Retaining of good talent is a demanding task for Human Resources as there are always other companies and more dangerous than that, competitors lurking around to get hold of them. But whenever it comes to millennial employees, the question becomes more difficult. Are these millennials worth the effort? This is the first thing that comes to every HR person. The main reasons are that millennials are rumored to be lazy, show a lack of loyalty and have poor work ethic. These are the things that make the jobs of HR executives challenging.
Who are these Millennials and how they affect the workplace?
Millennials, also known as the Generation Y, are those employees who were born after 1980 and are the ones that will replace the Baby Boomer generation. According to a study by PwC, by 2020 the millennials will be around 50% of the total working population. So, it can be understood that there will be a huge impact from this group. One cannot ignore this fact and has to find a way to make the workplace more accommodating for the millennial employees.
Bringing in the talented new force
Why some companies like Google and Apple are magnets for young, talented individuals? It’s simple. They stand for something unique and appealing. It’s not only what they are doing, but their work culture and style of recruitment that proves it an attractive challenge for the millennials. Here are some of the ways that an organisation can attract talented millennials:
As the law of attraction states that like attracts like, it is the same with millennials when it comes to workplace. It isn’t the free lunch or the gaming table that is attracting these individuals; it is the work culture they associate with themselves. As a millennial myself, I would always go through an organisation’s work culture and environment before making a change.
Millennials want an environment where they can learn and grow, where their ideas are accepted and feels appreciated for the efforts they make. It is a misconception that millennials are lazy. The truth is opposite; they are hard-working and have exceptional multi-tasking skills. They can take different roles and perform them with equal efficiency.
Millennials are looking for work-life balance when choosing a workplace rather than the financial compensation it might offer. If there are both, then it is better. If you have an awesome company culture that is the talk among individuals, you do not even have to go out looking for talent; good talent will come looking for an opportunity in your organisation.
The younger generation likes flexibility and this comes from their urge to take on different roles to escape from the clutch of monotony. Flexible working hours are something they look forward as one of the main attractive point while joining a company. This also helps to improve their productivity by completing tasks they can do at home without wasting time by commuting to office.
If you want to attract the top, young talents in the industry you need to vamp up your digital presence. The millennials grew up with technology and they expect that the company they are going to join have a digital relevancy they can relate themselves to.
How to maintain the force
If bringing in talented millennials is hard, then keeping them is a Herculean task, which every HR would say. So, here are a few tips that will help you retain your best millennial employees:
Millennials need to feel secured about their future while working in an organisation. Thus, it is important they clearly see their professional growth path and where they can be if they prove loyal while adding value to the company. Career progression is something which will definitely help in retaining talented individuals.
The Generation Y are a generation of entrepreneurs and most of them feel that the company’s transparency in terms of their operation matters a lot. If you can make the millennials feel that they are a part of the bigger picture than they just being a cog in the wheel, it will create highly motivated employees. This will in turn help in getting new ideas and better productivity.
The younger generation have a high affinity towards companies who provide them with the opportunity to work on an overseas assignment. Though the major destinations are the usual suspects – US, UK and Australia, a lot of millennials are also opening to go overseas to any locations in Asia and Africa. If you are a company which have operations in other countries, it would not only motivate the millennials but also help you to achieve the cross-over of skills and knowledge.
The secret to hiring and retaining talented millennials is to just provide them a work environment where they feel at home, where they can learn and grow, and above all, where they feel appreciated. It seems simple, after all!
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