By 2020, half of the workforce is projected to be comprised of millennials, and by 2025 that projection jumps to 75%. The time has come to start considering this generation’s behavior, work habits, and preferences in the workplace. There are several key factors that play into how a millennial’s interest is piqued when it comes to the companies they work for. If a business has not already begun to modify its business practices to attract and retain this generation, it’s time to start looking into making some changes. Keeping millennials motivated is essential to maintaining engaged and better employees.
Millennials care about social impact. In fact, 90% of purchasing decisions made by millennials are influenced by a company’s social commitment. 63% of millennials also expect their employers to contribute to a social cause.
Millennials are more likely to be excited and engaged in their work if they know and agree with your company's values.
71% of millennials who know what their company stands for say they plan to remain there for at least a year.
In order to show that your business is interested in making a social impact, provide opportunities to show the connection between employee value and work, volunteering, and charity. In a World Economic Forum study, 5,000 millennials surveyed in 18 different countries indicated that the overall top priority for any business should be “to improve society.” Millennials tend to be happier at work if they know that the businesses with which they represent are working for the greater good.
Millennials yearn for recognition and feedback. Feedback on job performance gives these employees the push they need to succeed and instills a desire to perform exceptionally. Investing in employee talent, allows them to flourish. Implementing a rewards program is key to giving your employees the encouragement they expect which gives them the push they need to strive for success. Millennials are the first generation to experience instant gratification as a result of a hyper-digital upbringing. A rewards program that includes a fun and innovative way to recognize employees through “game-play” (think badges and leaderboards) that instantaneously measures the progress of the millennial employee is the key to attracting and retaining young top talent.
Ninety-one percent of millennial employees are interested in career opportunities that can provide them with the opportunity to advance. They tend to disengage if they feel stuck at a dead-end job. This generation seeks to constantly be connected to the world around them while also being connected with their coworkers. Millennials thrive on the ability to contribute, and recognition is the fuel to their work ethic.
Millennials view themselves as independent more so than earlier generations. Employers will get the most productivity from millennials by giving them the freedom to work remotely when possible because they thrive on independence. Millennials want to balance their social and work lives. Casual work environments that allow employees to move around and work in groups see more productivity.