They're also known as Generation Y or Generation ME, and they're making a huge impact in the workplace. Born into the emerging world of technology, millennials are born between the 1980s and 1990s.
As the tech sector booms in the UK (which is growing 2.6 times faster than the overall economy), recruiters and IT leaders are keen to attract and engage with the best and most tech-savvy young talent, now more than ever before.
What Do Millennials Value in the Workplace?
With 59% of the global workforce being made up of millennials and Generation Z (the generational cohort succeeding Millennials), it's important that we know what they value in the workplace, and how to engage and retain them.
Here are just 3 things that matter most to millennials when looking for work:
Regular Communications
Millennials are very open and honest and aren't afraid to say how they feel or what they want. They also want fast and regular communication with their superiors. The idea of long appraisals is possibly fading out due to the demands of this upcoming generation. They want and open and honest channel of communication between themselves and other members of staff, and a clear idea of their career path. This can be difficult in some industries like the legal profession, where things like profit share and career paths are kept secret.
In order to ensure we meet this need, employers should consider adopting 360 feedback and weekly job chats with their team members to make sure everyone is working towards their goals. This is also an opportunity for you to recognise accomplishments and developmental issues early.
Work-life Balance
The traditional 9-5 is something that is non-existent in the world of millennials, and some companies are starting to recognise that. A lot of upcoming tech startups are changing their core hours and allowing staff to work as much as they like within those core hours.
The things is, millennials now EXPECT a work-life balance. They expect to be able to fulfil their personal obligations whilst doing a full-time job. 77% of millennials actually value flexible working and say it allows them to be more productive.
Companies are now offering more work from home opportunities as well as flexi working and a rise in co-working spaces.
Company Values
What is your company's mission? How will you communicate this your millennial hires? The majority of millennials today, want to do something that makes an impact to the world. They want opportunities to learn and to grow. Employers must show this generation, what impact on the world the company has, and what impact their own job role will have. Millennials want to feel like they're contributing to the bigger picture. They also want to enjoy where they work and adopt a work family. Employers can look at ways of building this kind of environment, through off-site days like team building days, company socials, lunch and learn and so much more.
What does this mean for the future?
Companies will have to introduce more benefits than a good salary and a pension in order to attract and retain this upcoming and powerful generation. Their happiness is of great importance to them, and they want to love where they work. Flexible working will be in more demand than ever, as well as different lines of communication (Slack, Hangouts, Teams, Job chats instead of long appraisals). Businesses will need to adjust soon to the ways in which this ever-evolving demographic engages and their evolving expectations.
SwipSearch are taking all of these factors into consideration and are developing an app that works for both the employer and for the future generation of workers. Our app is still in development, but be sure to sign up to be notified when our Beta version launches.