It’s estimated that there will be 86 million millennials in the workplace by 2020. That will equate to about 40% of the working population. It’s also important to keep in mind is that they’re not just coming into the workforce, they’re taking on roles as our customers, clients and even key stakeholders.
All the anti-millennial think pieces over the last year could lead anyone to believe that this is not good news. But millennials bring with them a new perspective. In a business world that revolves around technology, millennials – the first generation of digital natives – can contribute fresh insight. This insight means they have the potential to be a powerful, disruptive force in the workplace. And disruption is essential for innovation.
We know that millennials don’t stay in one place for long. Research by Gallup revealed that 60% are open to job offers and 21% have changed job in the last year. This is not necessarily a bad thing, because multiple jobs mean multiple experiences. We also know that they don’t work well under older, more traditional management techniques.
So how can you harness the potential of this emerging workforce? And how can you retain this generation in the long-term?
What do millennials need to succeed and stay?
Millennials have a different perspective to previous generations. The line between work and life is more blurred to this new generation, and they flourish under more flexible environments. A study by Intelligence Group identified some of the key working motivators for millennials:
– 88% want a collaborative working environment
– 72% want to be their own boss
– 64% believe it’s a priority to make the world a better place
– 74% want flexible schedules
To stay engaged in a working environment, millennials need to collaborate and be involved. They need to be mentored and developed, rather than micromanaged. But more than that, millennials long to make a genuine difference. They don’t just want to ‘do their time’ at work, they want to ‘invest it’. Work for the millennial generation is about developing the skills and know-how they need to flourish in both work and life.
Even if you provide all these ingredients, there’s no guarantee that millennials will stay. The key is to accept that they might leave and focus instead on helping them achieve their potential while they’re in your business. Word of mouth is powerful and a positive experience in your business will leave them with a lasting impression, which they will tell others about.
Why we’ve evolved our HR strategy for millennials
Here at Talent, we do our utmost to support our team and create an environment that retains them in the long-term. We prioritize a dynamic working environment that values genuine success rather than nitpicks over KPIs. Quality of work is valued over quantity, and employees are encouraged to manage their own workloads. We’re all adults here, after all.
We maintain a culture of respect where we value the goals of our employees and in return they strive to help us make our mission a reality. We make a point of extending this outlook to the younger members of the team – so they know that they add genuine value.
Our passion for innovation extends to other sectors of our business and – with the help of our judges Sir Richard Branson and Steve Wozniak – our Talent Unleashed Awards reward disruptors in the technology industry.
It’s not just millennials we’re focused on, and we want to help nurture the generation that comes next. Our project Talent Rise, partners with not-for-profits, empowering the next generation with education, mentoring and job placement opportunities.
The important thing to remember is that disruption can be a positive force for change. New generations bring different thought processes and different perspectives to the table. And with fresh perspectives comes the potential for innovation – a key catalyst for business growth. Provide millennials with what they need to thrive, and both sides benefit.
If you really want to fly this year and develop your skills get in touch or visit us at www.talentcareers.co.uk