Expectations by the millennial generation from their Employers

Who are Millennial?

The millennial generation is that cohort born between 1980 and 2000 whose first graduates entered the work force around 2002. They will continue to do so in large numbers, until around 2022 thus making them the largest segment in the workforce in the near future with power to take the centre stage and push their organizational agenda. Millennial have every reason to assume that all necessary information is available at the click of a button. Millennial are correct in their understanding of the appropriate and ethical use of information and knowledge to make quality decisions and cope with ambiguity of the global landscape, the very skills most required in today’s organization.

Millennial want to work differently, including a better work-life balance and a more flexible workplace. They also have a different set of values. Having grown up and entered the workforce during the recession, they are more cynical about the commitment their employers are likely to make to them. They’re less bound by feelings of loyalty to the organization and tend to change jobs more frequently as they seek new opportunities and challenges. But they are also idealistic, driven by a sense of purpose and a desire to make a difference in the world and fulfil their potential.

According to the Bureau of Labor Statistics (US), the average large company will lose 30 to 40% of its work force in the next 5 to 10 years.  The replacement for the baby Boomers’ mass exodus is, and will continue to be the millennial. Professionally, if Gen X and Baby Boomers do not attract and connect with the Millennial, the loss could be devastating. Most importantly, millennial have a different way of looking at leadership. Traditional markers of effective leadership, such as personal dynamism, powerful networks, and skill levels leave them relatively unmoved: according to the PWC survey, “visible,” “well-networked,” and “technically skilled” leaders score low among Millennial. By comparison, a leader’s ability to bring out the best in those around them scored high: qualities such as being “inspirational,” “personable,” and “visionary” were at the top of the list. It’s no wonder: Millennial tend to value the team over the individual and prioritize validation, recognition, and support. A leader capable of bringing the organization together, instilling a sense of purpose, and acknowledging group efforts is the perfect fit for this value-driven and recognition-seeking cohort.

 “How Millennial Want to Work”

• Millennial employees are not ready to fit into 9 to 5 mould which their parents have worked.
• Millennial value feedback and has a passion to improve things using technology.
• They tend to be quick learners they learn things through multiple channels like classroom training, online training etc.
• They prefer instant feedback so to know how they can do things much better and they seek promotion much more quickly than previous generations.
• They are not afraid to take risks and as employers we cannot expect them to stay with us for their whole careers
• A fun workplace is also a key requirement of the millennial generation with social benefits such as sports clubs, recreation room etc.

Challenges

There are of course challenges in having different generations working together. Employers need to find out ways to help improve communication and understanding across generations, as well as opportunities for senior staff to become mentors. Therefore Organizations need to focus on developing better managers for—and among—their young people.