Millennials are looking for more than just money
The global workforce is on the verge of a large generational shift and it is projected that by 2025, it will be largely dominated by millennials. So how do companies adapt to this change of workforce structure and what internal changes can be made to better support the differing needs of millennials?
Millennials are slowly pushing to reshape the internal culture of companies and have further evolved the idea of what the ideal workplace looks like. Previous generations have been focused solely on remuneration packages which would determine their employment satisfaction; however, millennials are now looking at how their workplace can satisfy them as a whole.
A study by Hays Recruitment reports that millennials are becoming increasingly loyal to their employers, with the average length of first job employment sitting at 2 years. They are reportedly spending more time searching for a job that fulfils all of their needs to ensure job satisfaction early on in their employment, as opposed to working for companies that may not fit the bill.
A good work-life balance is the highest priority for millennials when job hunting and flexibility in the workplace can greatly improve employee wellbeing. Recent reports conducted by Forbes reveal that the ability to work from home when necessary and having flexible start and finish times can contribute to promoting a healthy work-life balance. They state that “the benefit for everyone at your company is that flexibility has been shown to reduce workplace stress, boost mental well-being and encourage productivity”.
Millennials also want to feel a sense of community and belonging in the workplace. They value the social side of their employment and are looking for ways to contribute to the business as a whole rather than sticking to one sector of the company. Valuing the ideas and contributions that employees make to the company as whole can encourage a sense of purpose within the workplace.
Forbes recommends that employers need to connect with their millennial employees to gain a deeper understanding of how they can work towards overall well-being. They recommend employers to engage with their employees by:
Creating an environment that welcomes employees’ ideas
Help build social connections through office activities
Internal employee training to encourage growth
Consider policies that promote work/life management
Encourage volunteer work to ensure employer and employee value alignment
With the changing needs of employees and the generational shift, which is about to occur, employers need to be readily adaptable and aware of workers well-being and how they can further promote a healthy workplace environment.