The Millennial generation consists of people who were born between 1981 and 1996 and make up the largest cohort of working individuals. They are known for their diversity, their expertise in technology, and their appreciation of a good balance between their personal and professional lives.
Employers should understand the demands of millennials, who are increasingly entering the workforce, in order to keep the finest talent and attract new talent. Using data obtained from a wide variety of sources, this article will look into the top six things that millennials desire out of their workplaces.
Meaningful work
While past generations may have seen their work primarily as a responsibility rather than a passion, millennials prioritize having a meaningful career. They seek the gratification that comes from knowing they have made a favorable outcome for society.
Having a meaningful career is no longer a luxury for millennials, it’s a need. Most young individuals concur with Deloitte’s conclusion that companies should be judged based on factors other than financial success. Individuals today seek to contribute to the greater good by working for companies that are actively enhancing the environment.
Why do millennials place such a high value on meaningful work?
Millennials are the first generation to be truly concerned about the earth. They’re aware of global social and environmental issues and want to help discover solutions. They seek employers with a mission to improve society which aligns with their own beliefs.
Here are three particular ways employers can achieve this goal:
- Offer chances for employees to volunteer and participate in social and environmental activities;
- Ensure that employees understand how their job adds to the company’s mission and goals;
- Acknowledge and reward employees who have a positive impact on society.
Career development
Businesses need to be aware of the significance that millennial employees place on developing their professional skills in order to keep and recruit the best workers. Millennials aren’t just interested in climbing the corporate ladder; they also want work that satisfies them and provides opportunities to grow both emotionally and professionally.
According to research conducted by Gallup, 87 percent of millennials place high importance on possibilities within their jobs for professional development.
Why is career development so important to millennials?
They are the generation that emphasizes learning and development. They grew up in a world where technology and innovation were rapidly expanding, so they recognize the need to always improve and adapt to new difficulties. Millennials seek employment with organizations that recognize this and are willing to invest in their growth.
Here are three specific ways employers can achieve this goal:
- Offer training and development opportunities like job shadowing, mentoring, and workshops;
- Provide clear career paths and advancement opportunities with job descriptions and development programs;
- Provide regular feedback and performance reviews for employees.
Work-life balance
Work-life balance is highly valued by millennials because of its practical significance in the workplace. This generation places high importance on their personal time and aspires to be able to live balanced lives outside of work. For them, professional success is not worth risking their personal happiness. Work-life balance was highly valued by 95% of millennials, as revealed by a PwC study.
Millennials want more freedom so that they may do things like pursue interests, visit loved ones, and go on adventures. The millennial generation is notable for its emphasis on mental and emotional health. They’ve come to see the need to balance work and personal life.
Here are three ways employers can facilitate work-life balance:
- Give your employees time off for vacation and illness;
- Provide an environment where everyone’s contributions are valued by encouraging group and individual pursuits of improvement;
- Set a good example for your managers by setting limits on their own work hours and actively promoting work-life balance and career advancement.
Flexibility
It’s important for millennials to have flexibility in their workplace. Individuals choose employment that allows them to juggle their other obligations, such as taking care of family members, transporting kids to extracurricular activities, or engaging in personal interests.
The capacity to balance personal and professional responsibilities is highly valued by today’s youth. In order to thrive in both spheres, they seek a balance between job and personal life. The millennial generation is also known for its ease with technology and remote work. This indicates how highly they regard the option to work remotely.
Here are three ways employers can support flexibility in the workplace:
- Allow working from home and adjusting hours as needed;
- Facilitate remote communication and collaboration by furnishing the appropriate software and hardware;
- Create an environment in which individuals are rewarded for their performance rather than their time spent in the office, and your organization will grow.
Collaboration and teamwork
Millennials show great importance in joint effort and achieving goals as a team. They were raised in a generation where teamwork was valued in the classroom and beyond, so they seek employment options that provide a similar atmosphere. They seek out colleagues who are equally committed to making a positive difference and who have shared values and ethics.
Why is collaboration important to millennials?
This generation has a high regard for inclusiveness and variety, and they think it’s important to pick up new skills and knowledge from others, as well as that working together can help everyone involved advance their careers. Furthermore, millennials are technologically literate and adept at collaborating with colleagues across time zones and physical areas.
Here are some ways that businesses can use to improve workplace collaboration and teamwork:
- Encourage free and honest communication for the exchange of ideas and viewpoints;
- Invest in online tools for teamwork so people can communicate and collaborate from anywhere;
- Bonuses, training opportunities, and public acknowledgment should be given to staff who demonstrate strong teamwork skills.
Recognition and feedback
Millennials find job satisfaction in receiving recognition for their work. Acknowledging and rewarding employees for their efforts can promote loyalty and enthusiasm in the workplace. In a recent Gallup poll, 44% of millennials stated that they would contemplate quitting their present job for a position that offered more chances for career advancement and better financial incentives.
The results of their labors matter to them, and they wish to be informed of this. Feedback helps them achieve their goals and improve their performance. Millennials do best in workplaces, which give them consistent feedback, both good and negative, because it allows them to learn and improve in their positions.
Here are some ways employers can provide support for recognition and feedback:
- Offer bonuses, incentives, and regular feedback to recognize and reward exceptional work;
- Foster a positive work environment that encourages collaboration and open communication;
- Offer learning and development opportunities to invest in employee growth and success.
Conclusion
To attract and retain top millennial talent, employers need to consider what millennials want in their workplace. This includes meaningful work, career development, work-life balance, flexibility, collaboration, teamwork, recognition, and feedback. Employers can create a more engaged and productive workforce by designing their workplaces and job offerings with these factors in mind.
