The millennial generation, those born between 1980 and 2000, are now entering the employment sector in large numbers. As the youngest working generation, millennials have the opportunity to shape the future workplace.
It is estimated that by 2020, Millennials will form 50% of the global workforce. In Australia, they currently account for 35% of the workforce and are set to reach 75% by 2030. This emerging generation is gradually changing the way businesses manage their workforce.
Related: Q&A: How Can You Harness the Power of Millennials in your Business?
As much as the generational differences impose changes in workplaces, attracting and retaining millennials is a major step for businesses that want to move forward and grow.
But hiring Millennials is one thing, keeping them is another. There is no doubt that millennials matter tremendously for the growth and improvement of the overall workforce, but their differences in style and approach are what makes it challenging. With millennials entering the employment sector, their exceptional skills are in high demand. What sets them apart from previous generations is the outstanding knowledge and grasp on technology, the way they use it and incorporate the digital world into the business sphere.
Aside from their extraordinary tech skills, Millennials differ in behaviour. Previous working generations have a completely different approach to working environments and can sometimes struggle adjusting to the new age and what it brings along. It is believed that the attitude of millennials may have been impacted by experiencing the global economic crisis. The key differences are shown in Millennials' emphasis on personal needs and requirements which, for them, stand above those of the organisation. This new working generation is all about their priorities and goals, meaning they are more likely to put their needs in front of the needs of the company they work for. Previous generations have a difficult time understanding this concept, as they are used to working extra hours and staying in the office for longer than usual just to finish that project that the business needs so badly. Millennials, on the other hand, may easily move on to another place if they find that their requirements weren't met in the first one.
That, however, does not make them bad employees. It makes them more self-conscious and focused on their personal improvement. They have an outstanding desire to move forward, progress quickly and learn more and more. Millennials appreciate and consider some of their most important requirements to be flexibility in their work hours, being valued and receiving frequent feedback.
In order to keep millennials, as employers we need to consider how we do things differently now and into the future, rather than how we used to do things in the past. This starts with understanding their lifestyle as a new way of integrating personal needs and work. Millennials have found the biggest issue to be the generation difference, where senior mentors have little to no understanding of their working needs and lifestyle.
Millennials matter because they are the future. It is imperative for business owners to embrace Millennials and understand how they can harness their power in the business. Their ambitions and desires to move forward on a personal level of improvement can impact a business positively, as they are a valuable and creative asset to any organisation.
As businesses compete for top talents from the millennial pool, is your business geared to attract, develop, and retain younger workers?
Join us as we share how you can harness the power of millennials in this 30-minute webinar.