Millennials are the generation that in the near future will become dominant in the labor market. That is why progressive employers are already wondering how to help and support millennials in the workplace. As you know, not only success, but also the reputation of the company largely depends on employees. Nobody needs problems at the workplace due to negligent employees.
Who are the millennials?
Millennials are a generation that is educated, tech savvy, and eager to influence working conditions. I must say, they want more from their employers than their predecessors.
Representatives of the previous generation take into account public opinion, obey the rules, and therefore they are easy to manage. Such people are ready to work for the benefit of the company, therefore they often encounter misunderstanding on the part of millenials, for whom their own indicators are above all.
Millennials are people whose childhood and youth fell on a rather prosperous time. It was with them that the consumer boom happened. Millennials are independent, selfish and proactive. They are prone to critical thinking instead of thoughtlessly following established rules. Freedom of choice is especially important to them.
Labor market has changed
Numerous studies have been conducted aimed at studying the modern labor market. Specialists managed to find out that typical millennials (people aged 25-34 years) stay in one position or another for a short period of time, which is only 2.8 years.
The situation on the labor market has changed dramatically. This is due not only to demand, but also to supply. Millennials, like their needs, differ from previous generations of workers. This is why it is important for employers who want to remain competitive in the future to think about today's workforce and tomorrow.
Below are several ways to engage and support millennials in the workplace.
Burnout of employees
Burnout greatly affects the retention of millennials in the workplace. On average, 84% of them experience burnout at their current job compared to 77% of all respondents. And almost half of the respondents left the job precisely for this reason.
Millennials think differently about when it was time to quit. 43% tend to leave their jobs for the first two years. Some experts believe this is due to the fact that millennials have a certain courage to refuse bad work.
Employees who felt that the employer was caring for their well-being had a lower burnout rate. Employees who felt that their employer was indifferent to them had a higher burnout rate.
There are many ways an organization can demonstrate its own concern by providing something more superficial benefits.
Engagement Priority
More recently, the Research Center has discovered that millennials were the most ethnic and racially diverse generation than any other adult generation. It was also found that 83% of millennials are actively involved when they believe that their organization promotes an inclusive culture. And this inclusive culture is not only a diverse background, but also a combination of different perspectives and ideas, where every voice must be heard in order to have a stronger impact on the business.
Organizations should give priority to employee engagement if they want to retain millennial employees.Recruit employees from different colleges and universities, review your processes, such as career development, training and development, to determine where bias arises. This will not only increase employee retention, but innovation and ideas will propel your business forward.
Be champions in your community
Specialists found that 75% of millennials would agree to a salary reduction in order to work for a socially responsible company, and that 76% of millennials consider the social and environmental obligations of the company before deciding where to work.
Organizations cannot ignore the fact that their employees come to work not just to get paid. They want to have a positive impact on the world. Companies should start thinking about how they can create their communities and become champions in them, creating conditions that are attractive to potential millennial employees.
Millennials are a key factor when it comes to innovation and new ideas. However, employers must consider the fact that their priorities are different from those of previous generations. There is no doubt that your “thousand-year-old” workforce is of tremendous value to your team, but make sure they feel involved and keep in mind that caring is critical to their retention.