As baby boomers are starting to retire, the millennial generation is quickly taking their place in the workforce. In fact, 40 percent of companies employ more than 50 millennial workers and this generation will represent almost 75 percent of the workforce by 2025. But millennials have different values and perspectives than previous generations, so companies need to be aware of their needs and expectations to attract and retain their candidates.
The millennial generation can improve companies with their unique areas of expertise. In a company that emphasis innovation, millennials can help bridge the gap between operational structure and procedure with quantifiable risks. Businesses can capitalize on the millennial entrepreneurial spirit by working through any task assigned and growing into leadership positions. Almost one in four millennials want a chance to showcase their leadership abilities so their organizations can develop better future leaders.
Millennials have specific values and expectations from their employers. While the boomer generation wanted job security and structure from their employer, millennials are looking for employability and work flexibility. Millennials want management to be honest, have integrity and be respectful as well as act as a mentor and provide feedback to employees. They also want to see the big picture to better understand their roles and responsibilities. The millennial generation expect a comfortable and safe environment that allows for collaboration among employees.
Companies looking to attract and retain qualified millennial candidates can use this five-step plan. First, businesses should offer competitive salary and benefit packages with the opportunity to grow in the company. Millennials don’t want to wait three to five years for promotion opportunities. Companies need to have transparency around their business decision because millennials want an open atmosphere to foster trust and communities with other employees. Businesses should ditch the hierarchy system and allow everyone a voice to share problems and concerns.
Employers should make work exciting, fun and challenging. Millennials tend to flourish in this environment and even baby boomers are supportive of this work philosophy. Millennials are more social and 71 percent want their colleagues to become a second family. Advice and guidance is crucial for this generation. They are young and eager to get better and they know constructive criticism is necessary for their success.
Despite some negative remarks about their work ethic, millennials are actually hard workers who can have a meaningful impact on companies looking to succeed in the 21st century.
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