The decision-makers in business acted in time and duly had the workplace attuned to the preferences of millennials even before they walked-in. Altering the look and feel of the office and modifying the culture seemed like a normative approach to what may be called as preparing for the millennials.
This distinct and vocal group was very clear about its preferences from day one, and that made it easy for the management to create a road map for the future.
However, the probing points are:
Were organizations agile enough to transform quickly
Were they hearing and doing enough
Are they proactively preparing millennials for leadership roles
Millennials have completed a decade in the workplace and naturally, baby boomers and Gen X have gotten comfortable with them. However, an impetus is required to advance them further in their careers preparing them for leadership positions. A lateral organizational structure, contemporary infrastructure and an agile rulebook are some ground-breaking transformations taking place in workplaces to engage the millennials.
Here is a complete list of parameters that must be taken into account before designing an employee engagement practice that is pro millennials.
1. Millennials prioritize ‘Purpose’ more than paycheck’
Millennials are deeply interested in bigger issues revolving around the world and the environment and do not mind expending their energies on that. Actually, they are quite conscious of what long term goals their daily actions convert to and what impact does it have on the environment.
Although baby boomers were also driven by purpose in the 1960s, millennials are steps ahead who would let go of a generous paycheck just because of a misalignment between purpose and organization’s goal.
In a recent survey by Korn Ferry, 63 percent of millennials—essentially workers under 35—said the primary purpose of businesses should be “improving society” instead of “generating profit.”
A study from the Society for Human Resource Management tells us that 94 percent of millennials want to use their skills to benefit a cause and 57 percent wish that there were more company-wide service days.
2. Career development is critical for millennials
For ages, the HR leaders and the senior management focused on the gradual and hierarchical growth of employees. However, with the spike in the number of millennials in mid-level positions, factors like meaningful opportunities to grow and develop have become critical to retain them in the workplace. Incidentally, millennials feel engaged and content at work when they see their organizations investing actively in their career development by offering them prospects like picking up future skills and working in multiple functions.
According to a 2020 Deloitte study two-thirds of millennials say their employers are supporting people’s development through training and mentorship. This figure suggests a noticeable increase from two years ago.
3. Millennials expect their bosses to mentor them
Millennials often complain about the education system which according to them that fell short of preparing them to take leadership positions at work. To that end, millennials hope that their bosses will not only fill that gap but also help them take-on their leadership circuit.
But managers drawing force from autocratic leadership naturally fail to influence the free-willed and questioning generation. This generation needs leaders who believe in them, provide them with enough and more stimulation to be able to think, innovate, and learn by their mistakes.
4. Millennials need continuous review for their work
This outspoken and digital generation believes in instant gratification, thus annual performance reviews fail to motivate and excite them. They look forward to honest and upright feedback from their managers throughout the year. Constant access to information is the second nature of millennials who grew amidst the evolution of social media, Netflix, and Google. Owing to that, they look forward to immediate feedback on completed tasks.
5. Technology adeptness is a must for millennials
Millennials have always got due credit for playing a significant role in the tech transformations. Using technology comes naturally to them and they like to rely more on the advanced digital tools to solve complex problems at work. To that point, millennials are determined to provide enough force to develop future technologies and help businesses navigate the change.
6. Millennials are attracted to diverse and inclusive work culture
According to a Deloitte 2020 study, “Millennials who feel their employers are creating diverse and inclusive work environments inched up three percentage points from last year to 71 percent”.
Millennials are keen to work for employers who actively pursue diversity and inclusive agenda in their organizations. However, they do not believe in it being a mere meet the milestone kind of agenda that motivated the baby boomer generation. Contrarily, they are more interested in the evolution of their organization’s culture with respect to giving equal opportunities to all workers. In short, they see diversity and inclusion as an amalgamation of varying experiences, different backgrounds, and multiple perspectives.
Engaging this highly visible cohort in today’s workplace is an integration of all the above points.
The recent statistics on millennial engagement and retention tell us that employers are meeting the needs of this resilient generation. The Deloitte study reveals that millennials are now interested in working for the same employer for more than 5 years or more. Those who would leave in two years or less dropped from 49 percent to 31 percent, while those who’d prefer to stay long-term jumped from 28 percent to 35 percent.
The top brass respects the construct of a millennial mindset and is making great headway in transforming the organizational culture into more equal and growth-oriented. This has provided a positive impetus to millennials who are now rooting deeper into their companies and taking greater responsibility for business success.