For a long time employees joined a company, contributed to a retirement plan, and stayed for decades, slowly moving up the corporate ladder. That depiction no longer reflects the modern workplace or the modern workforce. Millennials have different needs and expectations, but if you are willing to adapt, you can ensure you continue to attract the talent your business needs.
Millennials crave feedback, far more often than managers are willing to provide. At most companies, managers conduct an annual review with direct reports to evaluate their performance. Some well-known companies now provide bimonthly feedback sessions to better engage younger employees that aren’t comfortable having that conversation once a year. Millennials are tech-savvy, and it is often necessary to use a variety of channels such as videos, websites, and interactive tools to better track progress and provide feedback. Firms must clearly communicate near-term goals along with the intermediary steps necessary to reach those goals, and it’s often beneficial to work with outside partners to help craft those messages.
Millennials want to know how they are performing, and they also want to know where that performance will take them. The timeline for career advancement has shrunk considerably; millennials expect a promotion every one to two years. This is of course not feasible for your entire workforce, but for top performers, granting an extra title or other recognition could stave off headhunters looking to capitalize on any dissatisfaction. According to some studies, 60 percent of millennials will leave a job within the first three years; with a workforce that fickle, a little extra spending now could save significant hiring costs later.
It’s not enough to just offer a paycheck; employers also have to offer a sense of purpose. According to one study, two-thirds of millennials won’t take a job offer from a company that doesn’t have a strong corporate social responsibility program. Hiring managers need to make sure that they emphasize opportunities for engagement as part of the total compensation package when recruiting top talent. From a logistical perspective, companies need to build programs to provide service opportunities or partner with service organizations that can provide that infrastructure.
Millennials comprise a steadily growing portion of the workforce, and companies that want to compete for the best talent will need to adapt to that reality. While some of the demands of millennial employees may seem taxing or silly to managers, failing to adapt to those demands in time could mean a significant slowdown in hiring, and in turn, competitiveness. The good news is that making these changes, and using comprehensive communications solutions to connect can boost morale not just among millennials and new hires, but throughout your entire workforce.