According to Gallup, a staggering 71% of millenials are disengaged at work. Productivity and, ultimately, profitability are often victims to this lagging motivation. Organizations can ignore the inevitable and keep doing what they’re doing, or they can reevaluate the traditional workplace and make adjustments to attract and retain young talent. The most forward-thinking businesses are turning their focus to organizational culture.
Building a workplace that millennials thrive in doesn’t mean getting rid of everything that worked for previous generations. Like any employee, they want good compensation, fair benefits, friends in the office, and the chance to grow and develop. But their unique circumstances and background have led them to approach companies with a different perspective. Millennials value company culture more than any other generation that’s come before them. On average, millennials would be willing to give up $7,600 in salary every year to work at a job that provided a better environment. While previous generations were focused on salary, millennials are looking at the total compensation package and taking into account their personal feelings about the company and its culture.
Millennials who feel they’re at a great workplace are 25 times more likely to plan a long-term future at that workplace.
If you don’t have a process for engaging millennials in the workplace, consider getting started. We’ve put together an infographic “Meet the Millennials” with tips about integrating this newest generation into your organization.
Payday HCM is here to help you with meeting the expectations of this tech-savvy, talented generation. We bring human-centric technology to the table to improve recruitment, onboarding, engagement, timekeeping, benefits administration, payroll, and the employee experience.