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There’s a generation in the workforce that will soon play a very important role in leading your organization into the future. In fact, Forbes reported that by 2030, Millennials will comprise 75% of the workforce.
There has been a slew of articles lately about millennials ‘killing off’ various industries. This attests to their immense buying power and control in the markets. And, it is another reason why it is very important for you to treat your millennial employees well – because what is being felt on the inside of your organization can be felt on the outside by your customers.
All generations of talent want to feel valued in the workplace. Millennials have reported several things that help to motivate and engage them in the workplace and turn them into loyal employees (and customers).
Here are some of things millennials look for in an organization to keep them motivated and engaged:
Flexibility. This comes at the top of the list for many millennials. Many would even forgo a pay increase or bonus in lieu of more remote work, flexible hours, vacation time and a better work life balance.
Mentorship. Millennials want to receive feedback and one on one coaching with their managers. They want to have a good relationship with their direct supervisor and learn from them so they can move up in the organization.
Autonomy. Along with flexibility, millennials want to have some autonomy and say in how they execute their role. They don’t want a supervisor who micromanages them. Some examples of ways they can get autonomy include, working remotely or flexibility, and having authority over making certain decisions within their scope of practice.
Transparency. Millennials want to know what is going on in the business and how they can contribute to the growth. They want you to be clear about what your business goals and objectives are and to communicate that with them.
Impact. Millennials want to feel like they are contributing to the betterment of the organization. This could be with a special project, by supporting their colleagues, or by serving their customers on the front line. Whatever way they serve your organization, they want to know how their contribution is making an impact in order to feel valuable.
Skills. Millennials are a generation that are very dedicated to continuing their education and learning new skills that make them more marketable. They want to know that you are investing in their future by providing them will skills and development that will make them more marketable and allow them to grow in the organization.
Recognition & rewards. Millennials (and other generations of talent) want to feel like their great work is being acknowledged. Recognition and rewards can come in many forms including non-monetary recognition such as praise and thanks, or monetary rewards and recognition such as bonuses, time off, gift cards, and total recognition points that can be redeemed for merchandise, travel and many other rewards.
For more information on how to support millennials at work read What Millennials Want in the Workplace.