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Some people say millennials have developed a bad reputation for being spoiled and entitled. They expect a trophy just for showing up and they pout endlessly if they aren’t heaped with praise. This thought has been said to have transferred into the workplace.
Whether you agree with the above statements or not, the fact is that millennials will soon make up the largest population of the US workforce. So it stands to reason that is in an employer’s best interests to learn the most effective ways to hire and retain them.
However, if you are thinking more money is the key to hiring millennials you would be wrong. Millennials see employment as an opportunity for growth and as a stepping stone to bigger things. They want to feel committed to their work and want to work for someone who will invest in their development.
Below is a list of 4 key things millennials look for in the workplace:
More than any other generation, millennials seem to prioritize job flexibility. They have grown up in a world where technology often makes their physical presence optional. According to a study done by PricewaterhouseCoopers entitled “Millennials at Work”, many Millennials would accept lower pay or forgo a promotion if it meant they could have their ideal schedule.
Many companies are making flexibility one of the key priorities of their corporate culture. Employees can set their own schedules as long as the work gets done. Companies like Virgin, Best Buy, and Evernote are even working with employees to provide unlimited vacation policies as long as their work gets done and they are communicating with their teams.
Millennials care about more than just earning a paycheck — they view their time as an investment and want to spend this time gaining skills and knowledge that will allow them to grow personally and professionally. Today, the best on-the-job training programs are ones that offer a wide variety of learning experiences and tap into both the employee’s interests and their career goals.
Millennials long for leadership development and look for companies that provide strong leadership training programs.
More than any other generation, millennials also desire to have a sense of purpose in the workplace. They look for employers who are transparent about how their personal goals are tied to the larger goals of the organization.
Millennials care about how the organization they work for contributes to the greater good of society. According to the Deloitte Millennial Survey, 60 percent of respondents said that a sense of purpose is a big factor for them in choosing an employer.
Most millennials expect that they will have multiple careers throughout their life. According to the Bureau of Labor Statistics, the average millennial has 6 different jobs by age 26.
Giving millennials the option to change careers within the same organization allows them to build a lasting alliance within that same company.
According to a Gallup report titled “How Millennials Want to Work and Live”, individuals born between 1980 and 1996 are the most likely to look for and change jobs. 21% of millennials left their job in the last year to look for employment elsewhere, which is three times higher than any other age group.
Millennials have grown up in an era that has taught them that nothing is guaranteed and that change is the only constant. Time is a limited resource to be managed wisely. Companies that develop new approaches to training, schedules, and compensation will resonate with the key values that drive millennials the most.
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