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The younger generation in the workplace
Millennials refer to the younger generation in the age group 18 to 36.
Millennials in the workplace. They don’t need trophies, but they want reinforcement. According to the Bureau of Labor Statistics, Millennials will be the largest generation in the workforce. This should not be shocking considering Millennials are quickly becoming the most influential population in our market today as they are graduating from college and reaching their peak employment years.
These Millennials are entering the workforce and they are bringing with them a new perception of what office life should be like and how relationships between employers and employees should be structured. In order to create the most Millennial friendly workplace, there are a few things you should know about the generation that will represent nearly 75 percent of the work force by 2030.
1. They want to grow, even if that means growing out of your company.
Can you guess the average tenure of Millennial employees? Two years. In the span of a professional career, two years seems to hardly make dent. In comparison, the average tenure for Gen X employees is five years and seven years for Baby Boomers. One of the primary reasons Millennials are more likely to change jobs is because they are not willing to stick around if they do not believe they are receiving any personal benefit or growth.
Millennials embrace a strong entrepreneurial mindset and they are often on the lookout for opportunities that can continue to move them up the ladder, even if that means up and out of their current position. As digital natives, Millennials have grown up in an era where the number of resources they have is almost infinite making them more efficient problem solvers and critical thinkers.
In order to keep up with this fast moving generation, don’t slow them down. If you notice your Millennial employees looking for more advanced opportunities give them more challenging work or encourage them to keep moving. Sound crazy? It’s not. If a Millennial employee feels like their bosses are invested in their personal growth they will be more likely to develop a stronger relationship not just with the company but with the people in it.
2. They want a coach, not a boss.
Piggybacking off of the previous insight, Millennial employees expect greater accessibility to the leadership in their offices and are looking for more mentorship rather than just direction. Research shows that the number one reason Millennials are likely to leave their current job is because of their boss. Creating an environment where Millennial employees feel supported and valued by the leadership will lead to increased productivity and valuable relationships.
That means that employee/employer relationships must extend beyond just the formal annual work review. According to a recent survey conducted by TriNet, a company dedicated to providing HR solutions, 69 percent of Millennials see their company’s review process as flawed. A major reason for this is because of the lack of feedback throughout the year. The survey also found that three out four Millennials feel in dark about their performance and nearly 90 percent would feel more confident if they had ongoing check-ins with their bosses.
11 Shocking employee happiness statistics that will blow your mind
1. Companies with happy employees outperform the competition by 20%
2. Happy employees are 12% more productive
3. 67% of full-time employees with access to free food at work are extremely or very happy at their current job
4. Happy sales people produce 37% greater sales
5. 36% of employees would give up $5000 a year in salary to be happier at work
6. Close work friendships boost employee satisfaction by 50%
7. People with a best friend at work ar 7 x more likely to engage fully in their work
8. The top 3 factors contributing to job satisfaction are job security, opportunities to use skills and abilities and organisation’s financial stability
9. Employees who report being happy at work take 10 x fewer sick days than unhappy employees
10. Fortune’s “100 best companies to work for” enjoyed a raise in stock prices of 14% per year from 1998 to 2005, compared to 6% for the overall market
11. Only 42% of employees are happy with the rewards and recognition their companies offer
1. As millennials pour into the workforce, companies are seeing drastically higher levels of employee disengagement and turnover. Job hopping is rampant. 60% OF MILLENNIALS leave their company in less than three years. 87% report it costs between $15-25,000 to replace each millennial employee they lose. 40% currently employ 50 or more millennial workers.
2. Here are 5 key values millennials look for in an employer:
• Development. Millennials are hungry for training, career advancement, and opportunities for growth.
• Meaning. Nothing is more important to millennials than doing work that matters.
• Autonomy. Millennials have a natural entrepreneurial spirit and want to work on their own terms.
• Efficiency. There’s always a better, faster, and easier way to work. Millennials want to find it.
• Transparency. Information is essential to millennials — they want to be kept in-the-know on the job.
3. Millennials leave companies for a simple reason: they’re not getting what they need.
It’s going to take more than job security or paychecks to keep them. This generation is a bit younger, a bit more hopeful. They want to be a part of something bigger than themselves. To contribute to an organization that will nurture them professionally. Most of all, it seems they are hungry to learn and eager to do their best work.
4. They want to feel valued, and be given tasks that allow them to stretch themselves to the full extent of their abilities and, by doing so, develop their skills.
5. They want an environment to speed up their learning, in other words they want to be exposed to training for development of inter alia leadership skills and team leadership skills for faster career advancement.
We, at https://global-association-for-managers.biz provide this young generation the opportunity to train themselves, so they do not have to wait on employers, who may be way behind to fill their needs.
Self-improvement in team leadership skills will dramatically increase the chances of vertical (existing employer) and horizontal (external employers) job promotion, as well as business owner success, in any economic cycle, as competitors with these skills are relatively few.