One of the biggest challenges is workplace engagement. Engaged employees are involved in, enthusiastic about and committed to their work and workplace. Unfortunately, a 2014 Gallup poll of 80,837 employed adults reports that Millennial workplace engagement is the lowest of all surveyed groups (28.9 percent). This lack of engagement equates to a direct hit to the corporate bottom line — according to Forbes, 60% of Millennials leave their jobs within three years, costing companies between $15,000 and $25,000 to replace each departing Millennial while leaving their coworkers with larger workloads.
What do Millennials want, and what does corporate leadership need to do to attract and retain top-quality employees? Four key factors come into play: flexibility, impact, opportunity, and satisfaction.
Millennials are the vanguard of the mobile revolution — with little more than an assignment, a deadline, and a high-speed Internet connection, they can be productive without being in a cubicle. It makes sense that the flexibility to get their work done any time from anywhere is something Millennials look for during their job search. If your company isn’t ready to take the plunge and create a fully virtual workforce, consider limited adoption by incorporating one or two telecommuting days during the week, and take the time to check in with your team to keep them connected.
If you want your company to be attractive to Millennials, make sure they know they will have an impact. In the 2016 Deloitte Millennial Survey, six out of ten Millennials said a sense of purpose was part of the reason they chose to work for their current employer. To produce their best work, Millennials need to feel as if their opinions matter. Put a system in place where everyone has a voice, and foster a culture that makes it safe to speak up. When Millennials feel their opinions and ideas matter, it helps them and your business thrive.
The need to make an impact goes beyond improving the company. You are more likely to attract and retain Millennials if your business has a reputation for social responsibility. The Deloitte study also shows that 75 percent of Millennials believe businesses are too focused on their own agendas, and not enough so on improving society. Provide volunteer opportunities and matching programs for charitable donations. Sponsor a local community group. Support a nonprofit organization like RIF or the Humane Society. If Millennials believe their company is making the world a better place, they are likely to make their company a better place.
The number-one reason Millennials leave an organization is lack of career growth opportunities. They aim for positions where they feel that their skills will be put to use so they can best help the company. Managers can keep their Millennials motivated by providing advancement and career-training opportunities. And when it comes to training, it shouldn’t be a surprise that the traditional classroom training model is a poor fit for this tech-savvy workforce. Employers need to provide engaging, useful learning opportunities that are self-paced, ongoing, and mobile. Diverse strategies for engagement and learning transfer can include gamification, discussion boards, brief video bursts, interactive webinars, and work sessions that revolve around discussion, debate, and action. To make this self-directed learning model successful, be sure to establish a direct connection between what is being learned and how it will be applied on the job, schedule regular check-ins to gauge progress and engagement, and set a clear deadline for evaluation and completion.
Does your company have a reputation for being a fun, interesting place to work? If not, you may want to take steps to upgrade your corporate image — it can make or break your ability to attract the best new talent. Millennials are in it for more than a paycheck. In fact, almost two-thirds of Millennials would rather make less money in a job they love than more money in a job they think is dull. And by using social networking, online media, and review sites like Glassdoor, job candidates can decide whether they are interested in your company before they walk through your door. Enticements like in-house fitness centers, challenging assignments for both new and experienced hires, or weekly meet-and-greet lunches can make your company stand out and attract Millennial attention.
Millennials are a game-changing generation, and their curiosity, conscience, and competence have the potential to revolutionize how the world does business. They don’t want to work in their parent’s offices — they want to carve out a workplace that is uniquely theirs. Companies that dismiss Millennial hopes for and expectations of their employers do so at their peril — remember the “75 percent of the workforce by 2025” statistic? And if you step back and view the situation with an objective eye, it’s clear that the new workplace Millennials hope for can benefit every employee, not just those on the south side of 35 years old.
327 Solutions leadership has been in Training and Development for over two decades working with Fortune 500 clients helping our customers reach their goals. We know generational divides, drivers, motivators and how to get employees interested and excited about their work through training, development, coaching and mentoring. We are The Agency for People and Talent Development Leadership™ supporting the Fortune 500 through placement, consulting and training.
To discuss how 327 Solutions can help you with Training and Development and Performance Consulting that align with Millennial needs, please feel free to schedule a call below or visit our website at www.327solutions.com
Schedule a Call Instantly: https://327solutions.youcanbook.me
Majority of U.S. Employees Not Engaged Despite Gains in 2014, Gallup, Amy Adkins, January 28, 2015, http://www.gallup.com/poll/181289/majority-employees-not-engaged-despite-gains-2014.aspx
Fortune Magazine, 3 ways employers can engage millennials at work, Alan Todd , Carsten Sudhoff, June 2, 2015, http://fortune.com/2015/06/02/3-ways-employers-can-engage-millennials-at-work/
Why Millennials in the Workplace 'Don't Care,' and 4 Things You Can Do, Ray Gillenwater, Co-Founder and CEO of SpeakUp, May 29 2015, Entrepreneur, http://www.entrepreneur.com/article/246437
How to Engage Millennials in the Workplace, JP George, October.14.2015, TrainingIndustry.com, http://www.trainingindustry.com/workforce-development/articles/how-to-engage-millennials-in-the-workplace.aspx
Four Ways To Satisfy (And Retain) Millennial Employees, Ashley Stahl, Oct 8, 2015, Forbes, http://www.forbes.com/sites/ashleystahl/2015/10/08/four-ways-to-satisfy-and-retain-millennial-employees/
Quit Trying To 'Engage' Millennials, Kathy Caprino, Forbes, May 1, 2014, http://www.forbes.com/sites/kathycaprino/2014/05/01/quit-trying-to-engage-millennials/
Millennials in the Workforce -- Engaging Them, Retaining Them, Patrick Thean, 04/02/2015, Huffington Post, http://www.huffingtonpost.com/patrick-thean/millennials-in-the-workfo_b_6994968.html