Millennials in the workplace is one of the most popular topics among employers across the world. This is not surprising as Millennials make the majority of today’s workforce.
The Importance of Millennials in the Workplace
Millennials make the majority of today’s workforce. Moreover, according to the U.S. Bureau of Labor Statistics, they will make 75% of the US workforce by 2030.
It is not easy to work with and engage Millennials in the workplace. Therefore, it is not surprising that there is a lot of talk and research about Millennials in the workplace.
Employers are trying to understand Millennials’ motivations, needs and expectations in order to attract, engage and keep them in their companies.
💡 Check out our webinar on How to Engage and Inform Employees in the Enterprise.
There are many different facts about Millennials, and data from different sources often doesn’t match completely. So let’s first cover some of the main facts about the Millennials from a research on Millennials by Financial Times.
Even though people have different opinions on Millennials’ age ranges, the Pew Research Center defines Millennials as the people who were born between 1981 and 1996.
There is a good reason why do we focus on Millennials: there is 1.8 billion of them, which accounts for about a quarter of the world’s population.
It is estimated that there are approximately 73 million Millennials in America.
Millennials are a digital generation that feels at home on the Internet . Technology, such as smartphones, tablets and laptops, have revolutionized the way they connect and interact with one another and the rest of the world.
According to Gallup's research on how Millennials want to live and work, 85 percent of Millennials access the Internet from their phones which. This is more than all other generations.
The urban population
Millennials are the most urbanized cohort of young adults ever. Young people have always had a propensity to live in cities, and Millennials are a part of this trend.
According to Financial Times, “this is most visible in developing countries, where levels of urbanization are generally lower — just over half of millennials live in urban areas — but have increased rapidly over the past 30 years”.
Millennials as employees
Millennials behave as consumers of the workplace. They have a lot more freedom and options to look for roles and organizations that enable their best performance. Leaders and managers must understand what millennials expect from their jobs, managers and companies.
How to Attract and Keep Millenials [INFOGRAHIC]
Here is an infographic with a short overview of how employers should attract and keep Millennials in the workplace.
11 Ways to Attract and Retain Millennials in Your Workplace?
Attracting the right talent is something that every employer is looking to achieve. As Millennials make the majority of today’s workforce, employers have shifted their main focus on attracting them to their workplaces.
Compared to older generations, Millennials are looking for different workplace characteristics.
Here are a few tips and tricks on how to attract and retain Millennials in your workplace.
1. Improve internal communications
Millennials want to continuously be engaged in many aspects of the business. They want to stay informed. That is why employers need to work on boosting internal communications to improve Millennials’ productivity.
They want ongoing conversations. The way millennials communicate (texting, tweeting, liking, facetiming, etc.) is now real-time and continuous. This dramatically affects the workplace because Millennials are accustomed to constant communication and feedback.
2. Support diversity
According to Delloitte’s research on Millennials, 69 percent of employees who believe their senior management teams are diverse see their working environments as motivating and engaging. This is true for only 43 percent of employees who don’t perceive leadership as diverse.
3. Offer competitive salaries
Recently, we have heard a lot of stories about how money is not the most important factor for Millennials when choosing a new employer. Is that really true?
In a recent study by ManPower Group on Millennial Careers, 92% of Millennials agreed that money is their top priority when choosing an employer.
Important: Even though money may be sufficient to attract them, it is certainly not enough to retain them!
4. Implement advocacy programs
Millennials are extremely active on Social Media networks. To be precise, 42 percent of Millennials use Social Media at work. So why wouldn’t employers engage their employees in employee advocacy or social selling programs and reward them for doing so. It’s a win-win for both employers and employees.
5. Build trust
Trust and good relationships are very important for keeping Millennials in the workplace. A research on best workplace for Millennials, says that when Millennials believe their company has a high-trust culture, they’re 22 times more likely to want to work there for a long time.
In comparison, Gen Xers are 16 times more likely to want to stay, and Baby Boomers are 13 times more likely.
6. Offer flexibility and remote work
When asked how they would prefer to schedule their work time, Millennials said they would spend the least amount of time in the office:
- Millennials: 53 percent
- Gen: X 56 percent
- Baby Boomers: 63 percent
7. Support teamwork
Generations before Millennials did not work as much on team projects during their education years. Today, most colleges and educational institutions support team work through group projects.
This switch has resulted in changes in how Millennials behave in the workplace. They are more used to working together, sharing knowledge and collaborating.
As we mentioned earlier, Millennials are the generation that has adopted technology more than any generation before. Therefore, employers have to adjust to that trends.
If there are tools and software that employees can use instead of boring Excel spreadsheets, you should implement them at your companies.
9. Support learning and development
Employers who encourage employee development have lower turnover rates. Millennials want to advance and learn new things in order to progress in their careers. In addition to teaching them new hard skills, employers have to invest in teaching Millennials personal and interpersonal skills such as communication, patience, coping with pressure and being a team player.
10. Offer career growth opportunities
According to Gallup, 87% of millennials say professional growth and development opportunities are their top priorities.
Therefore, career growth opportunities have a big impact on attracting and retaining Millennials in the workplace. Moreover, LinkedIn’s 2018 Workforce Learning Report states that 93% of employees would stay at a company longer if it invested in their careers.
Employee empowerment is all about giving employees autonomy and responsibility to make decisions on their own. However, many employers are not sure about how to empower their employees.
As Millennials are the generation that carers a lot about their influence on company’s success, they also want to be empowered. When employees feel that way, as per a survey by TINYpulse, they are 20% more likely to stay in their roles.
However, employee empowerment has its negative sides, so employers need to be smart about it.
Problems With Millennials in the Workplace
It is not easy to attract and retain MIllennials in the workplace. This generation has very specific characteristics, needs and expectations. Therefore, employers have to put extra effort to make them happy, engaged and productive.
Here are a few stats about the problems with Millennial workers we pulled from the PricewaterhouseCoopers' (PwC) CEO's report
Millennials are the least engaged generation in the workforce. Only 29 percent are engaged while 55 percent are not engaged, and 16 percent are actively disengaged.
Millennials change jobs more often than other generations. About 21 percent of Millennials report switching jobs within the last year, and 60 percent are open to a different opportunity.
Only 18 percent of those surveyed expected to stay with their current employer for the long term, with over a quarter expecting to have six employers or more in their work life.
High turnover cost
Turnover is expensive. Since Millennials tend to change jobs more often than other generations, employer expenses increase. Millennial turnover costs the U.S. economy an estimated $30.5 billion annually.
Sceptics of business motives
According to Deloitte’s research, Millennials are skeptical of business’s motives. They do not think highly of leaders’ impact on society, their commitment to improving the world, or their trustworthiness.
A majority of Millennials across the world agree with the statement that businesses “have no ambition beyond wanting to make money.”
Millennials work hard and they are ambitious about their career growth. Therefore, they expect much more from employers when it comes to getting feedback, better internal communication, more flexibility, and benefits.
Part-timers and freelancers
More and more Millennials get involved in more than one job. The result of this could be that they can not be devoted to their full time jobs as much as employers would like them to be.
Simon Sinek on Millennials in the Workplace
Check out this great video of Simon Sinek, the author of a great book Start With Why, talking about the Millennials in the workplace.
Simon says that employers must bear in mind that the Millennial generation grew up impatient, as advances in technology have facilitated instant gratification. "Except in the case of job satisfaction and strength of relationships, there aint no app for that. They are slow, meandering, uncomfortable, messy processes," Simon said.
Use Technology to Build a Millennial Friendly Workplace
In order to keep and attract Millennials in the workplace, employers have to be ready to adjust to their needs. One of the best ways to do so is by investing in technology solutions that can help employers motivate, engage, reward and communicate with employees.
Internal communication tools, such as Smarp, make digital workplace more productive.
Employers across the world use Smarp, employee engagement and advocacy tool, to enhance employee satisfaction and engagement. As a result, they have not only employees who are engaged but employees who now act as advocates.
Having employee advocates and brand ambassadors is beneficial for organizations as they can increase their visibility, improve marketing and sales efforts and help employers attract new employees with Social Recruitment.
Schedule a free Smarp demo today to find out how it can help you engage and retain Millennials.