17 Jan Preparing for the New Millennial Workforce
Without question, one of the major, dynamic factors in the changing landscape of the modern workforce is the growth of millennial contributors. By 2025, experts predict that millennials will comprise 75% of the workforce. This means that companies, in order to remain successful, must measure, understand and adapt in order to keep their human capital happy and productive.
Who are Millennials, really?
Millennials have several outstanding characteristics that companies, human resource managers and recruiters should know in order to create policies and environments that not only attract this dominant share of the workforce but actively engages and retains them. Studies show that that about half of the millennials are adverse to remaining with a company for a long time, due in part to a perception of divergent core values (such as social awareness). This means that, in order to decrease costly turnovers, engagement strategies should be a key aspect of an organization’s human capital management plan.
The first major characteristic of millennial workers is their professional drive. Contrary to some popular impressions, millennials are hard workers. They feel a strong sense of responsibility for their job with studies showing that 83% work more than 40 hours per week. They also feel personal ownership for their education and skill improvement.
Other characteristics of the growing millennial workforce pertain to qualities they seek in ideal employment.
1. Job flexibility
What’s more important than money these days? Job flexibility. Evidence is found in the growing “gig economy” and in how forward-thinking companies attempt to attract talent. Already, due to “technological change, globalization and changes in employee expectations,” over 70% of workers work outside of the office at least part of the time. Whether permanent or contingent, more and more workers seek a fluid, mobile working environment, including 100% remote opportunities.
2. Modern technology
Millennials have grown up immersed in technology. Companies that mirror this digital fluency and implement up-to-date technology will not only facilitate their objective success but attract and retain necessary talent.
3. Social interaction and collaboration
Millennials also look for social communication and teamwork in their ideal positions. Even with the trend growing toward contingent and remote working options, there are many tools and strategies that enable effective collaboration and communication.
4. Learning and Development
Investing in self-improvement is a priority for the majority of millennials. And while many feel a sense of onus to improve their skills, companies that facilitate and encourage this will gain an edge in employee engagement metrics. Studies show that more than 70% of workers feel more committed to an organization that provides opportunities for professional growth.
Recognize the Battlefront
The War for Talent continues – perhaps even more than ever. Employee turnover costs organizations approximately $11 billion dollars annually. Therefore, competitive companies keen on cultivating success will work on understanding this new and dominant generation of workers. They will adapt policies to fit millennials’ expectations rather than the other way around. And in the end, they will succeed where others may fail.