These days, the business world is obsessed with talking about Millennials – and for good reason. In 2015 they became the largest generation in the American workforce. Despite some of the negative stereotypes, many of it are just Millennial myths. Millennials make up some of the most talented employees and they're essential for any company's growth and success.
Unfortunately, many employers misunderstand this generation, or simply don't know how to appeal to them. In fact, 53% of hiring managers say they have difficulty recruiting and retaining Millennial talent.
Understanding their values and career motivators you can engage, retain, and shape your company's next generation of leaders.
Put the Why in Work
Millennials thrive on asking questions and challenging the status quo. Not because they are being difficult, but because they want to find meaning from their work. Yes, they value a good salary and benefits, but they want to feel like their work has meaning and purpose. State your "why" loud and clear to attract people who are just as passionate about your business. A purpose-driven company will attract purpose-driven people.
Invest in a Leader Mentality
When Millennials Feel neglected they develop detachment with their current company. According to Deloitte's 2017 Millennial survey, 44% of Millennials are ready to leave their job due to lack of development opportunities and two-thirds want to be their own boss. This generation values control over their own destiny. Companies that allow decision-making power, even as small as PTO used at your own discretion, see an increase in performance and engagement.
Understand Their Needs and Find a Balance
One thing this generation surely values is work/life balance. Long gone are the days of trying to fill up mandatory 8 hours a day, 5 days a week. The mentality is “work hard, play hard.” Large bonuses are certainly a priority, but flexible vacation and work hours are too. They place a high value on spending time with friends and family, more so than previous generations, so figure out the balance that is going to work best for your company.
The best thing you can do for your company is attract people that fit with your culture. If you are looking to hire Millennials, know that some of your core values must align with theirs. Before you write them off, understand that Millennials are one of the most misunderstood working generations. Yes, they may demand certain items you see as uncalled for, but in the end the good ones will be your biggest champions.