Millennials are young and vibrant. They have a fresh outlook on everything they work on and are willing to reshape the world including the corporate world. Their desire to grow both professionally and spiritually, their multi-tasking ability, willingness to work as a team and grasping the technology- make each of them a powerhouse of great potential. As per a survey, the millennials will form 50 percent of the workforce by 2020 and by 2025 the percentage will grow to 75. This is the reason for retaining and engaging the millennials have become the most important aspect of every business.
Motivating, engaging and retaining the millennials have become the major priority for every business. According to a survey, 2/3 of these millennials only in India will want to switch job by 2020. Better compensation is one of the reasons for switching job, but not the only satisfactory one. Career progression opportunity is one big factor for switching jobs because it can help them achieve long-term career-related goals. Business companies and organizations should create definitive and concise career paths.
These millennials believe in engaging with various social responsibilities. Doing something for the society attracts them easily. The organizations must include some social well-being activities in their HRMS solutions calendar.
Here are important 3 factors which leaders or employers should keep in mind to retain these talented millennials:
As per some surveys, a fact has come to surface that most millennial employees need a bit more feedback, unlike other generations’ workers. There are very few millennials who report that they need the same amount of feedback as other generations’ workers.
Many organizations see “more feedback” as a negative sign but when it comes to most millennials they want to deliver their work a little bit different in real time. That’s the reason for them to look for feedback. If any manager looks into the performance of any millennial in the payroll management system, and give 30 seconds to give feedback to a millennial on his or her work, it will help in the long run. For millennials, immediate feedback is the best way to work and improve.
Prioritize Learning and Development:
On learning things and development, millennials place a much higher value as they have grown up in the fast-changing digital landscape. They understand very well that every person has to accelerate their learning to stay competitive. For millennials both horizontal moves and vertical moves are attractive. They don’t always look for constant promotion. Mobility programs where employees can switch roles within that organization are of much appreciation for millennials. The reason is simple- the growth experiences are in high demand with the millennials.
To say elaborately, millennials have understood that a fixed development is not enough any longer, to stay in the competition constant development with the changing time is the key. There are very few companies who have the mindset to redevelop their organization. The rate of redevelopment is much higher in the tech industry, which is why millennials are attracted to it. The 66% of employers of tech companies have started to put a strong focus on continuous redevelopment process.
Building Flexible Work Culture:
With the human resource management software, it has become much easier to track everything about an employee in a business sector. If leaders see this minutely they will find out that for millennial, work-life integrity is most important. For previous generations, work-life balance is important. According to Allison Griffiths, millennials focus on creating work. They do so, by making their work adjustable according to their rest of the life. Many though believe that working remotely or part-time can badly affect their promotional prospects.
A manager can encourage each individual work habit to take their companies to the highest productivity level.