The next cohort of professionals has grown up. The millennial employee generation has matured and taken up its place in the working world. Liberal and progressive, this neu-wave of prospective employees brings with it new ideas and a modern ethos like no other.
An expansive generation with complex needs, understanding millennials is easier said than done. Luckily for us there’s been a ton of research carried out in recent years, as businesses look to become more inclusive and adaptable to modern employee demands.
“In most global companies, 40 to 50% of their workforce are millennials. If you’re not taking care of a big chunk of your workforce now, then you’re already behind your competitors.” – Dimple Agarwal
In our new 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, meaning just 7% of them are fully satisfied in their current role (LinkedIn)
Many businesses are struggling to hold on to their millennial employees. This generation is one with ambition and a hunger to progress. But it’s also one that refuses to stay in roles that aren’t fulfilling their need for appreciation.
To retain millennial talent and help individuals to reach their full potential, employers must look for alternative, innovative approaches to management. If you’re not satisfying the professional expectations of your millennial employee, they are likely to look elsewhere.
2) 30% of working millennials say they plan to leave their current job within a year (LinkedIn)
This is an alarming statistic, and an issue which only deepens further…
By 2020, two of every three of the 7,700 millennials interviewed globally, in Deloitte’s 2016 Millennial Survey, hoped to have moved on to another employer.
In the UK alone, 71% indicated that they expected to have left their current company.
This generation is restless and impatient, it is true. High employee turnover is a dangerous game – it can have a negative effect on the productivity of any business. 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 rethink.
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 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 organisations ethos and working environments online (on both business and personal accounts) can have an extremely positive effect on attracting young talent.
No doubt if millennials are the ones directly approaching you for work, they’re 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
- 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.
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 threw out the rule book when it comes to structured working hours. The demand for flexibility is strong among millennials.
“Flexible working is smart working. Screw business as usual. If you trust your people to make their own decisions, they will reward you.” Richard Branson, Founder, Virgin
What’s more? It can produce results. In February 2016, 83% of Vodafone survey respondents said adopting flexible working had resulted in improvements in productivity – which is obviously great news for both employers and their workforce.
If you show trust in millennials, 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 in regards to their position, performance and personal progression.
This is the technological generation. Those who attempt to stifle seamless connectivity will create a disenfranchised workforce. Embracing digital is a must for those looking to keep hold of their millennial employees, and it is 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)
With recent austerity and rising financial inequality – particularly 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. With 3D and 4D showings hitting the mainstream, and live screenings growing in popularity up and down the country, there is a real perceived value in the cinema experience. One which 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.
Give them 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.”
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. A new demand for experiential incentives, digital connectivity and an alignment of values between employer and employee.
“If businesses are not focused on millennials, they are at a competitive disadvantage. There is a clear business case to have these discussions and to change the culture in the workplace to attract and retain millennial talent. Organisations that understand how much millennials matter are going to win.” – Anne Donovan, Managing Director, PwC.
Make sure your business is moving with the times. Make a conscious effort to accommodate for millennial needs – or risk losing out to competitors in the hunt for the next big swathe of talent to hit the professional world.
Get in the know and discover more insights into how millennial employees tick, in our eBook The Millennial Mindset: How to Attract and Retain Millennial Employees.
Learn more by clicking below!
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