You’ve got to hand it to Millennials (those born between 1980 and 1995); they are not compromising what they want for what society has always deemed most important. In fact, because the Y Generation doesn’t pander to the traditional top-down corporate structure, they are affecting change that any generation workers only wished for in the past.
Wait, Millennials don’t “pander”? What’s that mean?
Gallup recently conducted a survey of more than 200,000 workers from different industries, which indicated that only one-third of America’s workers are engaged in their jobs. The term “engagement” is defined as being emotionally and psychologically attached to their work and workplace. So, two-thirds of our workforce has no attachment to their jobs. They can take it or leave it…and leave it they will.
Unlike Baby Boomers (born between 1946 and 1964), and Gen-Xers (born between 1965 and 1979) to a degree, Millennials aren’t afraid to change jobs. They are fairly confident that they will easily move from job to job, with 63% of those surveyed believing they could find a job equal to the one they have if they were to be let go. If they leave by choice it is typically because they want:
- Purpose in their work, such as working for social justice and environmentally friendly organizations.
- Benefits, such as health insurance, paid vacation, and retirement plans,
- Perks, such as on-site gyms, pet-friendly offices, greater flexibility, and career development.
- Stability and job security.
- Open communication and collaborative environments.
This is having a rippling effect on corporate America.
Corporate Soul Searching
Baby Boomers are moving out of the workplace in massive waves of as many as 10,000 per day. Millennials will fill the workforce by 50% in 2020. That’s just three short years away. Many businesses will need to embrace change in order to engage their workforce.
One of the first things a business will need to look at is their culture and align with the values of the employees the want to hire and retain. To remain competitive in this way, offering solid benefits is an easy option, but so is asking employees what types of things would make their corporate culture better and finding ways to implement their ideas.
Probably the greatest divide between corporate America and its Millennial workforce is the idea of work-life balance.
For many entrenched in the traditional corporate structure, the concept means walking a tightrope between life and work. Unless you are a Flying Wallenda, this can create a lot of tension and negatively affect productivity. It also affects the mental and physical well-being of employees, which Millennials have witnessed with their parents.
Millennials believe that work and life should be more fluid than segregated. They want to work from wherever, whenever. They want to be available to their families when they need to be and not have to make a choice between the boss and the children. They want to do creative work when it best suits them, not when it’s expected of them, and they know that creativity and productivity flow best when pressure is off.
When all things are in place for Millennials, they are engaged and work longer hours. The Gallup survey indicated that employee engagement was at its peak when 60 to 80% of their time was spent working remotely.
Recruiting for Engaged Employees
Maybe your corporate culture has shifted gently toward the desirable environments that the younger generations prefer in their workplace. Maybe you need to change it like ripping a band aid off, but once you have an amenable culture for Millennials, you need to look at how you recruit them. Maybe you think that’s not a big deal, but maybe you need to think it through.
It really comes down to one simple thing: Millennials grew up with the internet. If you don’t have a digital presence, it will be extremely difficult to attract young talent. Here’s a step-by-step plan to increase your employer branding:
- Not only have a website, but have a mobile-friendly website. People ages 18-34 own a smart phone and use it for all sorts of things, including job searches. These people will gravitate toward the easier user experience rather than the more difficult one.
- Build your employer brand on your website by emphasizing your corporate culture, and employee experience.
- Use social media to promote the positions you are hiring for. Enhance your reputation as a company and employer through the use of all social platforms. LinkedIn has a 40% share of U.S. online job seekers, compared to Facebook’s 10%.
- Use job boards that link to your website, and keep them both up to date.
If this all seems overwhelming, Payday HCM can help on a number of levels:
- We can help you evaluate and improve your corporate culture,
- do the active recruiting for you, and
- help you build your employer brand.
Contact us today to learn more.
- Call us at 1-888-2PAYDAY (1-888-271-9329).
- Email us at firstname.lastname@example.org for a one-on-one review of your workforce management needs.