Attracting and Retaining Millennials in the Workplace
Photo by Karthik Balakrishnan on Unsplash
In the modern workplace environment employees from four different generations co-exist. A diverse workplace can make it difficult for employers to manage employees.
Employees today want work-life balance and will change roles if they do not receive it. Therefore, it is important for employers to understand the values and motivations of employees from different generations to gain a competitive advantage whilst recruiting and retaining.
Who are Millennials?
Millennials are born between 1980-1994. They are highly comfortable with the internet and social media, are tech-savvy, innovative and visual learners. They value workplaces that are collaborative and diverse.
Understanding Millennials
By 2025 millennials will make up 75% of the Australian workforce. Their generation is mostly racially and ethnically diverse and the older millennials are now starting to move into senior management and leadership roles.
Here are some key facts that can help employers understand millennial traits:
73% of millennials work more than 40 hours per week
28% of millennials are actively seeking a new role
38% of millennials say they would rather be unemployed than be unhappy in a job
48% of millennials wouldn’t accept a job with a business or an employer that doesn’t align with their social values
Attracting and Retaining Millennials
The current labour market is extremely competitive with limited available resources. Most employers use a one size fits all approach when generational differences exist.
To attract and retain millennials, employers should:
Be inclusive: Many millennials will never work for a business that is not diverse and inclusive. Today, managers work with diverse teams and need to understand the mindset of each employee to manage them effectively. Fostering an inclusive workforce means supporting a wide range of skills, knowledge and perspectives, all contributing towards a competitive edge.
Have a sense of purpose: Millennials want a sense of purpose and values that align with theirs when it comes to businesses. Employers that can offer a sense of purpose will attract millennials. They also seek a clear and transparent pathway to progression.
Be flexible: It is essential to have organisational flexibility to attract and retain millennials, including:
Adopting innovative strategies to recruit
Providing promotional opportunities to existing employees instead of hiring new ones (where appropriate)
Upskilling and training existing employees
Conducting regular surveys and check-ins to understand employee morale