Millennials might be the largest generation in the workforce, but their talents aren’t necessarily distributed evenly throughout corporate America. This uneven distribution has caused some pressure, as companies compete to attract and retain elite talent. Here are five tips to help organizations keep up with the evolving landscape in the workplace.
- Increase workplace balance; Being perceived as an ’employer of choice’ because of work-life balance policies can provide a competitive edge for attracting and retaining talent. Typically, employees are more responsive to business and customer needs. PwC asked its managers how they would help their team members work the hours that suit them, their culture was transformed by a top-down decision paired with a firmwide contest to submit flexibility plans for a busy season.
- Offer more training; Many millennial contemplate leaving their jobs. According to a 2016 Deloitte survey, two-thirds of millennials expect to have left their current employers by 2020. Of the employees who desire to leave their jobs within the next two years, more than 70% cite a lack of leadership development as the primary reason.. To keep these employees, chief talent officer Mike Preston has created a “development culture.” According to Preston, millennials are “not afraid to disrupt themselves to get that growth and development” they need for their careers. Therefore, organizations must create opportunities.
- Increase the pace of annual reviews; many look forward to a review once or twice a year. For example, until this year IBM employees would set goals in January, check in with supervisors midway through the year, and be assigned a performance score and ranking at the end of the year. However, working with IBM’s Millennial Corps, a community of young employees from around the firm’s global offices, the company rolled out a new system called Checkpoint. Now, employees set short-term goals that are supported by quarterly check-ins. Other companies such as General Electric, Accenture, and Adobe are also transfiguring their performance reviews.
- Build purpose beyond the bottom-line; Deloitte surveys have found that six out of ten millennials agree that “ a sense of purpose” was a part of the reason they accepted their current job; almost half have declined work on the job that contradicts their values. Millennials thrive in environments in which their work has clear purpose for both the organization and society at large. Organizations without an fundamentally inspiring mission can give millennials a sense of control and purpose by increasing transparency and clarifying bureaucracy.
- Perks matter; Silicon Valley has raised the bar with its nap rooms, free food, and pet-friendly policies. While desired perks may vary, appealing to millennials requires companies to focus on building a culture of teamwork, and managerial support and appreciation.