There are countless benefits of having millennials in a company. They are extremely qualified, digital natives who are normally highly involved in projects, but how can you attract and retain millennial professionals in your company?
According to a study by PAC Consulting with the company Fujitsu: “Millennials will make up more than 50% of the workforce by the year 2025. This will redefine corporate culture in the world’s future”.
Attracting and retaining millennials
Another study about millennial work by Manpower, states that the most highly-valued factors for this generation are, in this order: salaries, job security, free time, working in a close-knit team, flexible work and personal development.
1. Salaries, job security and millennials
As for previous generations, feeling valued is part of the basic standards of a job. Obtaining salaries in accordance with training and stable contracts are fundamental factors in attracting and retaining millennials. Many millennials prefer the job stability of a full-time contract but it is also important to be able to offer part-time or freelance contracts to those who may be interested.
2. Free time and the millennial generation
Free time outside the office is becoming more and more valued, which means that there is an increasing need to avoid the culture of being seen at the office and make efforts to try to reduce working hours. Work marathons are no longer considered acceptable, and, according to a study by Manpower, millennials want to distribute their time looking after family, meeting with friends, having time for hobbies and other voluntary activities, sport, education, holidays and personal training (learning languages, doing a Masters etc.), so it is important to understand and respect this.
3. Forming a community and a good working environment
Work is part of our social life. Collaborating with other professionals on a daily basis increases the feeling of community. To create a community and a good working environment, companies must take action to ensure that their workers feel identified with the brand. Involving employees in the company’s achievements and rewarding them in different ways increases the motivation and excitement of belonging to an organisation.
4. Work-life balance, work flexibility
Having a good work-life balance is essential for millennials. There are many advantages of working from home both for the workers and companies, but even so, a large proportion of today’s jobs are not flexible nor adequate for achieving a work-life balance. Flexibility on working hours as well as geographical flexibility is a crucial point for the millennial generation. Traditional office hours have become out-dated and do not meet the family and personal requirements of workers today. To retain millennial professionals, corporate policies should allow:
- Flexible start and end times.
- Homeworking and teleworking.
- Focus on results and not just being seen at the office.
- Use of flexible workspaces.
5. Lifelong learning and personal development
Another essential factor in keeping millennials loyal to your company are the growth possibilities within the company. How can the company offer personal development opportunities to its workers?
- By demonstrating that staying in the company can advance their career (internal growth, leading teams etc.).
- By creating opportunities to work on different projects with different teams, both inside and outside the company.
- By carrying out an individualised development plan for each professional to evaluate and fulfil their needs.
- By accepting and anticipating personal work breaks as part of the business culture. Including maternity leave, sabbaticals etc.
- By offering training to motivate and foster creativity within teams.
Are you a millennial who wants to find a company akin to you and your lifestyle? Join our talent pool and we can connect you to companies who are committed to flexible work and attracting millennial professionals.
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