Millennials are not only becoming the majority in the workplace, we are innovating the work environment. How to engage and retain millennials:
Work-life balance/integration does not mean less work and more life. Work-life balance/integration focuses on work flexibility and life passions:
- Work Flexibility: Technology is so relevant in our world today, we are connected to both work and life 24/7. With some individuals being night owls, some early rise and grinders, work flexibility has become highly desirable by millennials. To accommodate this, many companies have begun offering the option to work from home and/or eliminating mandatory working hours.
- Life Passions: Many organizations are beginning to integrate life passions in the workplace such as; a gym, barista, etc.
According to several researches and personal experience, millennials more often choose a company offering a stronger work-life balance/integration over a 9-5 company offering a higher salary.
The Need For Feedback
Millennials want and appreciate constant feedback. Feedback should include both praise and developmental feedback. Rather than a boss, millennials are looking for a mentor to continue to develop and prepare for future opportunities. Reflect on your leadership and ask yourself the following questions if you want to engage and retain millennials:
- How often do we provide feedback?
- How often do we recognize employees?
- Do we offer a continued development plan to prepare employees to advance their career?
Involvement, Meaningful Work
Millennials want meaningful work driven by passion. In order to establish this type of environment, the WHY becomes more important than ever. As leaders/companies, the more we discuss the WHY and involve our team in creating a plan and making decisions, the happier our employees will be. Happier employees not only stay with us longer, they recruit other good people to join our team.
Getting involved in the community provides a sense of self-fulfillment.The following information comes from the 2014 “Millennial Impact Report.”
- 92% Of millennials feel like they’re contributing to a company that is making a positive impact in the world.
- 87% Of millennials feel encouraged to volunteer or participate in their company’s cause work.
- A company’s involvement with causes ranked 3rd MOST IMPORTANT factor when applying for a job.
Take a look at some Millennial findings from the Intelligence Group:
- 64% say it’s a priority for them to make the world a better place
- 72% would like to be their own boss. But if they do have to work for a boss, 79% of them would want that boss to serve more as a coach or mentor
- 88% prefer a collaborative work culture rather than a competitive one
- 74% want flexible work schedules
- 88% want “work-life integration,” which isn’t the same as work-life balance, since work and life now blend inextricably