Lazy, unmotivated, apathetic, and entitled — all common traits associated with millennials. Since studies show that 44% of millennials would choose to leave their jobs within the next two years if given a choice, it’s easy to make the assumption that these traits ring true. But contrary to popular belief, members the youngest generation to enter the professional workforce aren’t bailing because they’re incapable or entitled, it’s because they’re looking for more.
While millennials make up the majority of the U.S. workforce, the majority of corporate leaders are older. Millennials only holding 12% of senior-level and executive positions. As more 20-somethings enter the workforce, employers need to understand that a paradigm shift is happening in corporate America.
Flexibility is one of the primary demands of the millennial workforce. They’re looking for the opportunity to adjust their schedules as well as shift their job responsibilities between departments.
This integrative, radical approach is a huge step away from the traditional workforce, which is much more rigid and constructed.
Many employers are struggling to accommodate millennials, and have had problems retaining these young employees as a result.
In order to attract and retain millennial talent, research shows that employers need to do the following things when it comes to their business:
Create an Inviting Corporate Culture
Millennials value collaboration, so hearing their perspectives is important. Age is just a number to them. Since millennials make up the majority of the U.S. population, it’s very important to listen to their input if you want to continue to see your business succeed.
In addition to having their voices heard, they want to know that your company cares about what you do. What are your company’s values? What is your noble cause? What sort of community-based initiatives have you taken? A study by Cone Communications reports that 82% of millennials ages 18–24 and 75% ages 25–34 are concerned with a company’s moral and social responsibility, and take it into account when deciding where they want to work.
Innovate
Millennials are all about breaking down traditional corporate structures and putting their skills to use wherever needed. Allow your teams to mingle and exchange ideas. Having multiple perspectives from across the company can be beneficial for resolving problems and propelling new initiatives.
Allow Room for Growth
This is an important component for all employees. Many workers are not satisfied with the prospects of doing the same job every day until they retire. Allow your employees to climb the corporate ladder or make radical career shifts within your organization, and reward creative approaches to the job.
Regardless of age, nearly all employees want to know that their efforts are making a difference in the company and that they are able to display their efforts in different ways.
Before outsourcing for executive positions, consider internal promotion.
Employee satisfaction is key to a healthy, successful company. By taking the time to adjust your company environment, you’ll be able to retain millennials and help them put forth their best work.