10 September 2015

Making the most of the Millennial mindset

Deloitte’s Millennial Survey has found that only 28 per cent of Millennials feel their current organisation is making full use of their skills. 

What a missed opportunity! Especially when the same report found that 53 per cent aspire to be a leader or senior executive within their company.

The stats are clear.

If you want to keep your Millennial employees…you need to start making use of that huge pool of untapped talent, keep everyone engaged and show a clear route of progression.

 

Here is our guide to how.

1.      Be open and tell the truth

Millennials want truth and honesty from their employers, and will smell corporate cover-ups a mile off.  They want transparency, and the internet makes it easier than ever to find out if they’re getting it – and to share their experiences with others if they’re not. Millennials also want to know exactly what impact their role has on the big picture, how they’re doing and what their career progression looks like. Stay in touch regularly, not just at annual reviews and meetings, and use a combination of technology and face-to-face.

2.      Re-think your compensation

It does, of course, depend on where they are in life, but often more traditional benefits of healthcare and life insurance do not appeal to a Millennial audience and are seen as yet another payment coming out of the paycheck.

More ‘instant rewards’ like sabbatical programmes, additional holiday days, charity initiatives, bike to work schemes and discounted gym memberships and retail vouchers are well received.

3.      Think about your training

Despite some reports saying that Millennials lack drive, ambition and attention, our experience is that they have a huge thirst for knowledge. Access to quality training plays a big role in attracting and retaining talent, particularly if it leads to promotion, pay rises and other incentives. Offer blended learning that combines online modules and tests with practical on-the-job experience. A mentorship programme will help encourage the best from your employees and help your senior management spot up-and-coming talent.

4.      Be flexible

Millennials are willing to work hard for the right company, but also crave a work-life balance. Be flexible with working hours and location, but also with responsibility. Millennials want to make a difference, and will happily take on additional responsibility outside of their defined job role if it betters their knowledge and career path. This give and take approach fosters trust and results in better productivity. 

5.    Have a giggle

By 2020 over 50 per cent of the workforce will be Millennials, according to a survey by PWC. Therefore, it makes sense to create a culture that appeals to them. And that means having fun! Millennials want a working environment where they can be themselves, make friends and learn from those around them.

 

Read more of the Deloitte Millennial Survey here.

Hang on though…what is a Millennial anyway?

Often what springs to mind when you think of the term Millennial is the just-out-of-university 22-year-old. But the generation actually spans from those born in the 1980s, right up to the early 2000s (approximately).

They’re not as young as people think they are, and there are a huge number of Millennials who have already reached mid-management or leadership levels by their late 20s to early 30s.

Although many don’t remember a time before smartphones and social media, many more do. Keeping this in mind is vital when it comes to engaging Millennials, where being treated as an individual is key.

Request a copy of our new whitepaper:

Engaging the millennial generation is just one of the topics tackled in our new whitepaper ‘Finders Keepers, the evolution of employer branding’ due out later this month. To request your copy contact brooke@mccannsynergy.com.uk

 

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