HAVE YOU NOTICED? THE MILLENNIAL GENERATION HAS GROWN UP.
THEY’VE MATURED AND TAKEN UP THEIR PLACE IN THE WORKING WORLD. LIBERAL AND PROGRESSIVE, THE MILLENNIAL EMPLOYEE BRINGS WITH IT NEW IDEAS AND A MODERN ETHOS LIKE NO OTHER.
They’re an expansive generation with complex needs. But, understanding millennials is easier said than done.
Luckily for us there’s been a ton of research carried out on the millennial mindset in recent years. As businesses look to become more inclusive and adaptable to modern employee demands.
In our eBook, The Millennial Mindset: How to Attract and Retain Millennial Employees, seven trends in the millennial employee mindset became quickly apparent…
1) 93% OF MILLENNIALS ARE EAGER TO LEARN ABOUT NEW JOB OPPORTUNITIES. THIS MEANS JUST 7% OF THEM ARE FULLY SATISFIED IN THEIR CURRENT ROLE (LINKEDIN).
Hanging onto a millennial employee is proving difficult for a lot of businesses.
Your typical millennial employee is one with ambition and a hunger to constantly progress. But, it’s also one that refuses to stay in roles that aren’t fulfilling their need for appreciation.
As a result, hopping from one job to the next isn’t seen as a negative anymore; in fact, it’s now becoming common place.
Retaining millennial talent and helping them reach their full potential means employers must look for alternative, innovative approaches to management.
If you’re not satisfying the professional expectations of your millennial employee, they’ll likely look to move elsewhere pretty quickly.
2) 30% OF WORKING MILLENNIALS SAY THEY PLAN TO LEAVE THEIR CURRENT JOB WITHIN A YEAR (LINKEDIN).
This is an alarming statistic on the surface, but dig a little deeper and it doesn’t get any better…
In Deloitte’s 2016 Millennial survey, by 2020, two out of every three of the 7,700 millennials interviewed globally, hoped to have moved on to another employer.
In the UK alone, 71% indicated that they expected to have left their current company. This shows that millennials very rarely consider long-term futures with just the one organisation.
These statistics highlight the fact that millennials, when it comes to the world of work, are restless and impatient. This is bad news when it comes to employee retention.
High employee turnover is a dangerous game. It can have a negative effect on the productivity of any business. Also, the constant cycle of recruitment and training can be an unwanted and additional cost.
If millennials see their role as nothing more than a stepping stone on the path to something bigger and better, it’s time for employers to take decisive action.
3) OF ALL THE GENERATIONS WORKING TODAY, MILLENNIALS ARE THE MOST LIKELY TO FOLLOW A COMPANY ON SOCIAL MEDIA AS A WAY TO LEARN MORE ABOUT THEM AS AN EMPLOYER (LINKEDIN).
We all know how integral social networking platforms have become to brand marketing, but it’s not just consumers who are checking out these pages.
Employers and their businesses are more exposed than ever before. For those millennials out there actively researching prospective employers, social media is one of their first points of call.
Sharing your organisation’s ethos and working environments online can have an extremely positive effect on attracting young talent. Plus, you also make your business more ‘human’ in the process – not just another faceless conglomerate.
You can be sure that if millennials are the ones directly approaching you for work. They’re also going to have a pretty good idea of what you’re all about already. So, make sure you hit the right chord and you might just start fostering some serious loyalty.
4) SEVEN IN TEN MILLENNIALS BELIEVE THEIR PERSONAL VALUES ARE SHARED BY THE ORGANISATIONS THEY WORK FOR (THE 2016 DELOITTE MILLENNIAL SURVEY).
According to research carried out by consultancy, Global Tolerance, almost half the UK workforce (42%) now want to work for an organisation that has a positive impact on the world.
Of those born between 1981 and 1996:
- 62% want to work for a company that makes a positive impact on society and the word in general.
- 50% prefer purposeful work to a high salary.
- 53% would work harder if they were making a difference to others.
There is a clear opening for businesses which are value-driven and ethical to steal a march on competitors when it comes to attracting and retaining new talent.
Show millennials they can help improve the world along with their own prospects, and you’ll be opening up a world of engagement to them. In the long run, this is only a good thing!
5) 88% OF MILLENNIALS WISH THEY COULD, WITHIN CERTAIN LIMITS, HAVE GREATER OPPORTUNITY TO START AND FINISH WORK AT THE TIME THEY CHOOSE (THE 2016 DELOITTE MILLENNIAL SURVEY).
We’ve already seen how Netflix have made careers with them more appealing by throwing out the rule book when it came to structured working hours. The demand for flexibility in work is strong among millennials, and one that shouldn’t be ignored.
Whilst moving away from regular office-based hours is a huge step for any business, it can produce results.
For example, in February 2016, 83% of Vodafone survey respondents said adopting flexible working had resulted in marked improvements in productivity. This is obviously great news for both employers and their workforce.
If this approach is being adopted by hugely successful organisations, then clearly, it’s something they are seeing value in.
Bottom line: if you show trust in millennials with a flexible approach to work, they’re more likely to go above and beyond for your business.
6) 77% OF MILLENNIALS WISH TO HAVE GREATER MOBILE CONNECTIVITY, SUCH AS VIA TABLETS AND SMARTPHONES (THE 2016 DELOITTE MILLENNIAL SURVEY).
Connectivity is crucial for millennials. In the era of instant messaging, they want consistent, day-to-day communication with employers. This is especially true when it comes to their position, performance and personal progression.
This is the technological switched-on generation. Those who attempt to stifle seamless connectivity will create a disenfranchised workforce.
Embracing digital is an absolute must for those looking to keep hold of their millennial employees. It’s an approach which is proven to make remote working more efficient and accessible in a wider berth of industries.
7) 3 OUT OF 4 MILLENNIALS WOULD RATHER SPEND MONEY ON AN EXPERIENCE THAN TANGIBLE GOODS (HARRIS POLL).
Recent austerity and rising financial inequality are key players in the millennial mindset. When compared to their parents’ generation, millennials are concerned less with blunt materialism and more with the experiences they can accrue.
Experiential rewards can act as great incentives and are often attributed to a rise in millennial loyalty. They give employers the opportunity to reward and recognise staff without breaking the bank – through popular, immersive experiences that stick long in the memory.
Cinema tickets are a fantastic example of this. Premium cinema experience screenings are proving a real hit with audiences and live event cinema proving popular, too. There is a real perceived value in the cinema experience for millennial employees.
Cinema rewards not only provides employees with tangible rewards, but also gifts them the opportunity to make the most of their free time without dipping into their own pockets.
GIVING THE GIFT OF AN EXPERIENTIAL REWARD GIVES A MILLENNIAL SOMETHING TO SHOUT ABOUT.
If there’s one thing millennials love, it’s showing off on social media.
Many of them display every aspect of their lives on Facebook, Twitter and Instagram – so why wouldn’t they do the same with their job? That means that it’s up to you to give them something to brag about!
Events like Christmas parties, trips abroad and in-office games will definitely capture their attention and get them promoting you on social media.
MAKE NO MISTAKE: THEY’RE SMART, SAVVY, SOPHISTICATED THINKERS.
For employers looking to attract and retain a strong millennial workforce of progressive thinkers and doers, there are several key trends to consider.
A new way of working has emerged with millennials. A new demand for experiential incentives, digital connectivity and an alignment of values between employer and employee.
Make sure your business is moving with the times. Make a conscious effort to accommodate for millennial needs. If you don’t, you’ll risk losing out to competitors in the hunt for the next big swathe of talent…