Millennials: Those born between 1980 and 2000, are now the largest group since the Baby Boomer generation.
This generation has grown up with technologies such as broadband, iPhones, laptops and social media as part of their cultural norm. When it comes to the working world their behaviour and expectations are coloured by the fast-pace nature of this technological environment whereby instantaneous access to information and communication is a must.
So why are Millennials important? It’s predicted that by 2020 they will form just over 50% of the global workforce.
So take note people – They’re coming in!
1. Work/Life Balance > Financial Rewards
A study conducted by PWC found that Millennials place importance of a work / life balance over financial rewards. Things such as personal learning and development were their preferred benefits from employers. This study found that millennials are more likely to settle for a position that offers work/life balance over something with high pay and financial rewards.
2. #Flexible Work Approach > Rigid Corporate Structures
A flexible work approach took second place on the list of preferred employer benefits in the PWC report. This is supported by Deloitte’s study which found that majority of Millennials view flexible working arrangements as supporting greater productivity and employee engagement whilst enhancing personal well-being, health and happiness.
3. Rapid Career Progression
Millennials want results and they want results fast. Their expectation about everything happening ‘right now’ extends into their expectation about career progression. In the same PWC study, 52% of respondents said that being able to move up the ladder fast was more appealing than competitive salaries.
4. Technology, Innovation and Efficiency
Millennials expect businesses’ to be working with the most ‘up-to-date’ technology and with the most efficient processes. They become easily frustrated by old school methods, especially if they can see more efficient ways of working. So take note business owners, if you’re wanting to attract / maintain millennials in your workplace you’ll need to be adapting to the technological environment of the 21st century!
5. An Employer brand that reflects their own values
A number of other millennial studies suggest that they are most attracted to business brands which they admire as consumers and brands that align with their own values. Millennials want purpose in their work and want to feel like the business/organisation they are working for promotes the ethos they believe in. The Deloitte study found that a large majority placed value on employee satisfaction and customer/loyalty satisfaction rather than the reputation or financial success of a company.