Millennials, or Generation Y, are estimated to make up 75% of the workforce in the next 10 years. Millennials are the generation following Generation X and are considered to be anyone born from the early 1980s up to the early 2000s. The generation after them are called Generation Z.
Millennials have grown up with technology; they have seen the rise of the mobile phone and the internet. This means that the majority of millennials are tech savvy and have certain expectations when it comes to tech levels at their places of work. They can also be fiercely loyal and great brand ambassadors.
This generation are becoming key players in companies. So, how can you keep millennials engaged with your company?
How companies can appeal to millennials
Compared to their predecessors (Gen X and Baby Boomers before that), millennials prefer flexible working hours and personal development time. They are considered the 'no collar' working class from an MTV study. Also, they are often misconstrued as having a bad attitude; this is not surprising when 75% of millennials feel their bosses could learn something from them.
On the other side of this, 89% want to be constantly learning at their job and over half would rather have no job than a job they hate. Growing up in an era where information is highly accessible, millennials thrive on knowledge and personal development as well as being great brand ambassadors for your company.
Millennials care about more than profit margins
Studies have shown that millennials, although desiring to have a good salary and job security, are invested in more than profit when it comes to the company they work for. Millennial employees are looking for companies with good brand values to complement their personal values.
Millennials need a clear career path
89% of millennials will work harder when they know where their career is going. Set out clear goals and objectives using HR software and training plans so your Gen Y staff can see what they are working towards personally, as well as for the good of the company.
Learn more: Business training needs analysis guide
Millennials need positive reinforcement and leadership confidence
Growing up with fast internet, social media and texting, millennials work at a fast pace and often expect immediate responses. They are highly motivated but often impatient, so putting in approval processes and feedback is a good way to keep this enthusiasm going.
Millennials are not used to the same office hierarchy as baby boomers, so they need to have confidence in their management team. HR software can help keep the structure; as well as being online, it is an easy interface for millennials to use.
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Written by Fiona Sanderson
Fiona is Marketing Manager at myhrtoolkit. Her areas of expertise include HR systems, productivity, employment law updates, and creating HR infographics.