According to Deloitte, by 2025, the global workforce will be made up of 75% millennials. As the workforce age majority shifts, employers need to understand their new demographic. The 2018 Deloitte Millennial Survey revealed that young workers are drawn to businesses that are making a positive impact and are responsive to employees' needs. Millennials see the world through a different lens; they have different motivations and expectations of in comparison to the generations before them.
At InfoTrack, almost half of our team are under 29, or ‘millennials’. I strongly believe that people make or break a business and it’s HR’s job to not only get the right people in the right job but to understand their values and how to and engage them. I've learned a lot over the past few years working with an inspiring team of millennials and I've even surveyed our millennial employees to better understand them.
Here are a few key steps your business can take to make sure you're millennial-ready.
1) Show them opportunity
Deloitte's 2018 survey found that 43% of millennials and 61% of Gen Z expect to leave their current role within 2 years. This generation needs to see opportunity and growth to plan for the long term at a company. This is supported by our in-house stats which found 70% of respondents ranked career development was a top motivator for them at work. A further 90% said that opportunity to learn and grow was a key aspect in looking for new work.
There are many ways in which you can provide your team with the opportunity they crave. For example, at InfoTrack we have specific development plans for all of our employees, we provide avenues for all staff to contribute to strategic white papers, we host coaching and mentoring programs and there are many opportunities for staff to transfer, even if it means laterally to support their development.
2) Understand their values
The 2017 Deloitte Millennial Survey found that 76% of millennials regard business as a force for social impact and our millennials felt similarly with 99% believing business can positively impact society. What's concerning is the 2018 Deloitte results revealed that millennials are losing faith in business' motivations and ethics and there is a mismatch between what they believe responsible businesses should achieve and what they perceive businesses' actual priorities to be.
Make sure your employees are aware of your goals, not just in relation to profit, but in regard to wider community impact. Millennials want transparency and accountability around how you're impacting not only your target market but the wider world. Be clear about your strategy, objectives and how you're making a difference. At InfoTrack, we provide a company-wide update to all of our employees every four months to explain our strategy & vision, and to provide an opportunity for employees to ask questions and give input.
3) Provide balance and flexibility
The 2018 Deloitte Millennial Survey revealed that "employers offering more flexibility than they did three years ago are achieving greater profitability and providing work environments that are more stimulating, healthy and satisfying."
The InfoTrack Millennial Survey revealed that after career development, work/life balance was cited as the biggest motivator at work. Likewise, 50% of respondents also stated that respecting work/life balance is an important quality in a manager.
We ensure that we adhere to these qualities by offering all employees with a strong work/life balance. We support them with gym memberships, work flexibility, as well as regular social activities.
Over the last couple of years, millennials have attracted a very poor reputation. They’ve been blasted in the media as lazy, easily-distracted and entitled. Results from survey’s such as Deloitte’s and our own, demonstrate that these stereotypes couldn’t be further from the truth. Rather, millennials are determined, motivated and loyal workers, making it vital that businesses adopt new methods and welcome the young force with open arms in order to remain successful as we enter a new period of change.
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