The Millennial workforce - how do we attract them? We as leaders must understand and have a genuine appreciation of this generation if we stand any chance of attracting them, let alone developing them to their full potential.
The value systems and beliefs of this Generation Y, are challenging HR recruiters and Managers across the globe. Traditional drivers that may attract candidates are simply not working to draw Millennial's to an employer. It would appear that organisations are incorrectly attempting to attract them through deploying tactics developed by the beliefs and values of a different age and time.
Let me try to explain - many organisations are currently led by Baby Boomers (1943-1960) or Generation X (1960-1981), and as such the organisational work ethic and values are defined as:
Baby Boomers: workaholics, work efficiently for personal fulfilment, a desire for quality
Generation X: task orientated, self-reliant, needing structure and direction, sceptical by nature
Combined, this is all somewhat formal - get a job, work hard, "rise through the ranks", and through this you will be satisfied.
Sorry but that is what you and I have built by design - it is our comfort zone.
Whilst this can be portrayed as staid and conservative compared to the "start-ups" - we have a reputation to uphold, a level of uncompromising professionalism.
But we are progressive… we have Casual Fridays!
As many brands try to appeal to the younger generations of Y and now even Z, our products must not only appeal, but so to must our brands. Our brand perception as a supplier of relevant products is one thing, but as an entity that a Millennial will give their valuable time to, this is a completely different matter.
I am certainly not suggesting that every company goes out and buys an "air hockey" table, supplies free lunches, provides on-staff massage therapists, or worse, dresses the Senior Leadership Team in baggy jeans and oversized baseball caps.
The majority of Millennials believe that work is a means to an end, it allows them the resources to do what is significantly important to them. This could be furthering their desire to travel, study, or simply to go out and spend time with friends on the weekend.
I mentioned earlier that Millennials place great value on their time. This is not from a selfish perspective at all, but comes from a desire to do meaningful and personally rewarding and fulfilling activities. This is supported by research from Bentley University which documented that 84% of Millennials say "making a difference to the world" is more important than professional recognition.
Within the same research practice at Bentley University, they discovered that Millennials feel that they are not prepared enough for the work force. This was supported by 51% of business decision-makers giving the business community a "C" or lower on how they are preparing graduates for their first role.
Some of this can be blamed on the challenging global economic situation, with a range of "more experienced" candidates available that could step into a role and almost immediately make a difference. Whilst understandable, this again has caused a mass divide in what we are naturally expecting from the younger generation.
As more Baby Boomers leave the workforce, and given there are simply not enough Gen X within the current workforce to fill roles, Millennials are being sought to step into more than just entry level positions. As leaders, it appears to be simple - we must think on our "soft benefits" as well as fair salary.
These might include the following:
Flexible Working Hours: 69% of Millennials believe it is not necessary to attend the office on a regular basis. As digital natives they are well versed with technologies that enable productivity regardless of location and are keen to prove that work can and does get done outside traditional office environments. Some companies like American Express have initiated a 10 hour work day, allowing a work week to be completed in 4 days, and as a result structured real estate policies that support varied work styles and ultimately driving efficiencies and saving money.
Working with the best: Your organisation must be known for doing amazing work, and already attracting the best of the best. This is like a magnet to Millennials - they want to work alongside these "thought leaders", learning from the best. It is important for companies to not only promote great work and project internally, but also to seek external validation of these achievements. This adds to the credentials to your company's DNA. It is expected by Millennials that their co-workers will enable their best work, and they will work as hard as their mentors.
Creating meaningful work: Millennials must feel that what they are doing is having a positive impact on the community, and hopefully the world. This can include the "organisational community", through active participation and recognition of their contributions to the greater good. If they can align their values and beliefs with that of their employer, over half would be willing to accept up to a 15% pay reduction to work with such an organisation, and once there stay longer and work extended hours.
In closing, the challenge to Boards, Directors, and Executives across all industries is to own this transformation agenda. By ensuring your organisation shines as a place worthy of the Millennial workforce, being an enabler of success with an authentic external company persona, will you not only attract but retain valuable Millennial talent.
If not, then it is time to design your corporate tomb stone.
Copyright: 2016 Millennials: Are you worth their time? Darren Needham-Walker