Evolution is inevitable and in this free market, it’s essential that you continually change and adapt in order to survive. While many companies have this idea in mind with the services and products they provide, they must also remember it applies to one of the most crucial aspects of owning any business, and that is human capital. Millennials have surpassed Generation X and the Baby Boomers as the largest generation in the U.S. labor force. Because of this shift in who comprises the positions in our companies, owners and HR staff need to take heed of the unique attributes, talents, and tendencies of millennials if they hope to retain the best and the brightest talent.
Below are five strategies you should employ when trying to keep your millennial based workforce happy and productive.
5. Monotony Kills Creativity
This isn’t 1999 and we aren’t Milton from Office Space. Having a stapler doesn’t satiate the millennial need to continually implement new technology and ideas to innovate and improve existing systems. The reason many millennials begin looking for new careers is because they’ve lost passion in what they are doing now. If it entails filing papers 8 hours a day, I can’t really blame them. By giving millennials the ability to innovate and add their perspective and spin on things, you are not only getting a fresh perspective on old systems, but you are encouraging that employee to continually strive to improve the company and make it more money.
4. Give them Freedom
Much like number 5 on the list, freedom allows millennials to take the bull by the horns and take full responsibility over their projects. According to The World Bank, 30% of the current worldwide workforce is self employed. That percentage comprises a large amount of the 52.5 million Millennial workers in the U.S. While they do thrive with a certain amount of structure still intact, by allowing millennials to create entire projects from the ground up, you are empowering them and giving them the motivation to innovate in the future.
3. Work can be Fun, Too
Contrary to popular belief, Millennials are not completely selfish and actually thrive in social and collaborative environments. By balancing work and play, you are giving millennials a deeper connection to the organization. Having social gatherings and networking events allows greater chance for cross office collaboration and even more innovation.
2. Purpose is as important as Profit
With a greater global consciousness and a larger concentration on helping society and your fellow person, purpose, according to a 2015 Deloitte survey, is incredibly important to many millennials. In fact, the report goes on to say that “seventy-five percent of Millennials believe businesses are too fixated on their own agendas and not focused enough on helping to improve society.” When you consider that astounding percentage, you know you have a workforce that is not only capable, but conscious of how their work affects the society around them.
1. Invest in their Future
With so many companies trying to put millennials in a contract or even commission based position, things like investment in education is a huge advantage to have over other companies. While the job market is getting better, many companies still do not offer benefits, and often contract millennials in per hour positions. Having a solid investment in their future, whether that be discounted or free education, tech events, training, or seminars, it will attract new millennials to your business and help retain the ones you have currently.
As a millennial I understand the needs more intimately than someone from the outside looking in. Ultimately, those my age are looking for fair and honest employment that holds some meaning and has a future. While it doesn’t seem like much, in a world of niche jobs and innumerable industries it can often be hard to find.
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