5 things a Millennial looks for in a company
Identifying what motivates Millennials and their goals is key to attracting new talent
Within the next 10 years, Millennials will make up 75% of the world's workforce, but today they are a generation yet to be fully understood, the protagonists of scores of studies across the media. Their integration into the workforce is changing the rules of the game and identifying what drives them is key to organizations getting the most out of their talent.
‘The me, me me generation' described by Time magazine is also a generation of workers who are creative, relate well to others and understand new technologies. Integrating them into the workforce is not just a necessity, but an developmental duty.
So, while analysts are busy trying to unravel the mystery surrounding Millennials, here are the keys to understanding what this generation expects from a company, making it easier to attract and retain talent:
Millennials are after a flexible job which is adapted to their needs
In a corporate organisation, task priorities are no longer the only things that lead the way. Millennials are on the lookout for projects which allow them to grow and in which their opinion is heard and taken into account. Companies such as Google have set the trend by allowing their workers to dedicate part of their working day to personal projects which, on many occasions, end up adding to the company's solutions portfolio. This strategy has lead to success stories such as Gmail and Ads and also some failures like Glass. In any case, it's all about having a policy which encourages personal development, but does not compete with the company's needs.
Flexible tasks as well as schedules. The line separating life and work has become blurry for Millennials, who will hand in a quality piece of work before the deadline as long as they can adapt the allocated hours to their needs.
Millennials place great value on the training offered by the company
Simply maintaining the knowledge they have when the leave university is not enough for Millennials. One of the most effective ways to attract millennial talent is to offer great on-going training that allows them to grow professionally and fuel their strengths. A study by Deloitte shows that 70% of Millennials considered changing job within 2 years due to a lack of training opportunities within their organisation.
Feeling that their job has a social purpose is critical for Millennials
Something that Millennials are obsessed with is making an impact: feeling that their job has a meaning and contributes to something which improves the world they live in. The possibility of finding a project to which they can contribute and feel committed is very high up on their list of priorities when it comes to choosing a job.
Not all companies work on projects which make a big social impact, but they can get involved in initiatives that do. Organisations such as Ikea have created foundations to finance educational and health projects for thousands of children in countries with high poverty indexes.
Millennials want your feedback
The leadership model Millennials demand is far removed from traditional parameters. They reject the authoritarian boss figure and call for a mentor who satisfies their professional and personal need for growth. Some companies such as IBM and General Electrics have swapped their traditional annual activity report for a quarterly one in which they give their employees the opportunity to receive feedback so they feel valued, listened to and motivated.
Millennials want an attractive salary
Of course they do! Growth, training, companionship and social purpose are what draw Millennials in, but none of this means anything without a competitive salary.
An article by Fortune indicated that startups viewed Millennials as cheap workers, which may well be true in the early stages, when issues such as the company's cause, a pleasant working environment and the perks on offer are an incentive. However, before long, the salary will end up being one of their main driving factors. Offering a competitive salary which falls in line with the value the employee offers the company is the key to attracting and holding onto millennial talent.
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