You may have heard these words being bandied about: Baby boomers (if you were born between 1944 and 1964); Generation X (born between 1965 and 1979); Millennials (born between 1980 and 1994) and our new generation that is coming through, Generation Z (1995+).
The millennial generation is now firmly entrenched in the workforce and it’s predicted that by 2020 they will make up 35% of the global workforce with Gen Z making up 24%. This means that by next year almost 60% of the workforce will consist of employees under the age of 40.
Research indicates that millennials both present and face of a lot of challenges to the workforce and society. They are a unique generation with more than 1/3 living at home with their parents with very few owning their own homes. They are also much less likely to buy cars.
At work they prioritise work-life balance which some older generations tend to label as showing no work ethic. Many millennials are self-employed or have additional business interests in addition to their main employment. They tend to move jobs every 18 – 24 months and they do not have the same needs (long term stability) as their older employer/ees. This has led to concerns over high employee turnover problems in organisations and the associated costs.
Employers today have the challenge of providing the right type of work environment for millennials as well as being able to take advantage of the strengths that millennials offer. Statistically, they are usually good team players and good with diversity and inclusivity. They are technology savvy and almost never ‘unplug’. One solution that Companies offer millennials is the ability to work flexi-time or work remotely.
Research shows that millennials prioritise constant feedback and are very goal-oriented with a strong sense of fair play. They believe pay should be individual and not ‘role’ or ‘experience’ driven which can lead to complications with larger organisations with set tiered or banded employee categories. Finally, millennials want to work for Companies with a social conscience and that they feel are making a difference.
So, to attract or retain millennials, it appears you need to develop an organisational culture of inclusivity, diversity, social responsibility and tolerance with a strong focus on pay and job culture!
Sounds simple right ???
Let the work and the conversations continue….