Millennials stand to encompass 75 percent of the total workforce by 2025, and we want to share with you a few statistics to get you excited about the future with the new generation as leaders.
Along with the statistics, we are providing you with actionable steps to embrace and adjust to Millennials coming into the workplace.
A Millennial is anyone born within the years 1980 to 1994. There ages being 25 to 39 years old. Many companies are now starting to see Millennials take management positions in greater quantities.
These first set of statistics come from Great Place to Work ©, and the key findings are how the next generation of talent will thrive and how great organizations will develop and retain tomorrow’s leaders.
Millennials who believe their company has a high-trust culture, are 22 times more likely to have the desire to stay employed there for long periods. Comparing that to Baby Boomers, they are only 13 times more likely to stay, and Gen X-ers are 16 times more likely to stay.
You can build higher trust within organizations by following these 8 leadership behaviors:
1. Give your employees challenging, yet doable, work with clear goals and timelines
2. Do you see excellent performance? Recognize them.
3. Give your team some space; let them work on projects without providing input.
4. Be lax when it comes to hierarchies and structures. Give your team the ability to work on their job functions and create teams and relationships among themselves.
5. Keep everyone in the loop of your strategic mission, long term vision, goals, and strategies.
6. Build relationships, both inside and outside of the workplace. Think lunches, happy hours, social settings, you name it.
7. Focus on growing each person holistically, rather than growing them in their ability to do their work. Things like working on a positive attitude, communication skills, team player abilities, and self-confidence can go a long way.
8. Ask how you can help and show you don’t have to know it all to be a success and that teamwork is most important.
Get an 8x improvement in agility, and a 7x improvement in innovation by valuing Millennial employees and showing sincere interest in them as people.
Showing employees you care about them as individuals is a simple thing to do. Small gestures can go a long way, and here are some of them:
- Keep your eyes open for opportunities to help with both work and personal issues. Sometimes going above and beyond to help someone, to simply let them know that you would do anything in your power to support them will go a very long way.
- Relate to your employees. Sometimes, many leaders within organizations simply bark orders and never take the time to understand their employees. By trying to understand each person and being a little vulnerable, you can help employees overcome challenges they may have.
- Coinciding with key point #1, you’ll want to show you care about their personal life. How do you do this without crossing a line? Let your team know you don’t just see them as worker ants. You see them as who they are outside of work.
- Say, “Thank You”, and mean it. Things like, “This is amazing work”, or “You’re doing a great job. I really like how you’re handling this” are other ways to emphasize you want them to continue doing a great job.
- Start a fun tradition like birthday celebrations, employee of the month, or a monthly lunch for everyone to get a break from all the hustle and bustle.
- Encourage personal development by giving your employees more opportunity through tools, software, education, and learning. If you can enhance your team’s performance with a few advanced pieces of technology, it may be worth the investment.
“Millennials who say they have a great workplace are 59x more likely to strongly endorse their company to friends and family.”
But what makes a great workplace for Millennials?
Millennial’s prioritize three things when choosing where and how they work: money, security, and time off.
The top 5 priorities of Millennials when looking for a job are:
- Money at 92%
- Security at 87%
- Holidays/Time Off at 86%
- Great People at 80%
- Flexible working at 79%
Beyond all these factors, Millennial employees are more likely to stay at a job if they:
- Receive a pay increase or bonus
- Have a new challenge or promotion
- Receive better work-life balance
- Obtain a clear career path
- Are recognized by manager and colleagues
Furthermore, half of Millennials would consider leaving their current job due to a lack of appreciation, but employers can put a stop to this by offering more face-to-face feedback.
Remember our points above, a simple gesture of “thank you” and our other pieces of advice can go a long way in keeping your best talent in the workforce.
The most practical advice for getting your Millennial employees to stay at your company are to:
- Let them know by staying in your company they can advance their careers. Showcasing past employees who have done this is a great way to emphasis your point.
- Show appreciation for your Millennial employees by offering frequent feedback, and affirmation. Simply telling them thank you and acknowledging their work can lead to dramatic results.
- Giving your employees an opportunity for variety by placing them with different teams. This will satisfy their need for variety without feeling like the grass is greener with another company.
- Anticipate breaks for personal reasons – things like honeymoons, caring for parents, and births, are all important times for people, and lengthy careers will accommodate to this demand.
- Check in regularly about their career path. Stop the annual reviews and focus on near term goals and implementation strategies to achieve them.
- Millennials prefer full-time work, but they are also open to part-time, freelance, or portfolio work.