Five Ways Companies Are Meeting Millennials’ Workplace Needs.
Millennials are diverse and open-minded with a strong sense of social responsibility compared to their generational counterparts. These three factors and more determine what millennials are looking for from their employers. It also heavily determines how a company should develop them as employees.
As millennials move up in the workforce and into positions of higher authority, the changes they demand not only reduce turnover rates but are also good for business in other ways. When millennial workplace needs, such as providing purpose, flexibility, and coaching, are made a priority, other aspects of a business are positively affected by the adjustments made to company culture.
Here are five ways other companies are meeting the needs of millennial employees.
1. Providing purpose, not just a paycheck.
Millennials are motivated by work that has value and that serves a greater purpose. While they still demand fair compensation, providing them with an authentic mission will better satisfy their workplace needs. Companies are now focusing on an employee’s ethics. They are creating value around their work, and therefore retaining them for the long haul.
2. Developing their strengths.
Those falling into the millennial generation want opportunities that give them a chance to grow and develop within their career fields. Fixating on an employee’s weaknesses isn’t an inspiring management style. Instead, companies are establishing millennials as individuals by giving them opportunities based on their strengths. This method improves their productivity and performance.
3. Hiring more coaches and fewer bosses.
In the spirit of inspirational leadership, businesses are hiring and developing managers with a coaching mindset while moving away from older, micromanagement concepts. Companies are ditching the annual review system and opting for more consistent, one-on-one meetings for employee advancements and evaluations. By providing millennial workers with developmental roadmaps, companies are ensuring their employees feel valued in their careers. Businesses are more considerate of millennials’ workforce needs by treating them as both an employee and a person. This work-life balance boosts productivity and increases profits.
4. Offering a positive, flexible work culture.
Businesses are emphasizing stronger, long-term philosophies, meeting millennials’ desire for more opportunities with complex challenges and heightened responsibilities. Companies are also considering the mental health needs of their employees and creating a workplace environment centered around more breaks and more stress-reducing activities. Management teams have begun implementing open-door policies and building on a sense of inter-office trust.
5. Dedicating time and resources to social responsibilities.
The millennial generation has a strong sense of social responsibility, and they are drawn to businesses that have integrity. Newer companies allocate more time and resources to community service projects, such as charity donation efforts and volunteering events, to appeal to millennial employees and their sense of civic duty.
Overall, companies are attracting and retaining millennials by making major changes to their workplace cultures and environments to meet this generation’s unique work ethics. With a shift from company-based priorities to an employee-centered business structure, companies can decrease their turnover rates and save substantial money in the long run.
Are you ready to implement these ways? Download here the book The Power of Interactions and make sure you set yourself up for success by aligning your teams, all employees and your workplace towards creating the outstanding employee experience you need to take your organisation to the next level of success.