Is Your Company Millennial Friendly?Shannon Hall
According to Gallup’s measurement of working U.S. adults, millennials (those born between 1980 and 1996) make up 38% of the workforce and this number is projected to increase as more members of this generation join the workforce over time. This means millennials are now the majority of the workforce in the United States. The reality is that millennials are more likely to switch jobs in order to pursue better opportunities. As a result, job stability in the future will be considered two years in a given role vs. the current 3-5 years. In order to continue running successful businesses, employers must embrace changing conditions and determine how they can accommodate the values of the new workforce in order to engage and retain them. Below we’ve condensed the findings of the Gallup poll and explained the top millennial values in order for employers to better understand this generation.
Benefits & Compensation
Gallup measured 48% of millennials who said compensation is extremely important when seeking a new job. Millennials are more educated, have more debt, and are paid less than other generations. This means that this generation looks for reliable and consistent income that can help chip away at student loans. Special benefits programs to help ease student debt are greatly attractive to millennial candidates. With a loan repayment benefit, millennials can then use their income to increase their independence and more comfortably afford essentials such as housing and groceries. According to the poll 30% of U.S. adults younger than 35 live at home with their parents. Providing stable income that allows millennial workers the freedom to provide for themselves is a huge incentive when it comes to attracting millennial candidates.
Work-Life Balance & Flexibility
The Gallup poll found that millennials “work to live” rather than “live to work”. In fact, 57% of millennials say that work-life balance and personal well-being in a job is very important to them. They value having a life outside of the time they spend at work, or better yet, an integration of the two. They look for a good work-life balance and will be more engaged at companies who can offer more time off and work-from-home opportunities. According to Global Workplace Analytics, 90% of the workforce would like the option to work at home at least on a partial basis, but only 20% of the able workforce regularly works from home. Work-from-home options and flexible work hours can help millennials achieve the work-life balance they’re looking for. Millennials are also more likely to accept temporary and contract positions for greater flexibility in life. According to the poll, millennials in workplaces that value a balanced well-being are 85% less likely to leave and employer. Overall, this generation looks for companies that invest in their well-being in order to improve their quality of life.
Continuous Coaching over Annual Review
Gallup found that the current format for performance reviewing does not align with millennial values. They don’t want to wait for their annual review to know how they’re doing. Millennial’s prefer continuous communication and ongoing feedback about their performance so that they can take quicker action to improve. This generation wants their expectations to be outlined as clearly as possible so that they can meet and exceed those expectations. They also look for managers who are involved, engaged, and willing to be mentors. 44% of millennials who report that their manager holds regular meetings with them are engaged while only 20% of millennials who do not meet regularly are engaged. They prefer managers who continuously coach them in order to improve and meet goals.
Professional Development & Learning
According to the poll, 87% of millennials consider professional or career growth and development opportunities to be the most important factor in job satisfaction. Only 69% of non-millennials say the same which indicates a clear shift in values. Gallup found that among all generations in the workplace, opportunities to learn and grow is one of the top drivers of retention. In order to attract and retain millennial workers, employers must adjust to this shift in values. Millennials want to learn and expand their skills, and employers must offer training and other professional development opportunities in order to accommodate them.
Some of the biggest deterrents for millennial workers that we see are companies with outdated websites and office spaces. A good website with up-to-date design and functionality is integral to your branding and corporate image. We’ve come across websites that look like they haven’t been touched since the 90’s! A millennial candidate isn’t likely to take such a company seriously. We also see many outdated and uninteresting office spaces that do not facilitate the style and values of millennial workers. Millennial’s prefer open-concept designs that provide ease of communication and increase connectivity. It’s also worth noting that according to a study performed by Tim Harford (an economist and author), employees who are allowed to customize their own workspace are 30% more productive. We believe this flexibility is key to keeping millennials engaged.
Corporate Social Responsibility
Millennials value having a larger purpose in their work and they strongly align with companies who commit to upholding corporate social values. They want to be active participants in the causes their company stands for. This plays a significant role in a millennial’s job search. According to a Cone Communications study, 76% of millennials consider a company’s social and environmental commitments before deciding where to work. 64% of millennials won’t take a job if a potential employer doesn’t have strong corporate responsibility practices. Businesses with strong social and environmental purpose are much more attractive to the new workforce.
Millennials are often negatively stereotyped but the Gallup poll found that there is a lack of understanding which separates employers from embracing the new majority in the workforce. Millennials want good jobs with stability, work-life balance, and opportunities to develop and improve their skills. By knowing what millennials value at work, employers can make the necessary adjustments in order to meet these changing expectations.
Bradley Staffing Group is a full-service staffing firm based in Wayne, PA. We are committed to matching A-level talent with best-in-class businesses. Our knowledgeable and well-trained staff brings a combined 70+ years of staffing experience to our clients and candidates alike. https://bradleystaffinggroup.com/contact-us/