The accepted definition of Millennials is children born in the 1980s and 1990s which makes them today’s 20-something and 30-somethings of the workplace.
What sets this generation apart from the rest? How to attract and retain the good ones in your organisation?
With this age group fast becoming the largest sector in the workforce, they are now becoming the focus of many studies. They can often be stereotyped as needy, anxious and are often perceived as being high maintenance.
These stereotypes are born out of the necessity for businesses to help understand and redefine the needs of a changing workforce. Far from being entitled and lazy, Millennials simply have different values which we have encouraged them to adopt. Many have third level education, and have very different expectations for the company environment they want to work in. For businesses, understanding their values/principles and delivering on the expectations of a changing workforce is an essential ingredient for business success.
Because a happy workforce is a successful workforce! HRLocker believes when employees are happy, the business is more successful with high rates of customer satisfaction and loyalty leading to increased profit.
A developing DDO (Deliberate Development Organisation) puts the growth of its people at the centre of everything they do. Culture is everything in a business and employees need to take responsibility for pushing their own personal development agenda. “An Everyone Culture “, explains how DDO companies like Bridgewater Associates, Next Jump and Decurion have been so successful and continue to develop and increase profitability and retain their best talent.
What does all this mean for traditional businesses?
By 2025, almost 75% of the workforce will be millennials. They will be less likely to believe in company loyalty and more interested in personal development. Millennials will base their job choices on opportunities to up-skill and progress so it is time to start developing as a DDO. If they are not satisfied in their workplace, they and more likely to ‘job hop’ more than their predecessors.
How to optimise your workplace to get the best of the millennial workforce
1. Get Online
Millennials have a strong online presence, from social media right through to buying the bulk of goods and services online. Businesses who do not compete in this space or use social media run risks of being invisible to them. (With millennials making up to 50% of the current workforce, this is one area where companies can improve)
2. Stay ahead of the game
Millennials are the digital generation. The workplace has become more and more connected, people now enjoy working in an environment that invests in the latest systems and invests in their people. This can give a powerful edge over competitors in attracting this target market.
3. Happy Working!
Millennials were also shown to value a more social workplace, with 30% saying that a social outing with their colleagues was the most important part of their induction at a new job. 75% of Millennials. also considered an engaging and fun workplace an important part of their job.
4. Build an open transparent ideas meritocracy
Building a great development culture is everything in up and coming companies. A happy workforce will foster a culture where there’s room for ideas, responsibility and more importantly where ideas are considered encouraged and acted on an “Idea Meritocracy”. They’ll always include their employees and make sure they feel they can speak freely and encourage an open transparent environment.
5. Be Flexible
More and more people are moving to flexible working, and many are opting for working hours that are optimised to their life. ‘Over the last 6 years, we have seen so many changes in work trends. In order to have a thriving workforce, you must create a culture that people are happy in.’ says Adam Coleman, CEO HRLocker. Companies who are open to flexible work practices and provide the technology to make this work are already ahead of the game.
6. Build a development culture
A recent study carried out in the UK found that 80% of people would turn down a big salary increase if it meant working with people they didn’t like in a negative environment. This proves the importance of team dynamics and culture where employees feel like an individual rather than a cog in the machine. By creating a culture where Millennials can thrive and develop, you’ll end up having a better product, a better level of service and a more profitable business. This is by no way easy but a really enjoyable journey, get on the train J.
HRLocker are a cloud-based HR software company that makes managing employees easier than ever regardless of device or location.
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