Attract and Keep a Millennial Workforce
March 20, 2024Welcome to the final entry in our Millennial blog series. At the start of this series we shared the revelation that for the first time in more than 60 years, the Baby Boomers have been dethroned as the largest population cohort in Canada. For decades the Baby Boomers have shaped the world we live in and nowhere is that more evident than in the workplace. As Baby Boomers retire at an increasing rate, Millennials are stepping up to fill the leadership vacuum, which means change is inevitable. So, the question is, how can I attract and keep a Millennial workforce?
In our part one of our series, we took a look at what this shift means from a technology perspective. Millennials, unlike their predecessors, actively embrace their role as digital natives, comfortably navigating rapid technological advancements and preferring tools that enhance productivity and facilitate remote work. They favor quick, efficient communication through text and instant messaging, embrace mobile phones and productivity software, and are avid seekers of continuous learning through online platforms. This stark contrast in technology usage underscores the need for businesses to evolve from traditional methods and ensure that their technology infrastructure is ready to support a new generation.
In part two, we talked about how Millennials are transforming the workplace with their distinct values and preferences. Their priorities, such as seeking purposeful work, flexibility, continuous learning, and sustainability, are setting new standards for the future of work. Millennials’ preference for remote or hybrid arrangements and their desire for a balanced work-life integration challenge traditional work models. The importance of embracing these values to foster a workplace culture that respects well-being, community, and positive social impact, cannot be overstated.
Understanding the Millennial Mindset
In a recent Gallup poll 21% of Millennials indicated that they had changed jobs within the past year, more than double any other population cohort. Only 50% stated that they expect to stay with their current company for a year, and 60% declared themselves open to new opportunities. So, what are we missing? Engagement. Only 29% of Millennials reported that they feel engaged at work with many lacking passion for their jobs, simply showing up to put in the hours. These statistics are concerning, but also show us a path forward.
Based on our previous entries, we know that Millennials crave purpose. They seek involvement in decision-making processes, and expect their contributions to significantly and positively impact their organization. The importance of community and the opportunity for meaningful collaboration resonate deeply with them. They also look for roles that provide flexible, remote, and hybrid work options, emphasizing work-life balance and integration. Additionally, they prioritize companies recognized for leadership in sustainability and social responsibility. Continuous growth and learning opportunities also rank high on their list of priorities.
A Sense of Community and Belonging
As a leader, creating a community-centric culture needs to be a priority. Millennials want to be a part of something and connect with their teammates and leaders. Team building activities, both in-person and virtual, regular check-ins and feedback, and the use of technology to create a collaborative work environment all contribute to a strong community. Recognize and reward the contributions of your team. This can be a formal award program or even a simple “well done” in a team meeting. If your team feels appreciated and heard, they’re more likely to stay invested over time.
Flexible Work Options
As we’ve often stated, the office isn’t just a physical space anymore; it’s wherever work happens. The pandemic shift to remote and hybrid work is here to stay. A global survey by Statista revealed that more than 70% of Millennial workers prefer a hybrid work model with just over 20% preferring fully remote. Surprisingly, these numbers are not much higher than the Baby Boomers with more that 68% reporting that they preferred a Hybrid arrangement. Across all generational respondents, full time in-office work ranked the lowest with just over 11% of Baby Boomers and 7% of Millennials preferring this.
Offering flexible work options means having the tools in place to accommodate a remote workforce. The right technology and software should empower your team and support collaboration, efficiency and productivity. Platforms like Slack, Microsoft Teams or Zoom, and a robust document management system all contribute to remote success.
Emphasizing Continuous Learning and Development
Offering opportunities to improve on existing skills and learn new skills is vital to maintaining your Millennial workforce. You can accomplish this through access to online platforms, attending in-person training sessions, or participating in conferences. Enhancing the skills of your team is an investment in your organization. Your workforce will stay motivated to remain with you and use their new skills to enhance your business.
On the development side, ensure that there are opportunities for advancement and that you set out clear pathways and expectations for promotion. The knowledge that commitment, loyalty and hard work will lead to new opportunities is critical. Alternatively, if you constantly look outside your organization for new leadership and advanced roles, there is an increased likelihood that your team will be less invested in your success.
Promoting Sustainability and Social Responsibility
Millennials want to feel like what they do matters. Companies with policies that directly speak to sustainability and social responsibility will find it easier to attract and keep a Millennial workforce. If you’re mission statement does not specifically speak to these points, it might be time to reevaluate what your business priorities are today.
Promoting green policies, such as recycling, carpooling, and reducing water usage, offers great starting points. Involving your team in green committees keeps people invested in these initiatives. Similarly, by encouraging volunteering, matching charitable donations, and organizing fundraisers for programs in your community, you demonstrate a commitment not just to your business’s financial success but also to the success of your community.
Competitive Compensation and Benefits
Millennials know their value and increasingly say they value a fair wage and benefits over perks. These workers are looking for competitive pay with an expectation of annual raises that account for cost-of-living increases. It’s also important they clearly understand how to earn additional merit-based raises. Millennials are increasingly not entry-level employees and have little interest in entry-level compensation.
When it comes to benefits, Millennials are increasingly interested in mental health coverage and increased vacation. Studies have shown that Millennials are struggling with their mental health due to money woes, increased cost of living, burnout, and lack of time off. Canada ranks amongst the worst among developed countries when it comes to paid vacation days, with a mere ten days required by Canadian law. Having to choose between seeing their family during the holidays and taking a summer vacation is not an option for these workers.
Conclusion
After three entries in this series, what have we learned? To attract and keep a millennial workforce, employers must understand and implement strategies that cater to the unique needs and values of Millennials. This generation, characterized by their quest for purpose and engagement in their work, demands more than just a paycheck. They thrive in environments where they can meaningfully contribute to decision-making processes and feel their work impacts the organization positively. Creating a sense of community and belonging through team-building activities, regular feedback, and leveraging technology for collaboration is essential. Offering flexible, remote, and hybrid work options is no longer a perk but a necessity, reflecting the changing definition of the workplace. Emphasizing continuous learning and development opportunities signals to Millennials that their growth is valued.
Additionally, Millennials seek employers who demonstrate leadership in sustainability and social responsibility, aligning with their desire to work for companies that make a positive impact on the world. Implementing green policies and encouraging community involvement further solidify this bond. Competitive compensation, fair wages, benefits that address mental health, and ample vacation time address their practical concerns and desire for a balanced life. By prioritizing these elements, employers not only attract Millennial talent but also foster a loyal, motivated workforce committed to the organization’s success. This approach not only benefits Millennials but enhances the overall workplace culture, driving innovation, and ensuring the organization’s adaptability in a rapidly changing world. We would like to thank you for joining us as we looked ahead at the future of work led by a new generation of employees and are always available to help if you have questions.