There has been a great deal of discussion lately around Millennials and the impact that this generation is having on the workforce. According to an article published by stuff.co.nz, Millennials are about a third of the workforce at present but will be more than half by 2025. Therefore, it’s vital that employers understand the Millennial generation, what drives them and what they’re looking for in an employer. Particularly as Millennials do have a reputation of short employment periods with companies.
So, what is a Millennial you ask? There have been various reports on the proposed dates for the Millennial generation. But, it is generally thought of as those that reach adulthood around the start of the 21st century. Millennials have grown up in the digital age and the growing socially-networked world. They have big dreams and aspirations and they want their work to have meaning and purpose. They may also be working to fund their own venture. For example, the founders of large successful companies such as Airbnb and Uber have all come from the Millennial generation.
How can you retain your top talent?
The average employment span of Millennial employees is two years. Now as an employer that may alarm you, considering the time it takes to recruit and hire someone and then train them for the role. However, this shouldn’t necessarily be seen as a bad thing. Instead, why not look at how you can get the most value out of your Millennial employees in the time that they are with your company? Keep in mind that Millennials are driven, motivated and eager to learn. They could potentially be a huge asset to your company.
So, what makes Millennials tick? We have discussed before on our blog, the importance of flexible working. This is a significant factor for Millennials as they want to get their work done and spend less time commuting. They are more than happy to work extra hours if it’s needed. However, they don’t want to sit in the office until 5pm if their work was finished a few hours prior. Offering this type of flexibility is a huge perk for this generation as it shows you are looking after their personal interests. At Hello Monday, we encourage flexible working. We have team that can turn work around fast and aren’t constrained by a 9-5 environment and mentality.
Regular feedback and development
It has been suggested that Millennials prefer regular feedback rather than a formal annual review. They are accustomed to the world of instant communication and expect regular feedback. This is an opportunity for you as an employer to ask for open and honest feedback and identify areas where your employees require additional support. This will allow your employees to feel as though they are growing and developing with your company and on the way to achieving their career goals. Offering regular personal and career development sessions and up-skilling your employees will further add to their overall job satisfaction. In our opinion, regular engagement is fundamental to retaining your top talent.
The importance of technology
Technology is also a huge factor for Millennials in the workplace. This generation has grown up in the digital age and are completely technology dependent. Therefore, it’s important that you as an employer keep up-to-date with rapidly changing technology as it’s an essential part of how Millennials operate. Providing them with the technology they need to do their jobs and continue to innovate is not only beneficial for them but also for employers. Employees are much more productive and efficient when given the correct tools.
If you have any questions about Millennial employees and retaining your talent, please do get in touch.