The Millennial Workforce - What You Need to Know
The millennial generation has generated a lot of discussion in recent years. Millennials are currently the largest segment in the workplace. And within the next two years, 50 percent of the U.S. workforce is expected to be made up of the millennial generation. It will be 75 percent by 2030, according to the U.S. Bureau of Labor Statistics.
Those statistics are kind of scary for businesses who haven’t yet evaluated how they’re going to keep up with what millennials are looking for in their careers. Millennial skills and abilities are needed to help companies develop new talent, as well as stay innovative and in touch. But millennials aren’t looking for the same things in a workplace as previous generations.
The top priorities when looking for a job are money (92 percent), security (87 percent), holidays/time off (86 percent), great people (80 percent), and flexible working (79 percent).
For business owners, now is the time to evaluate what you’re doing to keep millennials engaged and invested. The Forbes Human Resources Council made these suggestions:
1. Offer a Flexible, Creative Work Environment
When asked how they would prefer to schedule their work time, Millennials said they would spend the least amount of time in the office (53 percent) when compared to Gen X (56 percent), and Baby Boomers (63 percent).
2. Implement Ongoing Collaborative Training
An eLearning environment appeals to their need and desire for schedule flexibility and on-demand style information.
3. Listen to What They're Saying
At companies where managers show sincere interest in Millennials as people, the organization sees an 8x improvement in agility, and a 7x increase in innovation.
4. Foster a Team Environment
Communication and collaboration in the workplace stimulates the flow of ideas within an organization. The teams better understand each other and do contribute more to the organization. They harness their strengths to reach the common goals.
5. Use Anonymous Surveys to Make Changes
Millennials not only need to be heard, but consulted. One of the ways to better work with your young people and harness their talent to push your organization forward is by actively listening to them.
6. Make Sure Your Technology Inspires Use
42 percent of Millennials use real-time messaging at work, 42 percent use social media and 32 percent use storage or sharing applications.
7. Focus on Quality Of Life
Millennials don't view climbing the corporate ladder or owning tangible items (job title, house, salary, car, and the like) as success. According to the 2016 Millennial Survey by Deloitte, 16.8 percent of Millennials evaluate career opportunities by good work-life balance.
8. Show Them How They’ll Make a Difference
Many Millennials across the world agree with the statement that businesses “have no ambition beyond wanting to make money.”
9. Focus on professional development
Millennials don’t just want professional development. They also want personal development, whether it's kind of pairing talent with life coaches, or helping their bosses become better coaches.
The workforce is changing. Finding ways to adapt, but staying true to your business’s values will help you thrive in today’s workplace.
Wendy W. Smith