Millennials are now the largest generation in the workforce. In fact, in the year 2030, millennials are expected to make up nearly 75% of the workforce. This poses a challenge for many companies, as this generation, ages 18-34, comes with a whole new list of demands.
There’s no denying that a significant generational divide exists between millennials and their more mature cohorts. You might be hiring some millennials right now, you might have them on your team or in your department. You might even have one as your manager.
Whatever your relationship, it’s important to understand what drives millennials in the workplace because like it or not, they’re taking on big roles. We all work a little bit differently. So, discovering the motivation behind someone’s work makes it much easier to find a common ground on which to meet. You might even find that millennials share many of the same values as you.
In a survey conducted by 15Five, 81% of millennials in the workplace would choose a company that values open communication over one that offers perks like free food, fitness groups, and health benefits. Yet only 15% of those same millennials said they felt that their company was doing a good job at being honest. So, there’s a rift in how the older generations in management are communicating with the younger generation entering the workforce.
This requires compromise on both sides. More tenured employees have to become familiar with the technology that the younger generations are so used to. On the other hand, the younger generations have to learn how to step away from the technology when it’s necessary to communicate in person.
Involvement with Causes
Millennials want to work for companies that believe in and uphold their core values and mission statement. An excellent way to show this? Bring your values to life outside of the office. Partner with a charitable organization, participate in community service, or donate a percentage of profits to a cause.
As a result, company-wide philanthropic efforts will draw more compatible candidates to your company. And it will increase retention and job satisfaction, particularly among younger workers.
Great Company Culture
Above all else, millennials value company culture. Because the retirement age is steadily increasing, millennials have turned their focus toward how a company will fulfill them in the short-term.
While the core business of a company is still important to millennials, they are drawn more to the “idea” that the company sells. Most importantly, they don’t want to work for a company; they want to work with a company.
Achieving Purpose and Fulfillment
Many millennials share a strong entrepreneurial mindset. They focus on moving up the corporate ladder. As a result, a large portion of millennials leave a company if their needs for growth are not being met. The average tenure of millennial employees currently stands at two years. This seems short in comparison with the five-year average tenure of Gen X-ers and the seven-year average tenure of Baby Boomers.
To keep up with millennials’ attitudes for achievement, make sure that they have opportunities for growth within the company. Offer them more challenging tasks or have a conversation about their professional future. With retirement moving further down on the horizon for millennials, they care more about personal fulfillment than tenure with a company.
Reach your millennial employees with Ohana, a virtual place to connect and communicate. Talk to one of our engagement specialists today!