to provide them with better job security, career opportunities, and pay, which includes increased flexibility at work. However, they don’t feel appreciated, especially when they perceive their managers to be sexist or racist.
Freelance Workers and Part-time Employees
As more and more Millennials enter into multiple part-time positions, they may find themselves unable to devote themselves fully to any one position at a time.
More on Millennials
Here are some more interesting facts about Millennials:
After learning how to deal with Millennials at work, here are some even more useful statistics and factoids for you to consider.
There are 831 million Millennials, making them 25% of the global population.
Millennials spent an average of $100 per month on their phone bills. (Forbes)
According to World Bank estimates, Millennials spend approximately 2 hours and 38 minutes on their Smartphones every day.
On average, Millennials watch YouTube videos for 3 hours and 23 minutes each week.
Over 75% of Millennials purchase goods online at least once per month.
Only 40% of Millennials trust online reviews and testimonials before purchasing something. (Millennial Marketing).
According to research conducted by the Pew Research Center, young adults (Millennials) today tend to be better educated than their predecessors. About 40% of Millennials have at least a college education, versus just 25% of older Americans.
As of 2018, according to Pew Research Center, nearly 8% of Millennials had been working for their employers for at least 13 consecutive months.
According to Pew Research, Millennials are more democratic than older generations. However, they’re less likely to vote for a candidate who doesn’t belong to their political party.
Most Millennials own at least seven different types of interconnected gadgets and they check them multiple times every single day.
More than three-quarters of Millennials say they’re becoming more empathetic because of COVID-19. And they plan to act on that sympathy by taking steps to improve their community.
To retain Millennials in the workforce, employers must be willing to invest in technology solutions that can be used to motivate, engage, reward, and connect with them.
Take a Chance
Overall, Millennials mostly need instant gratification but they can be a benefit, a positive impact, and an asset to your business as a business owner or company if they feel well taken care of and accepted.