Have you ever analyzed the working environment of your company?
As a business leader, one of your top priorities is to look after your company culture. According to Forbes, effective company cultures can bring a 4X increase in the profitability of a business organization. Making it a valid reason to invest in the culture of your company.
Your company’s culture has a direct impact on employee engagement and retention in your organization. As well as the employee morale and their loyalty to your company. Your company culture will also be the underlying factor for attracting the top millennial talents.
Every organization wants to have a workforce with high potential, effective decision-making, and great expertise in subject matters.
Which is why organizations invest in various strategies to attract top-notch talents. These days, the larger focus of business organizations is on hiring extraordinary millennial talents.
But why are businesses pushing the agenda of increased millennial hiring? Do you have similar strategies or plans as well? Let’s try to understand why millennials are in high demand.
Table of Contents
Why Should Millennials Matter to Your Organization?
There are many reasons why millennials should matter to your company or all companies for that matter. Pew Research Center states how millennials already account for 35 percent of the workforce in the US. Additionally, aDeloittestudy reveals how millennials will constitute 75 percent of the global workforce by 2025. Having said that, the future of your business will have millennial workers at the heart of it all.
Besides the mere overwhelming proportion of millennials in the global workforce, it is their skills and traits that make them valuable assets. Here are some parameters on which millennials perform better than most baby boomers:
– Millennials show greater resilience to challenges
– Millennials are more tech-savvy than baby boomers
– Millennials show greater curiosity to learn and perform
These are some of the strongest personality traits millennials are known for. With such traits and potential, they can prove to be game-changing additions to any workforce.
But the major concern with millennials is the low employee engagement among them. A workplace report by Gallup, states how only 29 percent of millennials are engaged in their jobs. This further leads to high disengagement rates, making companies unsure about hiring them.
By creating an ideal workplace culture, you can overhaul the scenario. The first step is understanding what millennials want from a workplace. If you give them a gravitating workplace environment, you will be able to attract the most versatile talents among millennials. Making them more likely to stay with your company in the long run.
What you also need to know is that millennials are quite choosy while applying for jobs. Harvard Business Review shines a light on how millennials put company culture above everything else. 75 percent of millennial job seekers rate people and cultural fit as their top priority during job applications. Having said that, it is important to create a positive workplace culture.
In this blog, we’ll shed light on the various expectations millennials have from company cultures. This will give you a clear idea of what it takes to attract and retain efficient millennials. Based on these insights, you can then tweak your workplace culture to make it lucrative for them.
Without further ado, let’s delve deeper into it!
Company Culture Virtues that Attract Millennial Talents :
Celebration of Workplace Diversity
Millennials strongly endorse diversity and inclusion. Illustrated by their advocacy for LGBT rights and taking part in pride parades.
They believe in leaving behind all stereotypes and creating a more inclusive world where every identity has dignity. In fact, this solidarity for inclusion is what defines their greatest strength. Based on their love for diversity, they look forward to working with organizations that embrace pluralism.
Glassdoor states how workplace diversity is among the top factors that people consider while applying for jobs. In fact, diversity in the workplace is the top-most concern for 72 percent of female workers. It’s also vital to understand how millennials view the construct of diversity.
As per Gallup, millennials look at diversity as a virtue that goes beyond cultural or linguistic differences. They evaluate diversity in terms of perspectives, ideas, experiences, talents, sexual orientation, values, and philosophies. They look at diversity from a much larger purview than how baby boomers would see it.
With this knowledge in mind, you should look to create a more dynamic and plural workplace culture. A culture that values everyone and celebrates everyone’s individuality irrespective of gender, race, and so on.
There should be no room for discrimination of any kind. Diversity should be a positive virtue in the workplace, bringing people together rather than drawing boundaries between them.
Such a workplace culture will be suitable for millennials where they would not need to fake their identities. In a helpful and empathetic workplace, they will feel liberated to express themselves. Give it a try: Create value around diversity, embrace it and see how it attracts the most outstanding talents!
Learning and Advancement Opportunities
Learning, development, and growth prospects are paramount to millennials.
When employees join an organization, they look forward to learning from their superiors. Besides, they look to have access to their fair share of growth opportunities within the organization.
As per Lorman, 87 percent of millennials suggest that learning and development are of utmost importance. To add, 59 percent of millennials evaluate growth opportunities offered by a company before applying.
Having said that, you need to create a culture that facilitates active learning. Integrating a continuous feedback mechanism can be a great way to achieve that. It will promote continuous learning in the workplace.
After all, the culture should make employees feel valued. You need to create a culture your millennial employees will love to be a part of. Yet, it shouldn’t only be limited to millennials. All your employees should take great pride in being a part of your organization.
One of the best ways to do this is by offering growth and advancement opportunities. Employees have every right to look forward to advancement and promotions as long as their performance is up to par. Their goals drive greater enthusiasm and sincerity in the long run.
Your workplace culture should promote advancement opportunities. The people in the workplace should be happy to play active roles in each other’s growth. The office culture should be known for its healthy competition and not a toxic one. After all, would you ever want to be a part of a toxic work environment? No one would!
Growth prospects are also a great way of telling your employees that you value their effort and diligence. This will also set a benchmark of performance for all your employees. What is more vital is that millennials would be fascinated to be a part of such a rewarding culture.
Competitive Salaries and Monetary Incentives
It goes without saying that money is one of the pivotal reasons why people choose to work.
Yet millennials have a clear idea of their self-worth and how competitive salaries work. They would not settle for anything less than what they feel is a salary good enough.
A recent study by Manpower Group concluded that wages are the top priority for millennials. They value their potential, and they believe that they will find competitive salaries based on their skillset.
Having said that, they won’t be interested in joining a company known for subpar wages. You have to ensure that your company offers competitive salaries and other perks. Of course, you would only offer these benefits to millennials who deserve the same.
This is a criterion that is crucial to the morale of all employees regardless of the generation. Hubspot confirms this in a study that illustrates how 69 percent of employees feel that they will put in extra effort when appreciated better.
Moral of the story: To attract millennials, you need to have a dynamic culture of rewards and recognition. Monetary incentives to reward performances works the best. There also would be a greater chance of your present employees referring the organization to job seekers down the line.
A Fair Share of Autonomy and Flexibility
Autonomy and flexibility are among the uncompromising priorities of millennial workers.
A workplace culture that embraces flexibility is attractive to them by default. The flexibility they seek is in terms of flexible working hours, remote working, and flexible approaches to work. They do not want the usual 9 to 5 office jobs that they rather find monotonous. They want their jobs to have minimum office time and a greater share of remote working.
In fact, some millennials would quit their jobs for remote working options. A survey by Bloomberg, reveals how 49 percent of millennials and Gen-Zers agreed that they would feel the urge to switch their jobs for permanent remote working opportunities.
Additionally, millennials seek autonomy from their superiors in their jobs. They do not want to be micromanaged at work. They want to have the autonomy to do things their own way, which is in fact, also a motivating factor as they see it.
As cited by a report from Forrester, two-thirds of employees from the millennial generation seek autonomy in selecting the applications, devices, and services they need for their tasks.
They also need creative liberty and empowerment to bring out the best in them. They want their superiors to show greater trust in them and back their abilities. They want their managers to have faith in them and allow them to complete their tasks in their own ways. They associate this freedom and empowerment as a part of their professional growth.
They believe that autonomy inspires the highest magnitude of productivity in them. This is a fair expectation to have, isn’t it? People with potential do not like to be held back and monitored at each step.
Having said that, you need to include autonomy and flexibility in the workplace to make it appealing to millennials.
The greater the flexibility you offer the more millennial talents you will attract and retain for the longest. You got to attract them with reasons they can’t say no to. This is what employee retention is all about!
To conclude, millennials have an uncompromising attitude when it comes to what they want from their jobs. The reason why they have high attrition rates is credible evidence of that.
For them, the culture of a company is among the top priorities. They would not want to be a part of a culture that does not allow them to express themselves.
Also, they prefer working cultures that celebrate every ounce of diversity and also facilitate learning and development. If you could include all these virtues in your company’s culture, you have a great chance of attracting the top millennial talents.
Since millennials will define the future of workplaces, investing in them today and aligning their interests with the company’s ambitions will pay off in the long run.
Jessica Robinson creates content for The Speaking Polymath and her content reflects her highly intellectual vision. She is an educator herself but she loves to learn from everyone around her. She never limits herself to what she knows, she is always curious to grasp more.You can follow her on Linkedin or on her blog.