All posts tagged millennials

As an increasing number of Baby Boomers retire and leave the workforce, millennials are positioned to take on more leadership roles in the business world. Millennials bring with them a unique and evolving knowledge of technology and innovative HR practices that differ greatly from their Baby Boomer predecessors. As managerial roles are transferred from the Baby Boomer generation to millennials, forward-thinking businesses will create plans that adapt to the innovative processes and practices millennials bring to the table. Worthwhile risks and changes must be made to ensure companies keep up with their rapidly evolving competitors. To successfully transition millennials into top management positions, here are a few factors companies should keep in mind.

Millennials are technology-driven.

75% of millennials believe that technology helps them operate more efficiently in the workplace. Millennials are the first generation to truly incorporate technology as an imperative tool for maximum efficiency. Millennials look for efficiency, digital communication, and mobility founded in technology in the workplace, and use of technology helps facilitate innovation, engagement and clarity.  Baby Boomers in management who are getting ready to hand over the reins to their younger counterparts can facilitate a smooth operational transition by embracing new systems and processes led by technology.

Efficiency is key.

Millennials have grown up in a fast-paced culture where new technologies are constantly being developed, and because of this they find it natural to lean on technology to efficiently tackle daily work tasks. As opposed to previous generations, millennials are used to instant gratification and desire work to be completed in the most practical and timely manner. One example of state-of-the-art technology is automated task management systems which allow you to complete work ahead of time. For example, social media scheduling platforms like Hootsuite allow you to schedule posts ahead of time and select when you want them to post automatically. The automation process creates a more efficient way to complete time-consuming, yet simple tasks.  Another task management tool is Asana. Asana provides a single outlet for companies to manage projects, assign tasks and track progress, all through one system. Asana ensures a safe and organized portal for your company to complete tasks in the most practical manner.  Invest time in researching technological tools your millennial employees find helpful in their day-to-day work, and start implementing them now.

Digital communication is here to stay. 

Communication is vital to facilitating an engaged company culture. Being able to communicate well with not only clients, but with employees, is crucial. Millennials have grown up utilizing technology as a main form of communication, and they have mastered the art of making it work for them in the office as well. The mass amount of information that must be learned when implementing a new technology company-wide can be overwhelming, and keeping track of relevant news within your company can be difficult. To create an organized and effective internal communication strategy many companies are turning to social intranet software. This type of software creates a portal that keeps all of the company’s internal information in one place making mass communications easier to streamline. Digital communication fosters more efficient and timely transfer of information and problem solving. The impact of incorporating digital technology reaches beyond the office and can even help you prepare your employees to be social media advocates for your brand in their off time.

Mobility is the new norm. 

One of the most attractive assets of technology is mobility. Technology has completely disrupted the workplace by allowing employees to work anywhere at any time. Employees no longer have to complete their typical workday in the office. Working from home or remote locations provides room for great work/life balance and creative inspiration. A prime example of an effective technology when it comes to remote work and flexible hours is video conferencing through apps like Skype or FaceTime. By incorporating video conferencing, companies can easily expand their client base country wide and even internationally, at a much more cost effective price.

As millennials continue to take over the workforce and we see more innovations and improvements made to current technology, be sure your company stays up to date on the latest trends. Ensuring your employees are engaged with and fluent in technologies that are being globally implemented is vital to your company’s success in this digital age.

Millennials are currently the largest generation in the workforce, and statistics show they’re not going anywhere anytime soon. By 2020, millennials are projected to make up 50% of the workforce. As millennials continue to rise in numbers, companies are finding it harder to retain them in their current roles. A study conducted by Deloitte conveyed that 44% of millennials can see themselves switching jobs within two years of employment. Along with this, Gallup found that the millennial turnover rate costs the economy $30.5 billion every year.   These statistics clearly demonstrate that millennials’ expectations are not being met by current employers, so we’ve come up with a list of tips to help you design the perfect benefit plans and employee engagement strategies to attract top young talent.

More Benefit Choices

Contrary to traditional benefit plans where employers offer pre-crafted options, millennials want more say in what benefits they are offered. More choices including flexible work hours, work from home days and paid parental leave offer millennials the opportunity to achieve their ideal work-life balance which keeps them happy to work for your company long-term. Look at your benefit options as a company and assess how you can give your employees more freedom in their benefit choices.

Advancements

By nature, every employee wants to advance in their career. More specifically, millennials are extremely driven and tend to take jobs where they see an opportunity to be promoted quickly. Tower Watson conducted a study which found 41% of employees said they would leave their job if it meant they could advance their career. (http://blog.accessperks.com/employee-engagement-loyalty-statistics-the-ultimate-collection) Clearly, continuously promoting all of your employees is impractical. However, there are other ways to give your employees more power and opportunity to advance without promotions.

Many companies find success in giving millennials more responsibility and the opportunity to prove themselves in the workplace via co-managing projects with older, more experienced employees or trusting them more management oriented tasks. At the end of the day, millennials desire to have a substantial impact in their companies rather than just subscribing to the clock-in, clock-out mentality, and allowing them to have more responsibility furthers a sense of purpose in their work.

Positive Impact

Millennials are known for being a philanthropic generation, and they don’t want this mindset to change once they step into the office. Millennials are success-driven, but also desire to leave a positive impact on the world. Many companies participate in community outreach, so make that clear to both current and prospective employees. If you don’t currently sponsor community events or encourage your team to volunteer together, consider creating a simple initiative that allows your staff to give back and ask a millennial employee to spearhead it! Engage people through the spirit of service, and help the millennial generation see how they will impact society by joining your workforce.

The studies we’ve examined reveal that millennials have a like-minded outlook on what they value at work. They want more choices and flexible work options, opportunity for advancement, unique responsibility and to have a positive influence on not only their company, but on society as a whole. As more Baby Boomers retire and the workplace is faced with an influx of millennial workers, keep these perks in mind as you form your benefit plans and company culture!

Millennials want healthier workplaces–10 things companies can do to develop a workplace wellness program

Categories: Team K Blog
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Companies seeking to engage them often focus on their tech savvy, their teamwork bias, and their desire for work/life balance. However, a new Aon Hewitt study reveals another way to create a Millennial-friendly culture—help them manage their health. Read more